In brief: Boeing 787 may fly as early as Tuesday

Seattle – After two years of delays, Boeing Co. says the long-anticipated first flight of its new 787 jetliner could come as early as Tuesday.

Boeing announced Thursday that its window for a first flight would open Tuesday with the actual flight timing dependent on final internal reviews, taxi testing, Federal Aviation Administration documentation and the weather.

For the 787 to be cleared for takeoff, there must be good visibility, no standing water on the runway and little to no wind, said Yvonne Leach, Boeing spokeswoman.

Associated Press

SEC investigating nondisclosure of losses

Washington – The Securities and Exchange Commission has expanded its probe of Bank of America to include the bank’s possible failure to disclose mounting losses at Merrill Lynch, a top agency official said Friday.

The SEC has been pursuing civil charges against Bank of America over the failed disclosure to shareholders of bonuses to Merrill employees after it was acquired by the second-largest U.S. bank.

But when Ohio Democratic Rep. Dennis Kucinich asked at a hearing whether the agency has widened its investigation to include the disclosure of losses at Merrill, SEC Enforcement Director Robert Khuzami said: “That’s a yes.”

Associated Press

Pay limits established for bailed-out firms

Washington – The Obama administration’s pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000.

The 25th through the 100th top earners at Citigroup, GMAC, American International Group and General Motors also must take more than half their compensation in stock, and at least half must be delayed for three or more years.

About 12 executives were granted exemptions to the $500,000 cash cap.

The rules will affect many workers’ year-end bonuses and stock grants. They also will serve as a starting point for negotiations next year over pay packages for 2010.

Associated Press