Briefcase

Corzine steps down at embattled investment firm

Washington – Former New Jersey Gov. Jon Corzine’s resignation Friday from the securities firm he led capped a week of high drama.

MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.

As Corzine, 64, stepped down as chairman and CEO, he said he felt “great sadness about what has transpired at MF Global.” Corzine, who ran the investment firm Goldman Sachs years before joining MF Global, said his resignation was voluntary and called it “a difficult decision.”

Associated Press

Cell company cites costs for turning down iPhone

NEW YORK – U.S. Cellular Corp., the country’s sixth-largest cellphone company, on Friday said it had the opportunity to carry the iPhone but turned it down because the phone is too expensive. It’s the first U.S. carrier to acknowledge turning down the phone.

Consumers pay $200 for the base model of the iPhone 4S, but Apple charges carriers about $600 for it.

U.S. Cellular CEO Mary Dillon told analysts on an earnings conference call Friday that “the terms were unacceptable from a risk and profitability standpoint.” AT&T was the exclusive U.S. carrier for the phone for three and a half years, until Verizon Wireless got it in February.

Associated Press

Oppenheimer family sells 40 percent of De Beers

LONDON – Mining company Anglo American has gained a controlling interest in diamond miner De Beers, paying $5.1 billion for the 40 percent of De Beers shares held by the Oppenheimer family.

The deal potentially raises Anglo American’s stake to 85 percent. The government of Botswana, however, has pre-emption rights to buy one-fourth of the Oppenheimer shares at the time the transaction closes.

“This has been a momentous and difficult decision as my family has been in the diamond industry for more than 100 years and part of De Beers for over 80 years,” said Nicky Oppenheimer, representing the Oppenheimer family interests.

Associated Press