First Bailout Fraud Unlikely the Last
First Bailout Fraud Unlikely the Last
First Bailout Fraud Unlikely the Last
Investigations into bailed out companies are underway and the first chargescompact fluorescent lamp go to a former bank president, reports The Washington Post. Charles Antonucci Sr. #xclaimed he invested his own $6.5 million to improve the Park Avenue Bank, when it was really the bank’s money. Rerouting the money allowed Antonucci “to make the bank appear stronger than it really was” in its application to the Treasury Department’s Troubled Assets Relief Program, reports the New York Times. The application was for $11.3 million. Among Antonucci’s charges are embezzlement, bank bribery and fraud,Grow lights, according to a 10-count criminal complaint. Although Antonucci was the first charged, with 77 investigations still ongoing, Manhattan U.S. Attorney Preet Bharara believes “he will not be the last.” Valley National Bank acquired Park Avenue Bank’s four branches, according to the Wall Street Journal. As a whole the bank’s capital was down 87 percent from two years ago and accumulated “more than $27 million in net losses last year.” In addition to his TARP fraud, Antonucci is also charged for “accepting free plane rides from a bank customer and stealing $103,000 from pastors of a church in Coral Springs, Fla.”
Microsoft (MSFT) may prove willing to play even if Google (GOOG) is not. With compact fluorescent lampthe Google-China dispute threatening to close Google.cn, Bing may benefit the most, reports the Wall Street Journal. On Jan. 12, Google made the decision to no longer allow Chinese censorship on Google.cn and the result may be the closing of the site. Microsoft’s search engine will remain in China and “will continue to comply with local regulations, which means filtering out certain political content and other sensitive material.” Currently, Bing isn’t very popular in China. In fact the search engine has less than 1 percent of the market. One trouble stems from the name, which “means sick, cold or pancake.” Therefore, “Microsoft changed the name to ‘bi ying,’ which means must respond.” However, with possible success in China, it is possible that Microsoft’s acquiescence with Chinese censorship may cause the company to face heat in the U.S.
American search engines may be open to Chinese rules, but American lawmakers have different sentiments, reports Reuters. Members of Congress are bidding President Obama to pressure China over the yuan. On Sunday, Wen Jiabao, the Chinese Premier, disagreed that “Beijing was undervaluing its currency.” Currency manipulation would give China an advantage in trade. Despite Wen’s dismissal, “economists estimate China's currency is undervalued by 25 percent to 40 percent.” Ties between the U.S. and China have been strained partly because Obama met with the Dalai Lama in February, and partly because the U.S. sold weapons to Taiwan. Pushing the currency issue may further deteriorate the relationship. However, 130 members of Congress signed a letter to U.S. Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke. If pressure fails, the letter urges Obama to #x“consider compact fluorescent lampfiling a complaint against China under the World Trade Organization.”
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