Norway is moving closer to a housing bubble as the central bank
Euro-area finance ministers will move toward completing the next Greek bailout this week as they meet in Brussels tonight.
Luxembourg Prime Minister Jean-Claude Juncker, who heads the group of euro-region finance ministers, said he had
Salaries of 70 Fannie Mae and Freddie Mac executives will be limited to $500,000 per year and their annual bonuses eliminated amid pressure from Congress to stop the big payouts.
The pay and bonus structure of the government-controlled mortgage giants came under fire this fall after it was revealed that 12 executives got $35.4 million in salary and bonuses in 2009 and 2010. Fannie’s chief executive, Michael J. Williams, received about $9.3 million for the two years. Freddie’s chief executive, Edward Haldeman Jr payday advance low fees., was paid $7.8 million.
The government rescued Fannie and Freddie three years ago after they nearly folded because of big losses on risky mortgages. Taxpayers have spent about $170 billion to prop up the two companies, the most expensive bailout of the 2008 financial crisis.
Indonesia
U.K. retail sales fell for a second month in February as a drop in purchases of clothing countered gains at food stores, the British Retail Consortium said.
Sales at stores open at least 12 months, measured by value, fell 0.3 percent from a year earlier, the London-based trade group said in an e-mailed report today. That followed a 0.3 percent decline in January, the second worst for that month since the survey began in 1995.
The Bank of England is counting on slowing inflation to ease the squeeze on consumers and help generate a pickup in consumer spending later this year. Any recovery in demand may be curbed by rising unemployment and an increase in oil prices that is increasing the cost of gasoline.
Egypt
ST. LOUIS • A federal grand jury has indicted a former high ranking executive of a St. Louis area medical practice on charges that he embezzled millions of dollars and also broke the nation’s “stolen valor” law by posing as a war hero.
Dunard Morris, 48, the former chief executive of Chesterfield-based Metropolitan Urological Specialists PC, was indicted late Wednesday on multiple counts of mail fraud and wire fraud as well as violations of a federal statute that makes it a crime to falsely represent oneself as having received a U.S. military decoration or medal.
The indictment, which was made public this morning, says Morris “embezzled millions of dollars and concealed the embezzlement through a series of lies, misrepresentations and deceits to the doctor-shareholders” of the business, according to a statement from the U.S. attorney’s office.
Morris increased his salary without authorization and got the company “to pay him hundreds of thousands of dollars in unauthorized, undisclosed bonuses and reimbursements,” the indictment says. He used the money for expensive jewelry, cars, guns, designer clothes, wine and travel, according to federal authorities.
Morris told doctors he was a decorated Marine veteran and winner of the Navy Cross medal for extraordinary heroism, the indictment says. He didn’t receive that honor, and was in reality discharged from the military for misconduct “under other than honorable conditions,” according to the indictment.
The indictment caps an investigation by federal authorities into potentially millions of missing dollars from the lucrative urology firm.
Morris was terminated by Metropolitan’s board of directors in mid-September after suspicions arose about his management practices, including the delayed payment of federal and state taxes, and the possibility that some funds may have been diverted from bank loans to the medical practice.
In recent years, Metropolitan and its property affiliate have obtained bank loans and lines of credit totaling more than $10 million. The firm’s board of directors approved various projects, including the construction of a new medical office building on Big Bend Boulevard in Crestwood, the purchase of a linear accelerator for radiation treatments and the build-out and remodeling of other facilities.
According to his professional resume, Morris served in the Marines from 1980 to 1984, and also from 1990 to 1992. He lists his rank as E-5 (a non-commissioned officer’s pay grade), and claims to have served in the 3rd Reconnaissance Battalion of the 3rd Marine Division, and the Detached Marine Expeditionary Unit Fleet Marine Force.
The Stolen Valor Act of 2005, signed by former President George W. Bush, broadened the provisions of a previous federal statute that prohibits the unauthorized sale, manufacture or wear of military decorations. If convicted on this count alone, Morris could face imprisonment for up to one year and a fine up to $100,000, according to federal authorities.
The mail and wire fraud charges carry up to 20 years in prison and fines of up to $250,000 if Morris is convicted.
Morris worked for Metropolitan and one of its predecessor companies in the St. Louis area for the last decade. Metropolitan, which has about a dozen physicians on its staff, operates a sexual health clinic and offers surgical services as well as radiation treatments for prostate cancer. The firm has an imaging center, a laboratory and doctors’ offices in Creve Coeur, Florissant and Chesterfield, including offices on the campuses of Mercy Hospital St. Louis and St. Luke’s Hospital.
In 2010 and 2011, the company had cash flow problems, including the buildup of about $1.3 million in delinquent federal, state and local taxes, interest and fees, St. Louis County records show.
On Sept. 16, 2011, the Internal Revenue Service filed an $855,291 tax lien on all property belonging to medical practice as well as all of its property rights, federal records show, because the firm fell behind on its quarterly payments of money withheld from its employee’s paychecks.
Also in 2011, the Missouri Department of Revenue placed three tax liens on the firm totaling $154,103 involving overdue withholding taxes, state records show. And the company’s property affiliate — Metropolitan Urological Properties LLC — owed more than $338,000 in delinquent property taxes, interest and penalties to state and local tax authorities on two of its parcels in St. Louis County.
But in recent months, the medical firm and its property affiliate have paid their tax obligations.
The medical practice also maintains that Morris subleased a $5,475-a-month luxury apartment using company funds without approval of the firm’s board of directors. According to the rental agreement, Morris leased the apartment at the Mansions on the Plaza complex at 8300 Delmar Boulevard in March 2011.
Metropolitan’s new interim chief executive, Bob Lawson, and several of Metropolitan’s doctors have not returned calls seeking comment.
The medical firm’s attorney, Mayer Klein of St. Louis, said the firm is current on all of its bank loan obligations and that the new management is making sure that the firm’s bills are being paid on time.
Robert Patrick of the Post-Dispatch contributed to this report.
South Korean inflation may accelerate above the government
The ruling this week overturning a new state fund for science startups is likely headed to higher court.
Attorney General Chris Koster said Wednesday he plans to file an appeal of a Cole County judge’s ruling that declared the Missouri Science and Innovation Reinvestment Act to be unconstitutional.
Circuit Judge Dan Green tossed out the law in a ruling late Monday, saying it was invalid because lawmakers included a “contingency clause” when they passed it last fall, requiring a broader tax credit reform bill to be passed before MOSIRA could take effect. The tax credit bill never passed, and opponents of MOSIRA sued when Gov. Jay Nixon started implementing the science fund no fax pay day loan.
In a statement, Koster said MOSIRA is too valuable to let die on a technicality.
“(MOSIRA) is an important economic development tool that can bring high-tech jobs to Missouri and preserve jobs that are already here,” he said. “I don’t want to see important job-creating legislation fail. We intend to appeal this matter to its conclusion.”
Supporters of MOSIRA have said they also plan to push for a clean up-or-down vote on the matter in the General Assembly this session.
The European Central Bank is negotiating with Greece on behalf of its member central banks to exempt the Greek bonds in their investment portfolios from a debt restructuring, two euro-area officials said.
The ECB wants to swap the investment portfolio bonds for debt that
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