John Pregent, “aka” Jack Pregent, 61, pleaded guilty before United States District Judge George A. O’Toole to one count of bankruptcy fraud involving a scheme to defraud. Sentencing is scheduled for May 15, 2012 at 2:30 p.m. He faces up to five years in prison to be followed by three years of supervised release and a $250,000 fine. Pregent owned the precision machine part manufacturing business Technical Fabrications, Inc. (“TechFab”) which operated in Newburyport until it filed for bankruptcy in July 2010. Pregent engaged in a scheme to defraud TechFab’s creditors, bankruptcy trustee and the bankruptcy court by transferring certain TechFab assets, including equipment and ongoing business, to a newly formed company.
In February 63,000 jobs were lost (a 5-year record) and in September 159,000 jobs were lost, bringing the monthly average to 84,000 per month from January to September of 2008. [5] During the month of September the sub-prime mortgage crisis reached a critical stage, characterized by severely contracted liquidity in the global credit markets and insolvency threats to investment banks and other institutions. [6] In response, the U.S. government announced a series of comprehensive steps to address these problems. What followed has been a series of "case-by-case" decisions to intervene or not to intervene such as the $85 billion liquidity resourced for American International Group (AIG), the federal takeover of Fannie Mae and Freddie Mac, and the bankruptcy of Lehman
Morgan & Company (after 1910 Morgan, Grenfell & Company), of London. By 1900, it was one of the most powerful banking houses of the world, focused especially on reorganizations and consolidations. How he organized his business/ new inventions Morgan is not satisfied with the achievements on the railroad industry, he quickly put sights on a new target - the steel industry. To this end, he founded the Federal Steel Company, after several hard, federal steel in business lay out their own position. At this time, the US steel industry rankings, sitting first chair is still steel magnate Carnegie, Morgan came in second, third, that around the Great Lakes have been buying up
After a six year run the world saw an Industrial Average increase in value fivefold, prices peaked at 381.17 on September 3, 1929. The Crash then fell sharply for a month, losing 17% of its value on the initial leg down. Prices then recovered more than half of the losses over the next week, only to turn back down immediately
After a trial run, the technology that the firm helped develop became the NASDAQ . At one point, Madoff Securities was the largest buying- and-selling "market maker" at the NASDAQ. Madoff's firm, which is in the process of liquidation, was one of the top market maker businesses on Wall Street (the sixth-largest in 2008),often functioning as a "third-market" provider that bypassed "specialist" firms and directly executed orders over the counter from retail brokers. The firm also had an investment management and advisory division that is now the focus of the fraud investigation. - Securities fraud : Madoff was arrested by the Federal Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud.
It shows all aspects of the drug problem from 50-year-old panhandlers to suburban teens who stick themselves with the same needles. Poverty in Chicago shows how homelessness effects us all. No matter what multi-billion-dollar corporations might be responsible for the current recession, it is the poorest and most disadvantaged among us that are suffering the worst for it. This according to a new report by the Heartland Alliance, an advocacy group for
Web. Dobbs, Michael. "Ford and GM Scrutinized for Alleged Nazi Collaboration." Washington Post. The Washington Post Company, 30 Nov. 1998.
This status change marked a radical change in the company’s strategy. From late 1997 to the end of 2006, its consolidated balance sheet increased more than six-fold. Mr Applegarth, the bank’s Chief Executive Officer said that Northern Rock’s assets increased “by 20% plus or minus 5% for the last 17 years” (Treasury Committee Report 2008). In order to sustain high growth in its assets, the bank changed the structure of its liabilities. In 1999, it indeed adopted an “originate and distribute model” whereby the bank originates loans or
Over a decade ago courtrooms were saturated with litigation seeking to hold firearms manufacturers and distributors liable for damages resulting from the illegal use of their product. Ultimately, in 2005 federal legislation passed through Congress that granted
AIG charges insurance companies a premium in order to allow them to spread their risk so that they can sell insurance policies and grow more rapidly. In 1968 Maurice “Hank” Greenberg took over as CEO. By the end of the 1980S the company had become the largest underwriter of commercial and industrial coverage in the United States and the leading international insurance company. In the 1990s it was the first foreign insurance organization granted a license in China. AIG purchased American General Corporation in 2001.