The Color of Money Locking Down a Lower Student Loan Interest Rate May 31, 2005 • Alex Chadwick talks with Day to Day personal finance contributor Michelle Singletary about whether college borrowers should consolidate student loans and lock in a low interest rate before the government re-calculates rates in July. Michelle writes the syndicated column "The Color of Money" for The Washington Post.
Guilty Verdicts Reached at Enron Trial High Court Tosses Arthur Andersen Conviction May 31, 2005 • The Supreme Court unanimously reverses the conviction of accounting firm Arthur Andersen, ruling that jury instructions at trial were too vague and broad for jurors to be able to properly determine guilt.
Boeing, Airbus Subsidy Dispute Escalates May 31, 2005 • The Bush administration has accused the European Union of providing illegal subsidies to French aircraft manufacturer Airbus. The EU is launching a counterstrike with similar allegations involving U.S. jet-maker Boeing. The legal action at the World Trade Organization in Geneva involves billions of dollars in aid.
World Former Russian Oil Baron Sentenced to Jail May 31, 2005 • In Moscow, Mikhail Khodorkovsky has been convicted of fraud and tax evasion and sentenced to nine years in a labor camp. Khodorkovsky was once Russia's richest man and the head of the Yukos oil company. The company's assets have been returned to state control.
Environment Team Hunts Deadly 'Ghost Nets' in the Pacific May 31, 2005 • Every year high seas fishing boats lose and abandon fishing nets that can be miles long. These so-called ghost nets keep on killing, sweeping up fish, turtles, seabirds and whales. Now a team of American scientists says it has learned to track their movements throughout the Pacific Ocean.
Guilty Verdicts Reached at Enron Trial Has Accounting World Changed Since Enron? May 31, 2005 • Michele Norris talks with Lynn Turner, former chief accountant of the Securities and Exchange Commission, about the accounting industry in a post- Sarbanes Oxley and Arthur Andersen accounting fraud world. Turner is currently the managing director of research at Glass, Lewis & Co, a financial research firm.
Wolfensohn Refocused World Bank's Mission May 31, 2005 • James Wolfensohn steps down as president of the World Bank Tuesday. Over the past decade, Wolfensohn revamped the way the lending institution did business, switching to a country-based, hands-on approach that focused more on human development, health and education projects in the battle against poverty.
The Marketplace Report: Microsoft's EU Anti-Trust Deadline May 31, 2005 • Alex Chadwick talks with John Dimsdale of Marketplace about Microsoft's deadline for abiding by a European Commission anti-trust ruling. The software giant must comply with the ruling or face a fine of up to $5 million a day.
How Sarbanes-Oxley Has Affected Corporate Culture May 31, 2005 • Linda Thomsen, director of enforcement at the Securities and Exchange Commission, discusses how the Sarbanes-Oxley Act has changed corporate culture. The law is meant to protect investors by providing more accountability and transparency of investments.
HealthSouth Fraud Trial Continues May 31, 2005 • Jury deliberations continue in the trial against former HealthSouth chief executive, Richard Scrushy. The Washington Post's Carrie Johnson discusses the latest development in the trial. Scrushy is accused of falsifying financial reporting, conspiracy and money laundering and is first major executive to be prosecuted under the new Sarbanes-Oxley Act.
Your Money When the Elderly Become Financial Targets May 31, 2005 • California has some of the nation's strictest elder abuse laws, but few cases of financial abuse are actually prosecuted. Now a local district attorney is testing a novel legal strategy to put perpetrators of financial abuse in jail. And the case may have far-reaching impact.
Law Supreme Court Throws Out Arthur Andersen Conviction May 31, 2005 • The Supreme Court overturns the conviction of the accounting firm Arthur Andersen. The company had been convicted of instructing employees to shred documents, hindering an investigation of Andersen's role at Enron Corporation. Andersen said its officials had been reminding employees of the firm's policy of disposing of documents that are no longer needed.
The Marketplace Report: Chinese Textile Limits May 30, 2005 • Jon Dimsdale of Marketplace tells Alex Chadwick about China's reaction to new limits placed on Chinese textiles by the United States and the European Union.
Lawmakers Spar over Dallas-Area Airport Rules May 30, 2005 • For 26 years, restrictions at Love Field in Dallas have banned direct flights to most destinations outside Texas. Now two Dallas-area Republicans are challenging the restriction with a measure dubbed the "Right To Fly Act." Another Fort Worth-based Republican vows to do whatever it takes to protect Dallas-Fort Worth International Airport from new competition. Wade Goodwyn reports.
Technology Double-Checking 'Smart Buy' Web Site Advice May 30, 2005 • Many comparison-shopping Web sites note "smart buys" on electronics purchases. They aren't necessarily the lowest price on a product, but they're supposed to be the lowest price from a reputable seller. However, New York Times columnist David Pogue says "gray market" sellers have figured out how to "game" the system.