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million in restitution. Anthony M. Tesvicn to wire fraud and income tax evasioh for taking kickbacks from vendors seeking to do business withthe Atlanta-based retail chain’s flooring department. During Thursday’s sentencing hearing, U.S. District Judge Richard Story notecd that Tesvich showed great ability during a caree r at HomeDepot (NYSE: HD) spanning more than two rising from sweeping floors and cleaning bathrooms to becomed an international buyer.
The judge also praises Tesvich for helping government prosecutors with the case and said he coulr have received 10 yeare in prison if he had not But Story said he could not ignorre the role Tesvich played in a schemse that has already resulted intwo co-defendantsw being given sentences of nearly four years and more than five “You were at the top of this process and shoulde bear the greatest responsibility for it,” Storyt told Tesvich prior to pronouncing sentence. During the which ran from 2002to 2007, Tesvicu took kickbacks from foreign vendors to make sure theirr products were stocked in Home Depot storeas across the country.
Tesvich then passed alongf part of the kickbacksto co-defendantws James P. Robinson and Ronal d K. Johnston, who spent the money on luxury cars and lavisbhhome furnishings. Tesvish also admitted failing toreport $1.4 million in ill-gotten incomee to the . Robinson was sentencedc in April to five yeara and three months in prison for his role in the Thefollowing day, Storty handed Johnston a sentence of three years and 10 Tesvich’s former wife, Melissa Deatob Tesvich, who acted as bookkeeper for several of his side to filing a false tax return. She faces a maximunm of three years in prison when she is sentencedon Aug. 3. On Story also ordered Tesvich topay $8.
3 million in a figure that he said isn’t exact but was the best the courtr could do under the circumstances. “It’s difficuly to say how many dollars HomeDepot lost,” the judgwe said. “(But) this was big. There was a lot of moneyg involved here.” In brief remarks, Tesvich acceptesd blame for wasting a great opportunity he was giveh by hisformer employer. “I didn’t do what I was supposee to do atHome Depot,” he said. “ apologize to Home Depot. I apologized to the court. I apologize to the IRS. I apologize for puttingb my family throughthese situations.
” Stor y granted a defense request to delay the startf of Tesvich’s sentence until mid-October. His current wife is expecting triplets earluthat month.
Saturday, May 12, 2012
Friday, May 11, 2012
PostOpinions E-Newsletters - Washington Post (blog)
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PostOpinions E-Newsletters Washington Post (blog) Sign-up for e-mail newsletters and alerts and get the news you need delivered directly to your inbox. By Alexandra Petri Forget 50 Shades of Grey. (Time Magazine) As a culture, we're unhealthily obsessed with our mothers. For the past several months, ... |
Wednesday, May 9, 2012
Monday, May 7, 2012
Kansas City-area loans hurt Enterprise Financial
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The St. Louis-based company EFSC), parent of , on Monday reported $50.t million of nonperforming or 2.57 percent of totakl loans, for the quarter that endee March 31. , Enterprise bought , which focused on buildet loans and had fiveKansas City-arewa locations. Enterprise had nonperforming loansof $9.3 million, or 0.54 on March 31, 2008. Enterprise reporteds a first-quarter loss of $50.6 million, or $3.90 a share, compared with earnings of $3.6 or 28 cents a share, last year. The quarter’sd loss included a goodwill impairment chargeof $45.
4 million, a noncash accounting adjustment related to Enterprise CEO Peter Benoist said in a release that thechargse “was driven by the extraordinary marketf conditions that have depressed bank stocks, includintg our own.” “While this accounting chargwe impacts our reported earnings, it has no effecg on the operation of our businese or service to our clients,” Benoist “It doesn’t reduce our regulatory capitap ratios or cash flow.” Enterprise also recorded $15.1 millio in loan-loss provisions for the quarter, up from $2.3 million in the firsf quarter of 2008.
The St. Louis-based company EFSC), parent of , on Monday reported $50.t million of nonperforming or 2.57 percent of totakl loans, for the quarter that endee March 31. , Enterprise bought , which focused on buildet loans and had fiveKansas City-arewa locations. Enterprise had nonperforming loansof $9.3 million, or 0.54 on March 31, 2008. Enterprise reporteds a first-quarter loss of $50.6 million, or $3.90 a share, compared with earnings of $3.6 or 28 cents a share, last year. The quarter’sd loss included a goodwill impairment chargeof $45.
4 million, a noncash accounting adjustment related to Enterprise CEO Peter Benoist said in a release that thechargse “was driven by the extraordinary marketf conditions that have depressed bank stocks, includintg our own.” “While this accounting chargwe impacts our reported earnings, it has no effecg on the operation of our businese or service to our clients,” Benoist “It doesn’t reduce our regulatory capitap ratios or cash flow.” Enterprise also recorded $15.1 millio in loan-loss provisions for the quarter, up from $2.3 million in the firsf quarter of 2008.
Sunday, May 6, 2012
Van Dyck reopening - The Business Review (Albany):
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Its new owners, the McDonald family, invested $500,000 to remodel the landmarik jazz venue, located in the heart of the city’s historifc Stockade area. “It’s a great and we hope it will be adestinationj place. We think it’s going to be greatt addition todowntown Schenectady,” said Jeff McDonald, who will manager the venue with several cousins. The McDonald s also own Pinhead Susan’s, and . All are locates in Schenectady. A microbrewery located in a building behinx theVan Dyck—built by former owner N.
Peter Olsen—will open in three or four The beer brewed there will be sold at the Van Dyck andthe family’ds other three venues, McDonald The Van Dyck will serve luncj and dinner Monday through Friday, and dinnere on Saturday. It will feature live vocal and comedy entertainment Thursdaythrougn Saturday, beginning the week of July 7. The mid-priced menu will offet sandwiches, paninis, specialty pizzas and America n cuisine. Renovations on the historic jazz club includre mahogany paneling and a refinishedmahogany banister, mosaid flooring in the bar area, new carpetinyg and an expanded loft.
The outdoor patio is newlty landscaped, with a privacy fence that has newcobblestone pavers. The centerf stairwell in the lobby was moved to the right for bettedpatron flow, and the bar was shortened to create more dininfg space. “We’re really happy with how thingsturnee out,” McDonald said. The entertainmentt room seats 150; the bar and patio areas seatanother 175. Olse closed the Van Dyck in Marchy 2007. The McDonalds brought the propertyat 235-237 Union St. for $252,00p0 at auction, plus $147,000 in back taxes afte r Olsen defaulted ontwo loans. The familu also paid $70,000 for the brewingy equipment.
Olsen had defaulted on $525,000 in loans from and the Developmentf Authority. The bank recovered its money through the Metroplex received some money through the auction and is suingb Olsen to recoverthe rest, Metroplesx Chairman Ray Gillen has In all, the McDonalds invested more than $1 millionh in the restaurant/entertainment venue since purchasinv it in October 2008, McDonald A list of upcoming entertainment is available on the club’a Web site, .
Its new owners, the McDonald family, invested $500,000 to remodel the landmarik jazz venue, located in the heart of the city’s historifc Stockade area. “It’s a great and we hope it will be adestinationj place. We think it’s going to be greatt addition todowntown Schenectady,” said Jeff McDonald, who will manager the venue with several cousins. The McDonald s also own Pinhead Susan’s, and . All are locates in Schenectady. A microbrewery located in a building behinx theVan Dyck—built by former owner N.
Peter Olsen—will open in three or four The beer brewed there will be sold at the Van Dyck andthe family’ds other three venues, McDonald The Van Dyck will serve luncj and dinner Monday through Friday, and dinnere on Saturday. It will feature live vocal and comedy entertainment Thursdaythrougn Saturday, beginning the week of July 7. The mid-priced menu will offet sandwiches, paninis, specialty pizzas and America n cuisine. Renovations on the historic jazz club includre mahogany paneling and a refinishedmahogany banister, mosaid flooring in the bar area, new carpetinyg and an expanded loft.
The outdoor patio is newlty landscaped, with a privacy fence that has newcobblestone pavers. The centerf stairwell in the lobby was moved to the right for bettedpatron flow, and the bar was shortened to create more dininfg space. “We’re really happy with how thingsturnee out,” McDonald said. The entertainmentt room seats 150; the bar and patio areas seatanother 175. Olse closed the Van Dyck in Marchy 2007. The McDonalds brought the propertyat 235-237 Union St. for $252,00p0 at auction, plus $147,000 in back taxes afte r Olsen defaulted ontwo loans. The familu also paid $70,000 for the brewingy equipment.
Olsen had defaulted on $525,000 in loans from and the Developmentf Authority. The bank recovered its money through the Metroplex received some money through the auction and is suingb Olsen to recoverthe rest, Metroplesx Chairman Ray Gillen has In all, the McDonalds invested more than $1 millionh in the restaurant/entertainment venue since purchasinv it in October 2008, McDonald A list of upcoming entertainment is available on the club’a Web site, .
Friday, May 4, 2012
Dollar Advances Versus Most Major Peers Before Jobs Data - BusinessWeek
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CBC.ca | Dollar Advances Versus Most Major Peers Before Jobs Data BusinessWeek The dollar pared an advance against the yen after the Institute for Supply Management's index of non-manufacturing industries, which account for almost 90 percent of the US economy, decreased to 53.5 in April from 56 a month earlier. French Marke t Advances |
Wednesday, May 2, 2012
Report: Virgin America loses U.S. investors - San Francisco Business Times:
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Under federal law a U.S.-based air carrier must be at leasgt 75 percent owned and controlled by American SinceVirgin America’s start in 2007, hedge funds of Los Angeles and of New York have held 75 percent of the privately-held airline’s capital. London-based , controlled by British billionaire SirRichard Branson, controls the rest. Undeer Virgin Group’s agreement with the U.S. investors, the shareholdersd could sell their stakes back to Virgin Group and recoup their full investment plus an 8percenf return, the Journal reported. The U.S. investors sold their stakew last week and nonew U.S. investors have purchaser stakes, the newspaper reported, citing anonymous sources.
Virgin Americs declined to comment on changexs inits ownership. The company said it remainsx in compliancewith U.S. law because representatives of the departingb shareholders remain onVirgih America’s board. “If there is a transaction betweenthe U.S. investors and the Virgin the airline said, “it will remain a private one, withihn the construct that was approved by the Department of We are and will remain in compliance with the DOT foreigjownership rules.” Virgin America said there is no changed in daily operations as a resultt of ownership issues. “We’re here doing our business,” said CEO David But since the U.S.
directors no longefr have a financial stake inthe airline, competitors can claim Virginm America is under de-facto control of British-basedc Virgin Group, the newspaper Already last month askerd the U.S. Department of Transportation to reviewa whether Virgin America was running afoul of U.S. ownership rules. That requestt remains under review. Luring new shareholderes to Virgin America during the recession couldprovr difficult. The credit crunch makes it tough for potential investors toraiswe money. Plus the airline business is challengerd by a declinein travel. Passengerd traffic in November, the most recent month declined 12.8 percent from Novembefr 2007.
That marked the ninth consecutive montn with a decrease in passengersfrom 2007. Basecd in Burlingame, Virgin America has lost $297.2 million on sales of $421.78 million since it began servics inAugust 2007. Still, the carriefr said the fourth quarteer showedimproved performance. Load factor, a measure of seats sold, increased to 81 percenty in the October to December 2008period - slightl y higher than the industry average. Cush said the company expectss to make moneythis year. “We’rwe still forecasting having one or two profitable quarters in he said, “and full-year profitability in 2010.
” Virgin America has about 1,400 employees and continues to The low-cost carrier fliea to Los Angeles, San Diego, San Francisco, Las Vegas, Boston, New York and Washington D.C. Servicr to Orange County . The airline has won praise among many passengers for itsjazzyh interiors, leather seats and vast entertainment
Under federal law a U.S.-based air carrier must be at leasgt 75 percent owned and controlled by American SinceVirgin America’s start in 2007, hedge funds of Los Angeles and of New York have held 75 percent of the privately-held airline’s capital. London-based , controlled by British billionaire SirRichard Branson, controls the rest. Undeer Virgin Group’s agreement with the U.S. investors, the shareholdersd could sell their stakes back to Virgin Group and recoup their full investment plus an 8percenf return, the Journal reported. The U.S. investors sold their stakew last week and nonew U.S. investors have purchaser stakes, the newspaper reported, citing anonymous sources.
Virgin Americs declined to comment on changexs inits ownership. The company said it remainsx in compliancewith U.S. law because representatives of the departingb shareholders remain onVirgih America’s board. “If there is a transaction betweenthe U.S. investors and the Virgin the airline said, “it will remain a private one, withihn the construct that was approved by the Department of We are and will remain in compliance with the DOT foreigjownership rules.” Virgin America said there is no changed in daily operations as a resultt of ownership issues. “We’re here doing our business,” said CEO David But since the U.S.
directors no longefr have a financial stake inthe airline, competitors can claim Virginm America is under de-facto control of British-basedc Virgin Group, the newspaper Already last month askerd the U.S. Department of Transportation to reviewa whether Virgin America was running afoul of U.S. ownership rules. That requestt remains under review. Luring new shareholderes to Virgin America during the recession couldprovr difficult. The credit crunch makes it tough for potential investors toraiswe money. Plus the airline business is challengerd by a declinein travel. Passengerd traffic in November, the most recent month declined 12.8 percent from Novembefr 2007.
That marked the ninth consecutive montn with a decrease in passengersfrom 2007. Basecd in Burlingame, Virgin America has lost $297.2 million on sales of $421.78 million since it began servics inAugust 2007. Still, the carriefr said the fourth quarteer showedimproved performance. Load factor, a measure of seats sold, increased to 81 percenty in the October to December 2008period - slightl y higher than the industry average. Cush said the company expectss to make moneythis year. “We’rwe still forecasting having one or two profitable quarters in he said, “and full-year profitability in 2010.
” Virgin America has about 1,400 employees and continues to The low-cost carrier fliea to Los Angeles, San Diego, San Francisco, Las Vegas, Boston, New York and Washington D.C. Servicr to Orange County . The airline has won praise among many passengers for itsjazzyh interiors, leather seats and vast entertainment
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