Eleven former executives and board members at Superior Bank and its holding company have been charged with engaging in a “massive series of accounting frauds” to hide loan losses as the Alabama-based bank spiraled toward collapse.
In a civil complaint the U.S. Securities and Exchange Commission alleged that, when faced with bad loans amid the mortgage meltdown, the defendants used straw borrowers, bogus appraisals, and insider deals to avoid properly classifying the loans as impaired and increasing the allowance for loan and lease losses. Read more.
After reviewing more than 40 potential locations, General Electric on Wednesday said it would move its global headquarters from Fairfield, Conn., to Boston, to take advantage of better corporate tax rates and incentives and capitalize on local tech talent as the company tries to lead “the digital transformation of industry.”
“We want to be at the center of an ecosystem that shares our aspirations,” GE’s chairman and chief executive Jeff Immelt said in a press release. “Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.” Read more.
Keeping investors up to speed on the business should include more than just discussions of financial performance.
The U.S. economy “still looks OK,” according to CEO Jamie Dimon.
Fourth-quarter revenue reflected lower than anticipated sales of GoPro’s capture devices due to slower than expected sell through at retailers.
Superior’s senior-most officers and certain directors concealed significant losses from loan impairments during the mortgage meltdown, alleges the SEC.
Grants, tax savings, and tech talent lead General Electric to move its global headquarters office to Boston from Fairfield, Conn.
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