One of the major issues that's emerged since the failed rollout of HealthCare.gov is that there was no lead contractor on the project. (CGI Federal was the biggest contractor — awarded the most expensive contract — but says it did not have oversight over the other parts of the system.) Instead, the quarterbacking was left to the Centers for Medicare and Medicaid Services, a subagency of the Department of Health and Human Services.
Twitter announced today that it plans on selling 70 million shares at $17 to $20 each, during its initial public offering.
Bloomberg and The Wall Street Journal did the math and it means that the company is looking to raise about $1.4 billion and values itself at about $11 billion at the high end. This is the biggest tech IPO since Facebook went public in May of 2012.
Originally published on Thu October 24, 2013 9:41 am
Five years ago, a landmark report excoriated the animal agriculture industry's practices and laid out a road map for how it could do better. But in the years since, the problems are just as bad — and maybe even worse.
That's the conclusion of the Johns Hopkins Center for a Livable Future. This week, the center scolded the industry again with a review of how it has fared in the years since the Pew Commission on Industrial Farm Animal Production released its original report.
NPR's business news starts with a verdict against Bank of America.
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INSKEEP: Last night, a jury in New York found the bank liable for fraud after a month-long civil trial. It was considered a win for the Justice Department's prosecution of misdeeds during the financial crisis. Federal prosecutors argued that a division of Bank of America, Countrywide Financial, wrote bad home mortgages to people clearly unable to repay the loans.
Originally published on Wed October 23, 2013 5:59 pm
A Manhattan jury has held Bank of America liable for fraud related to bad loans its Countrywide Financial Corp. unit sold to Fannie Mae and Freddie Mac as the housing market soured.
The verdict was returned on Wednesday after several hours of deliberation in a month-long trial that focused on loans Countrywide completed in 2007 and 2008, as the housing crisis was already underway. Countrywide was acquired by Bank of America in 2008.
The U.S. performance on the global stage has looked a little rocky in the past few weeks.
The Obama administration had to let Russia take a lead in managing the security challenge in Syria. The United States was also embarrassed when allies like Germany, France and Brazil reacted angrily to the news that the National Security Agency had monitored their leaders' communications.
Finally, the government shutdown and the congressional fight over the debt ceiling prompted critical comments about U.S. political dysfunction.
President Obama is putting former CEO Jeff Zients in charge of the "tech surge" — the administration's emergency effort to fix the Web portal at the heart of the federal government's new health care market. But what about the contractors that built the system? What's their responsibility?
Originally published on Wed October 23, 2013 4:55 pm
"Please Release Him."
That was the simple but startling front-page headline on Wednesday in New Express, a cutting-edge newspaper based in China's southern city of Guangzhou. "Him" is Chen Yongzhou, one of the paper's investigative journalists who New Express says was taken away by police after reporting "problems with the accounts" at Zoomlion Heavy Industries."
Those four words loomed large in 2008, as a crisis in the banking world threatened the global economy. Fears that the failure of large financial institutions would undermine the entire economic system led Congress to step in, passing a $700 billion bailout package.
NPR's business news starts with a rather large ATM fee.
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INSKEEP: The Ohio-based ATM manufacturer Diebold has agreed to a $48 million settlement with the Securities and Exchange Commission and the Justice Department over bribery allegations. The company is accused of spending more than $3 million to bribe bank officials in China, Indonesia and Russia over a five-year period - a violation of the U.S. Foreign Corrupt Practices Act. Transcript provided by NPR, Copyright NPR.
The details are still being worked out, but JPMorgan Chase and the Justice Department have agreed to a $13 billion settlement that will close out numerous lawsuits. About $3 billion will go to compensate investors who lost money on securities from banks that JPMorgan acquired during the financial crisis. Federal prosecutors have agreed not to seek punitive damages against JPMorgan for losses related to those deals.