U.S., Swiss aim at tax evaders
WASHINGTON — The United States and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion. The discussions took place as U.S. legal authorities are conducting investigations into allegations that giant Swiss bank UBS AG helped thousands of American customers evade taxes.
Ex-CEO’s assets ordered frozen
MONTGOMERY, Ala — Attorneys have asked an Alabama judge to freeze the assets of former HealthSouth CEO Richard Scrushy so they can begin collecting a nearly $2.9 billion judgment against him. An attorney for HealthSouth shareholders said the motion was filed Friday asking Jefferson County Circuit Judge Allwin Horn to stop Scrushy from hiding assets while the case is being appealed. Scrushy’s attorneys have said they plan to appeal. Scrushy was ordered Thursday to pay nearly $2.9 billion to shareholders who sued over a massive accounting fraud.
Targeted ads stop short
PHILADELPHIA — A joint venture formed by the nation’s six largest cable operators is suspending trials of its first advertising product before it even gets off the ground. Canoe Ventures said Friday that it will discontinue plans for now to launch "community addressable messaging,” which sends ads that vary by household depending on factors such as income and age. Privacy groups fear that these ads could lead to unwanted tracking of viewing habits and discrimination against poorer households.
Repayment cuts bank’s earnings
NEW YORK — JPMorgan Chase & Co. expects to record a $1.1 billion charge against its second-quarter earnings after paying the Treasury Department back $25 billion in taxpayer money received under a bailout program. The New York-based bank disclosed in a regulatory filing Friday that the charge will reduce its second-quarter earnings by 27 cents per share. JPMorgan says it has paid more than $795 million in dividends on preferred stock it issued to the government under the Troubled Asset Relief Program, in addition to repaying the principal. JPMorgan is among 10 big banks that repaid more than $68 billion to the program on Wednesday.
Goodyear plans downsizing
AKRON, Ohio — The Goodyear Tire & Rubber Co.