Ex WorldCom chiefs refuse to testify before Congress
Bernard Ebbers and Scott Sullivan invoke the Fifth Amendment and decline to answer questions at a House Financial Services Committee hearing on WorldCom accounting irregularities. Sidgmore defends internal efforts. Andersen auditors deny foreknowledge while Bush administration backs tougher penalties and SEC oversight.
MENTIONED IN THIS ARTICLE
Washington
WorldCom
Bernard J. Ebbers
House Financial Services Committee
Reid Weingarten
Justice Department and Securities and Exchange Commission
Scott Sullivan
John Sidgmore
Sidgmore
Bert Roberts
Arour Andersen
Melvin Dick
Andersen
Congress
Enron Corp
Global Crossing
Enron
Bush
White House
Paul Sarbanes
D-Md
SEC
MCL
Bernard Ebbers
Capitol Hill
Ebbers
Jack Grubman
Salomon, Smithamey
EBay to acquire PayPal for 1.5 billion in stock
EBay Inc. said it will buy PayPal Inc. for 1.5 billion in stock, ending its own payments program Billpoint. The move follows strong quarterly results with earnings of 54.3 million dollars on 266 million revenue. Meg Whitman called the deal a step to improve online trading.
MENTIONED IN THIS ARTICLE
San Jose
Calif
eBay Inc
PayPal Inc
eBay
Billpoint
Wall Street
Enue
Thomson Financial
First Call
Mountain View
PayPal
Meg Whitman
WeatherTite Window Offer For Elyria Homeowners
WeatherTire Windows owner Merv Hollander promotes a two week deferred payment plan with low monthly payments and a $100 rebate per window. The offer, effective immediately, includes 5 warranties, Energy Star style Double Pane glass, custom installation, and 100 percent financing with one day installations. Expires July 20 2002.
MENTIONED IN THIS ARTICLE
Elyria
Merv Hollander
WeatherTire Windows
Merck revenue questioned over pharmacy co payments
Merck & Co reported 12.4 billion in revenue from its Medco unit's pharmacy co payments for 1999 to 2001, though Merck did not actually receive those funds. The practice, offset as expenses, sparked stock declines amid broader accounting scrutiny after Enron and WorldCom.
MENTIONED IN THIS ARTICLE
NEW York
Merck & Co
Merck
Enron
WorldCom
New York Stock Exchange
Medco
Securities and Exchange Commission
Merck-Medco
Borrowing up in May signals resilient consumer credit growth
The Federal Reserve reports consumer credit rose 6.8 percent annual rate in May, the strongest since last November, bringing total borrowing to 1.706 trillion. May gains exceeded analyst forecasts by about 2 billion, suggesting consumers fueled the recovery with higher spending despite economic concerns. Richard Yamarone of Argus Research notes shoppers responded to low mortgage rates, rising incomes, and contained prices.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Richard Yamarone
Argus Research
New York
Middle East
Wall Street slips after Merck accounting concerns
New York AP reports Merck accounting questions dampened a Wall Street rally Monday as Dow Jones fell 104.60 to 9,274.90, Nasdaq dropped 42.75 to 1,405.61, and S&P 500 slid 12.05 to 976.98, with tech leading declines while some investors seek profits from Friday’s gains.
MENTIONED IN THIS ARTICLE
Robert E. Seeman
Center
New York Stock Exchange
New York
Merck
Wall Street
Standard & Poor
Ralph Acampora
Prudential Securities
Wall Street Journal
Dollar slides as accounting doubts curb U.S. stocks
The dollar retreats to 26 month euro lows and nine month yen lows as corporate bookkeeping concerns revive selling in U.S. equities. Merck declines amid Merck Metco spinoff doubts. WorldCom falls as Congress probes its books. Alcoa, Texas Instruments, and IBM drop while retail shares mix. Analysts warn of a market lull until second quarter results.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
U.S
Marc Chan Mer
HSBC
Merck
Merrill Lynch
Merck Metco
WorldCom
Congress
Texas Instruments
Dell
Bellwether
IBM
Wal- Mart
Roebuck
Michae Murphy
Wachovia Securities
Besnes
New York Stock Exchange
Also Mentioned on This Page
Grubman
Business Roundtable
Senate
Hollandes
Hollander
Merck Revenue
Chris Loder
Loder
PricewaterhouseCoopers
Banc of America Securities
Patrick Hoyle
Caremark Rx Inc
Merck- Medco
Ema
Druigiaker Ziant
Dollar
Alcoa
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