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Senate bill would kill stock option tax break

WASHINGTON (Reuters) – A tax code loophole that gives corporations large deductions on executive stock options would be closed under legislation unveiled on Friday. As Congress and the White House struggled with budget issues, Democratic Senator Carl Levin offered the measure, calling it a promising revenue-raiser that would discontinue “a…

Greeks hatch scheme to profit off air pollution

ATHENS (AFP) – Greece could earn up to 170 million euros for its cash-strapped treasury from a trade of greenhouse-gas emission allowances on the Athens stock exchange, a report said Sunday. Eleftherotypia daily said a first-ever auction of one million emission allowances (EUAs) will be held on Wednesday, ironically as…

Supreme Court allows class-action fraud lawsuit against Halliburton

WASHINGTON — The US Supreme Court gave the green light Monday to a group seeking to bring a class-action lawsuit against US oil services firm Halliburton for alleged fraud. The nine judges unanimously decided that the plaintiffs, a group of investors, do not need to prove a direct relationship between…

Winklevoss twins take Facebook claim to Supreme Court

SAN FRANCISCO (AFP) – Tyler and Cameron Winklevoss are taking their beef against Facebook co-founder Mark Zuckerberg to the US Supreme Court. An attorney for the twin brothers said they will ask the top court in the nation to give them another shot at getting out of a deal they…

US in rush to sell off GM stake: report

NEW YORK — The United States plans to sell off much of its remaining shares in General Motors this summer despite the lackluster performance of the company’s stock, the Wall Street Journal has reported. The newspaper said the sale within the next six months would “almost certainly” mean that US…

Facebook saga grows with new legal drama

SAN FRANCISCO – The drama of the Facebook story heightened on Tuesday as a man with a shady past used old emails and a powerful law firm to press his claim to half the online social networking firm. A legal claim filed last year by Paul Ceglia and deemed dubious…

US regulators unveil plan to curb market volatility

NEW YORK — The US Securities and Exchange Commission has unveiled a plan that protects markets from the kind of big price swings in stocks that triggered last year’s “flash crash.” The new “limit up-limit down” safeguards, which the SEC unveiled Tuesday, would require trades in listed stocks to be…

Man arrested in hacker stock fraud scheme

WASHINGTON (AFP) – US authorities Monday arrested and charged a Texas man accused of masterminding a scheme using a Russian hacker and an email spam campaign to pump up the value of fledgling companies, the Justice Department said. Christopher Rad, 42, of Cedar Park, Texas, was arrested by FBI agents…

Cyber raids ‘threaten British, US stock markets’

LONDON — Stock exchanges in Britain and the United States have enlisted the help of the security services after finding out they were the victims of cyber attacks, The Times newspaper reported on Monday. The London Stock Exchange (LSE) is investigating a terrorist cyber-attack on its headquarters last year while…

In Halliburton case, Supreme Court may sanction corporations lying to investors

The Supreme Court’s decision in the upcoming case Erica P. John Fund Inc v. Halliburton could prevent companies that deceive their investors from being held accountable, according to Jeff McCord of The Investor Advocate. In early January, the Supreme Court agreed to review a US appeals court ruling that denied…

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