Former Goldman director charged with insider trading
WASHINGTON (AP) Depicting moment-to-moment detail, the Securities and Exchange Commission on Tuesday laid out civil fraud charges linking a former Goldman Sachs board member to the biggest hedge fund insider-trading case ever.
Its a portrait of corporate board meetings leading to secret phone calls, to stock-trading orders and finally to huge illicit profits made within hours.
The SEC charged Rajat Gupta, who also has served on the boards of Procter & Gamble and the parent company for American Airlines. Gupta was a guest at President Barack Obamas first state dinner.
Wis. governor proposes deep cuts for schools
MADISON, Wis. (AP) After focusing for weeks on his proposal to strip public employees of collective bargaining rights, Gov. Scott Walker on Tuesday presented his full budget a plan that cuts $1.5 billion in aid to public schools, local government and Medicaid but avoids any tax or fee increases, furloughs or widespread layoffs.
Walker said the cuts could be paid for in large part by forcing government employees to pay more for their pension and health care benefits.
And the governor whose cost-cutting ideas have stirred a national debate over public-sector unions gave no indication he would soften his demand to reduce their power at the negotiating table.
This is a reform budget, Walker told lawmakers inside the Assembly chamber as protesters on the floor below screamed, banged on drums and blew horns. It is about getting Wisconsin working again. And to make that happen, we need a balanced budget that works and an environment where the private sector can create 250,000 jobs over the next four years.
Walkers legislation has drawn tens of thousands of demonstrators to the Capitol over the last three weeks, and tensions were still high as Walker outlined the budget during a joint session of the Legislature convened under heavy security. Assembly Democrats refused to stand as the governor arrived to speak.
It feels like were announcing a going-out-of-business sale, said state Rep. Cory Mason, a Democrat from Racine who criticized Walkers proposed cuts to education.