November 2, 1986
Merrill Lynch Mortgage Corp., a subsidiary of Merrill Lynch Realty Inc., has signed an agreement with General Motors Acceptance Corp. for GMAC to service the $1 billion in mortgages Merrill Lynch Mortgage originates every year. GMAC, the financial services subsidiary of General Motors Corp., is the nation's largest mortgage servicing firm, with a portfolio of $22.5 billion.
May 31, 2013 |
For years, politicians and labor unions have pilloried Wal-Mart and other large employers for paying workers so little that many qualify for government health insurance at taxpayers' expense. Now critics fear the public will get stuck with an even bigger tab as California and other states expand Medicaid as part of the federal healthcare law. That has California lawmakers taking aim at the world's largest retailer and other big firms. Legislators, backed by unions, consumer groups and doctors, are calling for fines that could reach about $6,000 per full-time employee who ends up on Medi-Cal, the state Medicaid program for the poor and others.
December 21, 2007 |
Three firms agreed to pay a total of $7.2 million to resolve claims that they charged excessive fees for annuities sold to seniors in California. The insurers "tricked senior citizens into buying annuities that would not pay out for years and had substantial early withdrawal fees," Atty. Gen. Jerry Brown said in a statement announcing an agreement with Family First Insurance Services and Family First Advanced Estate Planning, both of Woodland Hills, and American Investors Life Insurance Co.
September 16, 2008 |
The Occupational Safety and Health Administration fined three construction firms $313,500 over what it said were safety violations leading to a tower crane collapse that killed seven people in March. OSHA cited Reliance Contractors Group, the general contractor; Rapetti Rigging Services, Inc., the crane erector; and Joy Contractors Inc., the concrete subcontractor on the project. The 19-story tower crane broke away from a luxury apartment building under construction and fell across other buildings as far as a block away.
November 10, 1989 |
Walker Manufacturing Co. and Noise Cancellation Technologies Inc. have announced an agreement to work together to produce and market the first electronic muffler for the automotive industry. The electronic muffler generates sound waves that cancel engine noise while improving engine performance, power and fuel economy. The joint venture will operate as an equally owned partnership between subsidiaries of Walker and NCT under the name Walker Noise Cancellation Technologies.
November 4, 2002 |
Companies may be slashing jobs and other costs, but one ritual luxury in the business world is making a comeback this year -- the annual holiday party. Last year was one of the worst holiday seasons, as many U.S. firms canceled their festivities because the mood just didn't feel right after the Sept. 11 attacks.
October 17, 2013 |
Amid the vast sea of office buildings and industrial plants just south of Los Angeles International Airport, a new office campus is emerging with a 21st century look starkly distinct from its baby boom-era neighbors. While most of Southern California's office market remains stuck in neutral as businesses decline to expand, developers in El Segundo are about to risk millions of dollars building the offices. In contrast to its more monolithic neighbors, the new complex will have 15 office buildings of widely varying sizes and shapes intended to appeal to firms in the few sectors that are expanding, such as technology and entertainment.
September 22, 1985 |
What do financially-troubled major firms, including banks, do when they are short of cash? They rely on good old real estate to bail them out, that's what. In bad times, it would be like selling the back 40 or the ranch or the old homestead. Overnight, the embarrassed giants become tenants in the prestigious towers they had built during better times. After the initial shock wears off, they start making monthly payments to the landlord, like any good tenant.
October 5, 2008
Has anyone addressed policy implications of firms becoming "too big to fail" ("Bailout could aid firms that buy troubled banks," Sept. 29.)? It appears that a threshold exists, beyond which a firm can now expect government intervention in the event of failure. This will only encourage more reckless risk-taking, since the government will provide a safety net of credit. The taxpayer appears to be held hostage: There seems to be no option but to support a bailout to avoid a far greater calamity.
November 14, 1999
It would be well for all to remember that the tobacco industry has concealed horrible risks from their customers for decades ["Investors Are Swearing Off Tobacco Firms," Oct. 23]. Why would one expect that they might now be more honest or show any more kindness to their investors? That is a $100-billion question. Dr. FREDERIC W. GRANNIS Jr. Long Beach