BUSINESS
December 8, 2011 | By Kim Geiger, Los Angeles Times
An apologetic Jon Corzine testified before a congressional panel that he was in "stunned disbelief" when he learned that hundreds of millions of dollars of customer money had disappeared from his now-defunct trading firm MF Global Holdings. "I simply do not know where the money is, or why the accounts have not been reconciled to date," the former MF Global chief executive told the House Agriculture Committee on Thursday in his first public appearance since the company filed for bankruptcy Oct. 31. As much as $1.2 billion may be missing — far more than the $900-million shortfall that was initially suspected, a trustee handling the liquidation of the firm said recently.
NATIONAL
July 23, 2010 | By Lisa Mascaro and Michael A. Memoli, Tribune Washington Bureau
Democratic Rep. Charles B. Rangel, once among the most powerful members of Congress, will face a hearing on charges of violating House ethics rules after a panel of his peers formally accused him of wrongdoing Thursday. For two years, House ethics investigators pored over records of the New York congressman's travel and record-keeping in response to complaints about corporate-paid trips, the use of several rent-stabilized apartments and other allegations. Rangel, 80, could face reprimand, censure or expulsion if the House Ethics Committee determines he violated rules.
NATIONAL
November 17, 2010 | By James Oliphant and Michael A. Memoli, Tribune Washington Bureau
A congressional panel Tuesday found Rep. Charles B. Rangel of New York guilty of violating 11 House ethics rules, but the Harlem Democrat is likely to escape the most serious punishment for his actions ? expulsion from the House. Instead, it's expected that the once-powerful chairman of the Ways and Means Committee will be reprimanded or censured by his colleagues for ethics transgressions that include his failure to declare rental income from a Dominican villa, improper solicitation of donations on congressional letterhead and misuse of a rent-controlled apartment as a campaign office.
NATIONAL
May 14, 2011 | By Julie Mianecki, Washington Bureau
As waters rose on the Mississippi River, a House committee approved legislation Friday intended to save a government flood insurance program that is nearly $18 billion in debt. The bill, which includes provisions that could make it more difficult to develop in flood-prone areas, has bipartisan support, and sponsors said they hoped to have it on President Obama's desk before the current program expires Sept. 30. "Floodwaters across the South and Midwest are on the rise, and so is the debt owed by this program," said Rep. Judy Biggert (R-Ill.)
BUSINESS
February 27, 2010 | By Ken Bensinger and Ralph Vartabedian
Toyota Motor Corp. "deliberately withheld" evidence in lawsuits related to vehicle safety, exhibiting a "systematic disregard for the law," the chairman of a congressional committee said. The firm created "secret electronic 'Books of Knowledge' " that included information about design problems, yet never disclosed their existence in lawsuits, according to internal company documents released by the committee Friday. The allegations, made by Rep. Edolphus Towns (D-N.Y.), who heads the House Oversight and Government Reform Committee, came two days after Toyota's chief executive appeared before Congress to apologize for the automaker's handling of the sudden acceleration issue.
BUSINESS
April 30, 2011 | By Shan Li, Los Angeles Times
A congressional subcommittee has sent a letter to Sony Corp. seeking information about a security attack on PlayStation's online network by hackers last week. Addressed to Sony Chairman Kazuo Hirai, the letter requested answers to a detailed list of questions regarding the breach, which exposed the personal information and possibly credit card data of 77 million customer accounts. The letter, written by the House subcommittee on commerce, manufacturing and trading, addresses a number of security concerns, including when the breach occurred, how much data was stolen and why Sony waited a week before it notified customers.