March 10, 2013 |
When the Edward H. Ackerman American Legion Post 397 in Hellertown closed in 2008, the public story was that the aging building had become too expensive to maintain. In a sense, that was true, but one of the reasons it had become too expensive was because the post's treasurer had embezzled tens of thousands of dollars, diverting membership dues into his own pocket and forging signatures to cash checks. The post also owed back federal payroll taxes. The sad details of that episode don't need to be recounted.
February 27, 2013 |
WASHINGTON -- The Senate on Wednesday confirmed Jacob J. Lew as Treasury secretary, allowing the longtime budget expert to take office as President Obama deals with looming automatic federal spending cuts. Lew, 57, was approved by a 71-26 vote. He succeeds Timothy F. Geithner, who stepped down in January after four years in the job. Lew brings different expertise to the job than Geithner, who had a deep background dealing with financial markets and Wall Street. For his second Treasury secretary, Obama chose a person with a long history of crafting budgets and helping negotiate spending deals with Republicans in Congress.
February 25, 2013 |
WASHINGTON -- A Senate committee is expected to vote to confirm Jacob J. Lew's nomination to be Treasury secretary on Tuesday, setting the stage for his confirmation by the full Senate in the coming days. Lew, the former White House chief of staff, would succeed Timothy F. Geithner and would be a key player in budget negotiations between President Obama and congressional Republicans as automatic federal spending cuts are set to begin on Friday. Senate Finance Committee Chairman Max Baucus (D-Mont.)
February 25, 2013 |
WASHINGTON -- The Treasury Department has begun selling the rest of its stake in General Motors Co. as the government tries to end its bailout of the automaker in a little more than a year. Last month, the Treasury sold about $156.4 million worth of its stock, according to the most recent report to Congress on the $700-billion financial crisis bailout fund. The sale is the first step toward liquidating the government's remaining holdings in GM, which was announced in December.
February 19, 2013 |
NEW YORK - Turns out the Federal Reserve's gold is secure and a bit more pure than previously thought - or so the government says. Auditors spent weeks last year in a vault five stories beneath Manhattan counting, weighing and drilling small holes into gold bars owned by the U.S. Treasury. It was the first time the Treasury's inspector general had audited the department's gold held by the Federal Reserve Bank of New York, which has captured the imagination of Hollywood as well as government skeptics.
February 16, 2013 |
There are richer and more important races ahead for Treasury Bill, a 3-year-old son of Lemon Drop Kid who will be making his stakes debut Sunday in the $150,000 San Vicente Stakes at Santa Anita. Trainer Ron Ellis has high aspirations for a horse that likes to race from far back and come charging down the stretch. That's why Ellis was surprised that Treasury Bill won a 61/2-furlong maiden sprint in his second race on Jan. 27. It's in two-turn races that Treasury Bill figures to be at his best, so Ellis isn't going to put a lot of pressure into winning Sunday's seven-furlong stakes that has just six entrants, including three horses trained by Bob Baffert - Belvin, War Academy and Shakin It Up. This time of year is about getting Treasury Bill more racing experience in preparation for the big 3-year-old races in March and April on the road to the ultimate goal of an appearance in the Kentucky Derby on the first Saturday in May. "I've liked him all along," Ellis said.