Tuesday, May 13, 2003

Business Digest



Banker indicted in document destruction

NEW YORK - A former technology banker who became an industry star during the dot-com boom was indicted Monday on charges that he directed employees to destroy documents sought by investigators.

Frank Quattrone, 47, who was at Credit Suisse First Boston, is accused of approving a December 2000 e-mail that urged CSFB workers to "catch up on file cleaning" for the holidays.

A federal grand jury and the Securities and Exchange Commission were looking into how the company allocated shares of initial public stock offerings.

Guilty plea made in Just for Feet case

BIRMINGHAM, Ala. - A former president of Just for Feet Inc. has pleaded guilty to helping inflate income and earnings between December 1996 and November 1999, when his shoe-store chain filed for bankruptcy. Adam Gilburne, 40, conspired with the then chief executive officer and others to inflate earnings through an overbilling scheme that involved Rogers Advertising, court records show.

Rates lower in weekly Treasury auction

WASHINGTON - Interest rates on short-term Treasury securities fell in Monday's auction.

The Treasury Department sold $14 billion in three-month bills at a discount rate of 1.070 percent, down from 1.095 percent last week. An additional $14 billion was sold in six-month bills at a rate of 1.100 percent, down from 1.130 percent.

- From wire reports




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Business Digest