BUSINESS BRIEFS
Bank executives say bailouts have helped businesses
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WASHINGTON — The nation's top bankers came to account for themselves yesterday to a wary public, displaying a blend of financial might and humility as they pledged to build public trust with greater lending and fewer perks.
Eight chief executives sat at a witness table for more than six hours yesterday assuring lawmakers that an infusion last fall of $165 billion in taxpayer money to their banks was good for consumers.
The money was part of a $700 billion financial rescue approved by Congress in October.
Lending has increased, they told the House Financial Services Committee, and CEO bonuses have been eliminated. And while some lawmakers said they hoped that by their testimony the bankers could gain some credibility, some of their inquisitors weren't convinced.
OFFICIAL: MADOFF'S WIFE PULLED FUNDS
BOSTON — The wife of disgraced money manager Bernard Madoff withdrew more than $15 million from a firm co-owned by her husband — including $10 million on the day their children turned her husband over to authorities for overseeing an alleged $50 billion Ponzi scheme, the top securities regulator in Massachusetts said yesterday.Secretary of State William Galvin said Ruth Madoff, 67, withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 — the day before Bernard Madoff was arrested — from Cohmad Securities Corp., a New York firm co-owned by her husband.
Galvin cited wire transfer records produced by Cohmad as proof of the withdrawals.
They came as Madoff's scheme was unraveling as investors filed $7 billion worth of redemption requests.
TEXAS FIRM PLEADS GUILTY TO BRIBERY
HOUSTON — A former Halliburton Co. subsidiary pleaded guilty yesterday to bribing Nigerian government officials to obtain contracts valued at more than $6 billionKellogg, Brown & Root LLC pleaded guilty to violating the Foreign Corrupt Practices Act by authorizing and paying bribes from 1995 to 2004 for contracts to build liquefied natural gas facilities on Bonny Island, Nigeria.
Most of those fines, however, will be paid by Halliburton. In addition to the fine, KBR agreed to cooperate with ongoing investigations and have an independent monitor review and report on the company's compliance program for three years.
