Mon. Dec. 05, 2011 NY hedge fund founder Raj Rajaratnam reports to prison in Devens
The hedge fund founder handed the longest prison term ever given for insider trading has reported to a federal facility in Massachusetts to begin serving his 11-year sentence. US Bureau of Prisons spokeswoman Traci Billingsley says Raj Rajaratnam reported to the Federal Medical Center in Devens today. The one-time billionaire lost his last-minute effort last week to get a federal appeals court to let him remain free pending appeal. He was convicted this year of trading on inside information from 2003 through 2009. Former Pfizer lawyer joins Nutter McClennen & Fish
Konstantin Linnik, who was previously the lead patent counsel for Pfizer Inc. research units in the US, Canada, and Germany, has joined Nutter McClennen & Fish LLP as a partner in its intellectual property group, the Boston law firm said. Besides his legal training, Linnik has a Ph.D. in cell biology from Boston University School of Medicine. Adding Linnik to the firm “expands the biotech and pharma depth of our intellectual property team,” Nutter co-managing partner William C. Geary III said in a statement. Actifio raises $33.5m in round led by Andreessen Horowitz
Actifio, a Waltham company with high hopes for its data management platform, said it has raised $33.5 million in a Series C financing round. Andreessen Horowitz led the round and joined existing investors North Bridge Venture Partners, Greylock Partners, and Advanced Technology Ventures. Mass. gas prices drop 3 cents a gallon in latest AAA Southern New England weekly survey
The average price for gas in Massachusetts is $3.289 a gallon in the latest weekly AAA survey, down 3 cents from the previous week’s average, AAA Southern New England said this morning. The current national average is $3.27 a gallon; a year ago at this time, the Massachusetts average price was $2.97 a gallon, AAA Southern New England said. AAA surveys focus on the price of self-serve, regular unleaded gas. Talbots announces search for a new CEO to succeed Trudy Sullivan
Talbots Inc., the troubled Hingham-based company known for women’s clothing, has formally begun the process of identifying a successor to president and chief executive Trudy F. Sullivan. Sullivan’s contract expires in January, but it has a one-year automatic renewal, according to securities filings. Last week the Wall Street Journal reported that Talbots has started a search for a new president, who could succeed Sullivan. Today Talbots said it has formed a search committee comprised of board members and has engaged Spencer Stuart to conduct the search. Former Genzyme executive will lead Radius Health
Radius Health Inc., a Cambridge company company developing drugs for osteoporosis, announced the appointment of Michael S. Wyzga as its president and chief executive. Wyzga joins Radius after serving as executive vice president chief financial officer of Genzyme. Wyzga is succeeding C. Richard Lyttle, who is retiring. Lyttle will remain with the company during the management transition as interim chief scientific officer following his retirement as president and CEO. Southborough’s uTest completes $17m round
UTest Inc., a Southborough company focused on software testing, said that it has completed a $17 million Series D round of funding. The round was led by QuestMark Partners. Previous investors, including Scale Venture Partners, Longworth Venture Partners, Egan-Managed Capital, and Mesco Ltd., participated in the round, uTest said. Since its founding 2007, uTest said it has raised more than $37 million. GE Aviation ends F-35 fighter engine development
GE Aviation has abandoned efforts to keep alive development of its alternate engine for the F-35 Joint Strike Fighter by paying for it itself, a spokesman said today. The unit of the General Electric Co. has decided its attempt to self-fund continued development didn’t make business sense, spokesman Rick Kennedy said. Because of increased commercial business at the unit, based in the northern Cincinnati suburb of Evendale, there was no immediate job loss, he said. Fed’s Rosengren Says Jobless Rate ‘Good News,’ Not Enough
Federal Reserve Bank of Boston president Eric Rosengren said the drop in the US jobless rate, while “good news,” isn’t as favorable as he would like because it represents workers leaving the labor force.“While the rate is certainly a very favorable rate, I would highlight that a lot of it is because people pulled out of the workforce,” Rosengren said today in a speech in Boston. “It was good news. It’s just not as good news as I would actually like to see.” New UMass tuna research center opens in Gloucester
A waterfront building in Gloucester that has gone unused for years has reopened as a research station that officials hope will develop into a world leader in tracking the health of tuna and other large fish stocks while providing a boost to the local and state economies. The Marine Science Research Station reopened today as a cooperative effort between the University of Massachusetts and the state Division of Marine Fisheries. Ally Financial will halt mortgage purchases in Massachusetts
Ally Financial Inc.’s GMAC Mortgage unit stopped buying home loans in Massachusetts after the state accused the five biggest providers of conducting illegal foreclosures. The halt, which affects loans originated by correspondent lenders and wholesale brokers, is “because recent developments have led mortgage lending in Massachusetts to no longer be viable,” Ally said. Yesterday Massachusetts Attorney General Martha Coakley sued Ally and four other mortgage lenders yesterday for allegedly trying to seize homes when they didn’t hold the mortgage on the properties. | 
No comments:
Post a Comment