He faces a nearly 13-year prison sentence for fraud and conspiracy.
Business
Business news and information from the Portland Press Herald.
Posted inBusiness, Maine, News
Judge orders rewording for referendum question on electric utility
The Maine secretary of state is ordered to draft a new referendum question that doesn’t use the word ‘quasi-governmental’ to describe a proposed consumer-owned electricity company.
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Posted inBusiness
JPMorgan sues former exec over ties to Epstein sex abuse
The New York bank alleges that Jes Staley aided in hiding Jeffrey Epstein’s yearslong sex abuse and trafficking in order to keep the financier as a client.
Posted inBusiness, Maine, News
Maine craft brewers ‘own the backyard’ – but beer-making business is on a new playing field
Maintaining market dominance will require adapting to new consumer tastes, a beverage industry expert told brewers at a conference in Portland.
Posted inBusiness
Deepening worries about high rates send Wall Street lower
The Fed’s inflation-fighting policies risk slowing the economy too much and pushing it into a recession.
Posted inBusiness
In race to arm Ukraine, U.S. faces cracks in its manufacturing might
The conflict has laid bare deep-seated problems that the United States must surmount to effectively manufacture the arms required not just to aid its allies but also for America’s self-defense.
Posted inBusiness, Nation & World
Railroad CEO ‘sorry,’ but avoids specifics on Ohio train derailment at Senate hearing
Norfolk Southern’s CEO is apologizing to Congress and pledging millions of dollars to help East Palestine, Ohio, recover from last month’s fiery train derailment.
Posted inBusiness
GM offers buyouts to most U.S. salaried workers to trim costs
General Motors’ offers also extend to some global executives as it makes the transition to electric vehicles. Its goal is to sell only electric passenger vehicles by 2035.
Posted inBusiness
IRS nominee Daniel Werfel confirmed by Senate vote
Six Republicans broke party ranks to back him as commissioner, and a lone Democrat, West Virginia’s Joe Manchin, voted against him.
Posted inBusiness, Schools and Education
Jaded with education, more Americans are skipping college
Fewer college graduates could worsen labor shortages in fields from health care to information technology. For those who forgo college, it usually means lower lifetime earnings.