Alcoa VP Wins Presidential Award and 2 Other Dow Movers to Watch
Alcoa (NYSE:AA): Current price $8.49
Vice President of Government Affairs and Trade Policy, Michelle O’Neill, was honored with a 2012 Presidential Distinguished Rank Award, the United States’ highest civil service award, for outstanding achievement in public service. The award recognizes O’Neill’s success as the Deputy Undersecretary for International Trade, which she held prior to joining Alcoa, in which she led over 2,300 Commerce Department employees globally. The annual awards are bestowed by the President to senior federal managers. Out of the 6,800 senior executive service employees in the Federal Government, 1 percent or fewer are recommended to the President by a panel of private citizens to receive the award every year.
Bank of America Corporation (NYSE:BAC): Current price $12.30
The company has requested a that federal judge throw out a $1-billion fraud lawsuit filed by the government, that claims it sold defective residential mortgage loans to Fannie Mae and Freddie Mac which later defaulted. The Justice Department filed the complaint in 2012, alleging that the bank and its Countrywide Financial division generated thousands of defective loans and then sold them to the two home mortgage finance companies which are now under government control. United States District Judge Jed Rakoff in Manhattan indicated after hearing arguments that he will issue a ruling in around two weeks.
General Electric Company (NYSE:GE): Current price $22.32
GE has brought a lawsuit against the utility National Grid, seeking remuneration for its share of costs for the $1 billion-plus Superfund cleanup of contaminated sediment from the upper Hudson River. The suit was announced as crews started the fourth year of dredging PCBs from the river. General Electric released poly-chlorinated biphenyls, or PCBs, into the river decades ago, and is now dredging the river complying with a federal Superfund project that could to cost in excess of $1 billion. In a federal complaint, the firm says that in 1973, National Grid’s predecessor, Niagara Mohawk, removed a dam near Fort Edward, causing over 1 million cubic yards of contaminated sediment to flow downstream.
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