Walter “Wally” Carruthers III, who founded and led Mukilteo-based Pro-Tech Services Inc., died Wednesday at the age of 52. Carruthers, who had advanced pancreatic cancer, was a graduate of Bothell High School. In 1987, he found Pro-Tech, which became one of the best-known makers of sensors and other medical devices used in sleep laboratories. Last year, he sold Pro-Tech to Philips Respironics, which continues to operate in Mukilteo.
Stock tumbles for mortgage giants
Shares of mortgage finance companies Fannie Mae and Freddie Mac tumbled in after-hours trading Friday following a report by The Wall Street Journal that the government may soon step in to provide a financial boost to the two companies. Details of the plan, which could be announced this weekend, were still being hammered out but are expected to include executive changes at both companies, the Journal said on its Web site. It also said Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron were expected to leave, and that executives from both companies met with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson.
Continental Airlines adds $15 bag fee
Continental Airlines Inc. said Friday it is charging some coach customers $15 for a first checked bag, matching a similar fee imposed by most other major U.S. carriers. A company spokeswoman said the fee would help offset high fuel costs, which have caused Continental and other carriers to lose money this year. The fee took effect immediately on tickets for travel in the United States and Puerto Rico, the U.S. Virgin Islands and Canada for travel starting on Oct. 7 or later.
Crude oil prices continue to drop
Oil prices sank to a five-month low Friday as a jump in the U.S. unemployment rate signaled to traders that Americans might keep paring back their energy use to save money. Light, sweet crude for October delivery fell $1.66 to settle at $106.23 a barrel on the New York Mercantile Exchange — its lowest settlement since early April. During the session, it fell as low as $105.13.
Bank of America to settle SEC probe
Bank of America Corp. said Friday it is ready to settle federal and state investigations into sales of risky auction-rate securities, joining eight other big investment banks that have agreed to buy back a total of more than $50 billion of the securities. Charlotte, N.C.-based Bank of America, the second-largest U.S. bank by assets, said it has been in negotiations for nearly a month with the Securities and Exchange Commission and authorities in New York and Massachusetts on a possible settlement to buy back the bondlike securities from investors.
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