The Supreme Court on Tuesday cleared the way for Chrysler’s sale to Fiat, turning down a last-ditch bid by opponents of the deal. The court rejected a plea to block the sale of most of Chrysler’s assets to the Italian automaker. Chrysler, Fiat and the Obama administration had warned that the high court’s intervention could have scuttled the sale. A federal appeals court in New York had earlier approved the sale, but gave opponents until Monday afternoon to try to get the Supreme Court to intervene. Justice Ruth Bader Ginsburg ordered a temporary delay just before a 4 p.m. deadline on Monday. Now the court has freed the automakers to complete their deal. The opponents include a trio of Indiana pension plans, consumer groups and individuals who have filed product-related lawsuits.
Government to limit some executive pay
Nearly three months after American International Group bonuses provoked an angry reaction in Congress, the Obama administration is ready to issue new regulations limiting the compensation of top executives at financial institutions that have received government rescue funds. The regulations, expected as early as Wednesday, would apply to the 20 most highly compensated employees at financial firms that obtained infusions of $500 million or more in assistance from the $700 billion Troubled Asset Relief Program.
Bothell’s SonoSite buys heart firm
Bothell’s SonoSite Inc., which makes portable ultrasound equipment, has purchased a California company that helps doctors assess and treat heart disease. SonoSite offered $12.3 million in cash and debt for CardioDynamics International Corp., which trades on the Nasdaq exchange under the symbol CDIC. The company reported revenues of $24.5 million in 2008, a year when it lost $3.32 million. The company is developing a technology called impedance cardiography with a product line used in doctor’s offices, outpatient clinics and hospitals. Kevin Goodwin, SonoSite’s president and chief executive, said the acquisition meets a long-time strategic goal of the company to reduce the cost of treating heart disease. “CardioDynamics is the platform we will build upon to achieve this goal,” he said. The deal still must be approved by Cardio-Dynamics shareholders.
Ten big banks can repay bailout
The Treasury Department has approved 10 of the nation’s largest banks to repay $68 billion in government bailout money. The department on Tuesday said the banks, which were not named, will be allowed to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis. The banks have been eager to get out of the program to escape government restrictions.
From Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
