IRS warns taxpayers of ID scams
Published 10:36 pm Thursday, July 10, 2008
The Internal Revenue Service warned taxpayers Thursday of a rash of identity theft scams where thieves try to steal personal information by promising tax benefits or threatening penalties. The tax agency said taxpayers reported almost 700 attempted incidents of identity theft, or phishing, in May and June alone. The most common scams involve e-mails concerning tax refunds or this year’s economic stimulus payments, where the sender misinforms the recipients that they must supply personal information to receive payments. The IRS does not normally send e-mails and does not request security- related personal information, such as PIN numbers, from taxpayers.
Jobless rate drops nationwide
Fewer people signed up for unemployment benefits last week, but the dip was not enough to overcome continuing weakness in the country’s labor market. The Labor Department reported Thursday that new applications filed for unemployment insurance fell by a seasonally adjusted 58,000 to 346,000 for the week ending July 5. A year ago, the figure was lower, at 304,000, showing a deterioration in employment conditions.
Dow Chemical deal ‘game-changing’
Dow Chemical Co. has agreed to buy rival Rohm and Haas Co. for more than $15 billion in cash in a deal that Dow hopes will fuel its growth in a more lucrative wing of the chemical- making business. “The addition of Rohm and Haas’ portfolio is game-changing for Dow,” Chairman and Chief Executive Andrew Liveris said Thursday in a statement announcing the deal. The $78-per-share deal includes money from a Kuwaiti sovereign wealth fund and Warren Buffett’s Berkshire Hathaway. The offer was at a 74 percent premium over the $45 share price Thursday of Rohm and Haas.
Fed, Treasury call for regulatory tools
The nation’s top economic officials urged Congress on Thursday to give them new regulatory tools to better protect the country from economic and financial havoc if a major Wall Street firm were to fail. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson made the recommendations in a joint appearance before the House Financial Services Committee. Both endorsed creating new procedures by which the government can guide liquidation of a failing investment bank to ensure stability of the economy.
Mortgage giants may need rescue
Fears that the government will be forced to rescue Fannie Mae and Freddie Mac could well become a self-fulfilling prophecy. Shares of the government-chartered mortgage finance giants plummeted Thursday and are trading at levels last seen in the early 1990s. If the prices don’t recover, it will be harder for the two companies to raise more money through stock sales to compensate for losses from the housing bust. Investors are afraid their stakes will vanish if the government is forced to rescue the companies. Freddie Mac shares fell $2.26 or 22 percent, to $8, after sinking as low as $6.75 earlier in the day.
From Herald news services
