Frederic Bourke, co-founder of the luxury-handbag maker Dooney & Bourke, is set to enter prison this week for conspiring 15 years ago in what prosecutors called “one of the most audacious” bribery schemes ever attempted in the former Soviet Union.
Chicago, the third-most populous U.S. city, had its credit ranking cut for the second time in as many days as Moody’s Investors Service lowered its general-obligation bond ranking because of depleted reserves.
Montgomery County, Maryland ’s most- populous and one of about 60 top-rated counties in the U.S., will borrow $325 million after being removed from a watchlist for potential credit downgrade by Moody’s Investors Service.
Miami-Dade County, Florida’s largest public borrower, may find its credit standing “at stake” because of a federal probe of accounting practices that froze $180 million of transit funds, a local official said.
Pennsylvania ’s capital city of Harrisburg, faced with $43 million in bond payments due before year-end, rejected a state-funded financial adviser and plans to seek advice on entering bankruptcy court protection.
Michigan State University, the 11th- largest college in the U.S. with more than 46,000 students, plans to place new bets in the derivatives market even as it seeks to unwind existing interest-rate swaps linked to its debt.