When protesters settled in New York's Zuccotti Park in September, few anticipated how big a phenomenon the Occupy Wall Street movement would become. Soon, dozens of encampments were established around the world.
During the fireworks and record heat of Independence Week, Duke Energy closed its $26 billion merger with rival Progress Energy, creating the nation’s largest electric utility. Progress CEO William D. Johnson was to lead the expanded company—but just hours after the deal closed, the Board hastily installed Duke chairman and CEO James E. Rogers as chief executive of the merged company.
In 1983, the Ronald Reagan administration enacted one of the most significant cost reforms in Medicare’s history. The prospective payment system switched inpatient hospital reimbursement from open-ended fee-for-service to fixed fees paid per diagnosis.
David Stockman, the former Reagan administration budget director, was sued by the forensic accounting firm Navigant Consulting Inc. over claims he failed to pay $297,000 for work done for his defense in a fraud case.
David Stockman first came to prominence as Ronald Reagan’s publicity-prone director of the Office of Management and Budget in the early 1980s. In the decades since he was fired from that job, his career in the leveraged-buyout business has been of no great distinction except that it included an indictment for fraud. (The charges were dropped and he paid $7.2 million to settle a civil case brought by the Securities and Exchange Commission.) Now here we are discussing his new book on the corruption of American capitalism, “The Great Deformation.”
Sheila Cockrel remembers one early sign of Detroit’s decline: The retailer J.L. Hudson’s turned off the lights on floor after empty floor as shoppers abandoned the world’s tallest department store for new suburban malls.