President Barack Obama said he is nominating Penny Pritzker, the Chicago businesswoman, philanthropist and Hyatt Hotels Corp. heiress who led record fundraising for his 2008 campaign, as secretary of commerce.
A cap that President Barack Obama has proposed on the size of tax-advantaged retirement accounts is seen as potentially pushing savers to another product that limits payments to the government: life insurance.
Russian First Deputy Prime Minister Igor Shuvalov and his wife, the second-biggest earners among families of Cabinet members, plan to move their assets under Russian jurisdiction to comply with new restrictions.
The U.S. Supreme Court will use a case involving billionaire Billy Joe “Red” McCombs to decide whether the federal government can impose hundreds of millions of dollars in penalties for the use of abusive tax shelters.
Regulators cleared Nasdaq OMX Group Inc.’s plan to pay $62 million to compensate brokers for its mishandling of Facebook Inc.’s public debut, dealing a defeat to Wall Street firms that say they lost many times that amount.
Ernst & Young LLP received the usual kid-glove treatment given to too-big-to-fail enterprises when it reached a settlement with the U.S. Justice Department over illegal tax shelters it sold more than a decade ago. The government chose not to prosecute the Big Four accounting firm, and Ernst is getting off by writing a relatively small check.