| China's coming collapse; corrupt government vs borderless finance, trade, outsourcing jobs
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H&R Block Boss Resigns As Chairman, CEO
H&R Block Inc., the tax preparation and accounting services company that is reeling from its foray into the collapsing subprime mortgage business. The company said Tuesday that Ernst's replacement as chairman is Richard Breeden, the former head of the Securities and Exchange Commission, who led a dissident shareholder group that won three seats on the H&R Block board. A retired Aetna Inc. chief financial officer, Alan Bennett, was named interim CEO while H&R Block looks for a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from its core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
Levitt and Sons Files for Chapter 11 Bankruptcy Protection in Florida
FORT LAUDERDALE, FL -- Levitt and Sons, LLC last week announced that the company and 37 of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filings were made in the U.S. Bankruptcy Court for the Southern District of Florida in Fort Lauderdale. Levitt and Sons is the homebuilding subsidiary of Levitt Corporation. Levitt Corporation and its other principal subsidiary, Core Communities, are financially strong and conducting normal business operations. Levitt and Sons also announced today that Lawrence E. Young of AP Services, LLC and a Managing Director at AlixPartners LLP, was named Chief Restructuring Officer, a new position, effective October 22. In this capacity he will oversee Levitt and Sons' Chapter 11 cases and related matters.
Breeden to replace Ernst as chairman
H&R Block Inc. said Tuesday that Mark Ernst had resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the company's board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement to take the CEO role. H&R Block shares closed Tuesday at $19.32, up 25 cents, on the New York Stock Exchange. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business.
H.B. Fuller Closes on Sale of Automotive Joint Venture
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE:FUL - News) announced today that it has completed the sale of its entire stake in its automotive joint venture to the principal joint venture partner, EMS CHEMIE Holding AG of Switzerland. .
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