September 2008 - Rochester Business News & Events

1 man charged with fraud in Petters scheme

MINNEAPOLIS -- A man described as a former officer of Petters Co. Inc. and current consultant to the company has been charged with mail fraud and money laundering for his role in a scheme that allegedly defrauded investors of over $100 million.

Published Tue, Sep 30 2008 11:30 PM by Postbulletin.com Local Business

Nobel economist optimistic about economy

Just hours after the closing bell on what the New York Times called "Wall Street's blackest day since the 1987 crash," Nobel Prize-winning economist Edward C. Prescott offered a glimmer of optimism Monday night.

Published Tue, Sep 30 2008 6:30 PM by Postbulletin.com Local Business

Minnesota sweet corn harvest nearly complete

ST. PAUL, Minn. -- The corn and soybean crops continue to lag historical averages, but the Minnesota sweet corn harvest is nearly complete. That's from the weekly crop progress report from the Minnesota field office of the US Depart

Published Tue, Sep 30 2008 11:15 AM by Postbulletin.com Local Business

Bush implores Congress to act to rescue markets

WASHINGTON -- President Bush said Tuesday the economic damage to the nation will be "painful and lasting" if Congress fails to pass a $700 billion bailout bill. The president's latest statement on the financial crisis

Published Tue, Sep 30 2008 10:40 AM by Postbulletin.com Local Business

Toyota has rear window air bag

TOKYO -- Toyota has developed a rear window air bag to upgrade protection for back-seat passengers, the company said Tuesday. In the event of a rear-end collision, the air bag is ejected from the roof lining above the rear window a

Published Tue, Sep 30 2008 9:50 AM by Postbulletin.com Local Business

Stocks stay higher on consumer confidence reading

NEW YORK -- Stocks continued a rebound following a private research group report that Americans' confidence in the economy has improved in September. The reading, which doesn't reflect attitudes following Monday's steep stock marke

Published Tue, Sep 30 2008 9:50 AM by Postbulletin.com Local Business

Camille's plans to close on Friday after 1 1/2-year run

Friday is the finale for Camille's Sidewalk Cafe in the Bridgestreet Plaza in downtown Rochester

Published Tue, Sep 30 2008 9:45 AM by Postbulletin.com Local Business

Sun Country's Petters resigns

MINNEAPOLIS -- Tom Petters resigned as chairman and CEO of Petters Group Worldwide Monday amid a federal investigation that alleges he and others defrauded investors of $100 million or more since the mid-1990s

Published Tue, Sep 30 2008 9:00 AM by Postbulletin.com Local Business

Malcolm Berko: Tell me this is a bad lawyer joke

In June I bought the preferred stocks Lehman Brothers and Fannie Mae because they were AA rated by Moody's and Standard & Poor's and because my broker at Dean Witter told me they were solvent and "undervalued." I bought 300 shares...

Published Tue, Sep 30 2008 8:55 AM by Postbulletin.com Local Business

Some sweating, but local investors not panic-stricken

Local investors might be sweating a bit, but they apparently are not selling much in the face of Monday's drop in the national stock markets

Published Mon, Sep 29 2008 8:20 PM by Postbulletin.com Local Business

Expert: Economic downturn "as serious as things have gotten"

CHICAGO -- Brace yourself for a wild time on Wall Street in the days ahead, after Monday's smack-down of a $700 billion bank bailout plan sent fearful investors racing for the exits

Published Mon, Sep 29 2008 8:20 PM by Postbulletin.com Local Business

Petters resigns amid fraud investigation

MINNEAPOLIS -- Tom Petters, the chairman and CEO of Petters Group Worldwide, resigned his post Monday amid a federal investigation that alleges he and others defrauded investors of $100 million or more since the mid-1990s

Published Mon, Sep 29 2008 7:40 PM by Postbulletin.com Local Business

Sun Country defers half of paychecks

MINNEAPOLIS -- As its parent company faces legal troubles, Sun Country Airlines announced it is deferring 50 percent of its employees' wages through the end of the year

Published Mon, Sep 29 2008 6:20 PM by Postbulletin.com Local Business

Somali workers resolve language issue with Edina Macy's

MINNEAPOLIS -- The Minnesota chapter of the Council on American-Islamic Relations says complaints by Somali employees at an Edina Macy's have been resolved

Published Mon, Sep 29 2008 6:15 PM by Postbulletin.com Local Business

Heard on the Street: Appliance store to plug into ex-Fleet Farm site

Work is humming along in the former home of Mills Fleet Farm on U.S. 63 South. The building, which has been empty since Fleet Farm moved to new and larger store by the Shoppes on Maine development, is being readied for the first of what might be several...

Published Mon, Sep 29 2008 4:10 PM by Postbulletin.com Local Business