NATION

NATION

Microsoft admits mistake in severance payments

SEATTLE — A few weeks after launching the first wide-scale layoffs in its history, Microsoft Corp. admits it screwed up a key part of the plan.

The company is asking some laid-off employees for a portion of their severance back, saying an administrative glitch caused the software maker to pay them too much. Lou Gellos, a Microsoft spokesman, would not say how many of the 1,400 workers let go in January were overpaid, or by how much.

Wall Street financier will advise auto task force

WASHINGTON — A Wall Street financier will advise the government’s auto industry task force reviewing the restructuring of General Motors Corp. and Chrysler LLC, his private investment firm said Monday.

Steven Rattner, co-founder of Quadrangle Group LLC, will serve as counselor to Treasury Secretary Timothy Geithner. Rattner, who has focused on media and communications private equity, will lead a team advising Geithner and White House economic aide Larry Summers on the future of GM and Chrysler.

Associated Press