REGION

REGION

DeBartolo donates $50,000 to Project 360

YOUNGSTOWN — The DeBartolo Corp. has donated $50,000 to the Regional Chamber’s Project 360 economic development initiative. The donation brings the total invested so far to more than $500,000.

The chamber said in October that it planned to raise $1 million for the project, which will be used to attract and retain jobs in the Mahoning Valley.

“We believe in the mission of Project 360 and are dedicated to attracting new companies and also keeping and expanding the organizations we have,” said Denise DeBartolo York, chairwoman of the Boardman-based DeBartolo Corp. “Great strides have been made in improving our image, but much work is yet to be done, and this project encompasses that undertaking.”

NATION

GM settles 2002 error in accounting with SEC

WASHINGTON — General Motors Corp. on Thursday settled federal regulators’ charges related to accounting errors in financial statements the automaker filed in 2002.

The Securities and Exchange Commission announced the settlement with GM, which did not admit or deny wrongdoing but did agree to refrain from violations of securities laws. The Detroit company, which received a $13.4 billion lifeline from the federal government last month, was not fined by the SEC.

The deal resolves an SEC investigation that began in 2004, as part of a wide-ranging examination of pension accounting practices at a number of big companies.

Thain resigns after report about year-end bonuses

NEW YORK — Wall Street bonuses, a sore point as the government gives billions of dollars in bailout money to the financial industry, have apparently cost former Merrill Lynch & Co. CEO John Thain his new job at Bank of America Corp.

Thain resigned from Bank of America Thursday after news that Merrill Lynch had rushed out its year-end bonuses, paying them just before Bank of America completed its acquisition of Merrill Lynch and sought $20 billion in additional government bailout money.

Associated Press