Tuesday, May 22, 2012
New president for UAW Local 1112
lordstown
A new leader has taken the reins of United Auto Workers Local 1112.
Glenn Johnson, who previously served as vice president, was sworn in as the president last weekend. He took the office Monday, according to Jim Graham, former UAW president.
The membership elected Johnson a few weeks ago.
JPMorgan probes
WASHINGTON
The head of the Commodity Futures Trading Commission says the agency has begun an investigation into JPMorgan Chase’s ill-timed bet on complex financial instruments that led to more than $2 billion in trading losses.
Chairman Gary Gensler said Monday that the investigation is “related to credit-derivatives products as traded by the chief investment office of JPMorgan Chase.” He declined to give any details.
Ina Drew, who as the bank’s chief investment officer oversaw the trading group responsible for the loss, left JPMorgan last week.
The Securities and Exchange Commission is investigating JPMorgan’s disclosures to shareholders about the trading loss. And the FBI has launched a preliminary criminal investigation into the loss at JPMorgan, the biggest U.S. bank by assets.
Court refuses appeal
BOSTON
A former Boston University student who was ordered to pay $675,000 for illegally downloading and sharing 30 songs on the Internet says he will continue fighting the penalty, despite the Supreme Court’s refusal Monday to hear his appeal.
Joel Tenenbaum, 28, of Providence, R.I., said he’s hoping a federal judge will reduce the amount.
Vindicator staff/wire reports