Stocks rally…Norfolk Southern moving HQ to Atlanta…Prison time for former Wilmington Trust execs
NEW YORK (AP) – Stock indexes are climbing in afternoon trading on Wall Street. Technology companies are rallying, and energy companies are rising along with crude oil prices. Health care and industrial companies have also jumped, while safer, high-dividend stocks like utilities and household goods makers are about flat.
ATLANTA (AP) – Georgia Gov. Nathan Deal says railroad company Norfolk Southern is moving its headquarters from Norfolk, Virginia, to Atlanta. Records from Atlanta’s economic development authority indicate the company proposes construction of a new headquarters campus with 750,000 square feet of office space in the city’s Midtown area. The project would involve about 850 full-time workers relocating to Atlanta.
DOVER, Del. (AP) – Prosecutors are seeking prison time for four former executives of the only financial institution criminally charged in connection with the federal bank bailout program. The four former of Wilmington Trust in Delaware face sentencing next week for fraud and conspiracy. They are requesting probation. Prosecutors say the defendants lied about Wilmington Trust’s massive amount of past-due commercial real estate loans before the bank was hastily sold in 2011.
SAN FRANCISCO (AP) – Insurance claims from last month’s California wildfires are already at $9 billion, and expected to rise. State insurance commissioner Dave Jones announced the figure today. About $7 billion in claims are from the Camp Fire that destroyed the Northern California city of Paradise. The rest is for the Woolsey and Hill fires in Southern California. Losses from fires that tore through Northern California’s wine country last year were initially pegged at $3.3 billion but eventually grew to $9 billion.
CHICAGO (AP) – Chicago Mayor Rahm Emanuel wants to legalize marijuana and open a city-owned casino to help pay down the city’s $28 billion public-pension debt. Emanuel’s proposal also calls for issuing up to $10 billion in pension obligation bonds and changing the state constitution to allow cuts to retirees’ cost-of-living increases. The fix proposed Wednesday comes as Emanuel prepares to leave office in May, and with the city’s required annual pension payments set to balloon over the next few years.