Lay trial will go on as lawyer has surgery
Michael Ramsey, the lead lawyer for Enron Corp. founder Kenneth Lay, is facing surgery to clean out a clogged artery – but his client’s fraud and conspiracy trial will forge ahead without him. Lay is on trial alongside former Enron chief executive Jeffrey Skilling.
In court Tuesday, defense witnesses picked away at parts of the government’s allegations, disputing earlier testimony that layoffs were disguised as reassigned jobs. While none of the witnesses so far have launched an encompassing attack on the government’s case, they were intended to counter portions of prosecution testimony as a lead-up to the main event – testimony from the defendants.
Skilling’s lead lawyer said his client may begin testifying Thursday.
WASHINGTON
Tighter rules urged for tax preparers
Should tax preparers, even with taxpayers’ permission, be allowed to sell or disclose information that customers put on returns?
New privacy regulations issued by the IRS, explored at an IRS hearing Tuesday, have consumer groups, tax professionals and state governments asking that question and urging tax collectors to tighten the rules.
The proposed changes would adjust regulations that require tax professionals to get permission before using or disclosing information on customers’ tax returns.
Several consumer groups interpret the current rules to restrict outside companies from using taxpayers’ personal data for marketing purposes. But the IRS says the regulation never imposed such a restriction, and that companies have always had the power to disclose information if a taxpayer agrees.
JUNEAU, Alaska
Coeur d’Alene Mines gets permit reinstated
Coeur d’Alene Mines Corp. hopes to begin producing gold next year from the Kensington Mine in Alaska, following the reinstatement of a key federal permit.
The U.S. Army Corps of Engineers has reissued a permit the company needs to build its tailings pond. Corps officials voluntarily withdrew the permit for review last fall, after environmental groups challenged it in court. The Clean Water Act permit allows the company to dump 4.5 million tons of tailings into a natural lake on the Tongass National Forest. When the mine closes, the lake will be restocked with fish.
Environmental groups said they will continue to fight construction of the tailings pond.
EIGHTY FOUR, Pa.
84 Lumber plans reshuffling of outlets
84 Lumber Co., the country’s largest privately owned building materials retailer, announced Tuesday it would close 67 stores in 19 states but plans to open 125 new stores in faster-growing areas in at least 20 states, including in Meridian, Idaho.
Stores in “no-growth” and rural markets will be closed, as the company tries to boost its annual sales to $10 billion by the end of 2009, 84 Lumber said in a statement.
The company had 521 stores and reported sales of nearly $4 billion in 2005. 84 Lumber opened a store in Post Falls last year.
LOS ANGELES
New Billboard chart will track ringtones
Music market tracker Billboard said Tuesday it will start publishing sometime this summer a chart ranking master ringtones, the audio snippets that are used to customize cell phones.
The chart will be based on data compiled by Nielsen Mobile and represent the top 20 best-selling master ringtones for the week.
Compiled from staff
and wire reports