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Dems near required votes to pass financial overhaul
Republican Sen. Scott Brown of Massachusetts helped move sweeping financial legislation closer to passage Monday, announcing that after some misgivings he will support the regulatory overhaul after all.
Brown joins Sen. Susan Collins of Maine as two crucial Republican votes for the legislation.
Democratic leaders were still looking to secure the 60 votes needed to overcome procedural hurdles. They were awaiting word from Sens. Olympia Snowe, R-Maine, and Charles Grassley, R-Iowa, who supported an earlier Senate version of the bill.
Grassley has said he has concerns about the way the bill covers about $19 billion in implementation costs.
Women’s grants available
The Greater Hazleton Chamber of Commerce Women’s Networking committee is seeking applications for the third annual Women’s Empowerment Grant. One $1,000 grant and one $500 grant are intended for women beginning their higher education, returning to college for an advanced degree or taking additional courses to improve their workplace skills.
Applications and cover letters are due no later than July 30. Applications are available at the chamber office, 20 W. Broad St. or from www.hazletonchamber.org. For more information, call 570-455-1509 or e-mail [email protected].
Bidding war for Playboy
Playboy Enterprises Inc. said Monday that 84-year-old founder Hugh Hefner has lined up backing from a little-known private equity firm to buy the shares of the media empire that he doesn’t already own and take the company private in a deal that values the organization at $185 million.
A few hours later, Marc Bell, the CEO of Penthouse owner FriendFinder, said his company will make a formal bid soon. Bell had acquired Penthouse as part of a 2003 bankruptcy reorganization that also saw the resignation of founder Robert Guccione as the company’s CEO.
Playboy, which Hefner launched in 1953, has been struggling recently against dwindling ad revenue and competition from free alternatives online.
Aon in $4.9 billion deal
Insurance conglomerate Aon Corp. said Monday it has agreed to buy human resources specialist Hewitt Associates for $4.9 billion in a cash-and-stock deal that would nearly triple the size of its consulting business.
Aon is the world’s largest insurance broker but trails rival Marsh & McLennan Co. in the size of its consulting business.
FDIC gets more powers
Federal bank regulators have agreed to give the Federal Deposit Insurance Corp. unlimited authority to investigate banks, clarifying the agency’s power that was in question during the financial crisis.
The FDIC’s board on Monday approved the agreement between the insurance agency and regulators at the Federal Reserve and the Treasury Department. It clearly spells out the FDIC’s authority to make special examinations of banks. It was approved 5-0.