Newspaper article St Louis Post-Dispatch (MO)

Nation Digest

Newspaper article St Louis Post-Dispatch (MO)

Nation Digest

Article excerpt

Big banks scheme hurt Fannie Mae, Freddie Mac

A federal watchdog has found that government-controlled Fannie Mae and Freddie Mac may have lost more than $3 billion from big banks alleged rigging of a key interest rate.

The staff of the inspector general for the Federal Housing Finance Agency, which oversees the two mortgage giants, gave the estimate in an internal memo obtained by The Associated Press. It recommended that the FHFA consider suing banks over the LIBOR rate.

Switzerlands largest bank, UBS, agreed Wednesday to pay $1.5 billion in fines, becoming the second bank fined for trying to manipulate LIBOR. The rate is used to price trillions of dollars in contracts including mortgages and credit cards.

Airline official gets 30 years in child porn case The founder of a south Texas cargo airline was given 30 years in prison Wednesday for federal child pornography charges, after undercover officers posing as young teenage girls said they caught him engaging them in explicit online chats.

Robert L. Hedrick was sentenced in federal court in Brownsville, Texas. The 61-year-old Hedrick who at trial blamed former business associates for conspiring to frame him said Wednesday that he couldnt apologize for crimes he didnt commit.

I cant ask the court for anything, Hedrick said Wednesday, according to the Brownsville Herald. I was framed. I didnt do what I was charged and convicted of.

Endangered whale dies in northeast Florida One of the most endangered whales in the world has washed up dead on a beach in northeast Florida.

Marine officials said Wednesday that the 26-foot-long North Atlantic right whale washed up overnight on a beach near Palm Coast, about 65 miles south of Jacksonville.

Federal marine official Barb Zoodsma says biologists arent sure what caused the death.

FedEx buying 4 new Boeing freighters FedEx Corp. has ordered four new Boeing 767 freighters in an ongoing effort to replace its old workhorses with more fuel-efficient planes.

Financial terms werent disclosed. …

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