WSJ: Countrywide Financial Faces FBI Probe
March 9, 2008
According to a new report by the Wall Street Journal, Countrywide Financial is currently under investigation in the United States by the Justice Department and the Federal Bureau of Investigation.
The probe is reportedly looking into possible securities fraud by the sub-prime lender.
According to unnamed officials, the feds are currently investigating whether Countrywide misrepresented either its financial condition or the soundness of its loans in various security filings.
“We are not aware of any such investigation,” said Countrywide spokeswoman, Susan Martin.
On Saturday, FBI spokesman Richard Kolko, refused to confirm whether an investigation is indeed in process.
Countrywide is currently the largest mortgage lender in the USA.
Baidu Sued Once Again By Music Industry
March 3, 2008
Baidu, the largest search engine in China, is once again in trouble with the music industry.
The search engine apparently gets substantial traffic because of a service that links to MP3s, with quite a few being of the not kosher variety.
Now the Music Copyright Society of China has sued the search engine, alleging that it provided “music listening, broadcasting and downloading services in various forms on its website without approval, and through unfettered piracy, earning huge advertising revenue on its huge number of hits.”
AP is reporting that the suit was filed in in a Beijing court in January and that the Society is demanding compensation for what it claims is 50 songs used illegally.
Baidu had been sued previously by the The International Federation of Phonographic Industries, which also had problems with the site linking to illegal music.
Baxter Issues Heparin Recall
March 2, 2008
Baxter International Inc. has issued a voluntary recall for all of its heparin sodium injection products, including single-dose, multidose, and and HEP-LOCK heparin flush products.
The drug, currently under investigation by the Unites States Food and Drug Administration, has been linked to at least four deaths and scores of adverse reactions.
At the Chinese factory where an ingredient for the drug is supplied, U.S. regulators reported “objectionable conditions”. But a definitive connection to the Chinese plant and the heparin issues has not been made by the FDA to date.
“It’s like trying to put together pieces of a puzzle,” said Sandra Kweder, deputy director of the agency’s Office of New Drugs. “So far, an underlying cause of the adverse events is not known and it remains under investigation.”
“We have assurance from the U.S. Food and Drug Administration that there is an adequate supply in the market to meet the demand for these critical and lifesaving drugs,” said Peter J. Arduini, president of Baxter’s Medication Delivery business. “The safety and quality of our products is always our highest priority, and we will continue to collaborate with the FDA as we work to determine the cause of the increased rate of adverse reactions and resolve this issue.”
More details about the recall, including what you should do if you already have the recalled product, can be found at the FDA website.