BRIEFCASE.Byline: -- Staff and Wire Services Bond is revoked for fund manager A Valencia hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" manager who admitted conspiring to defraud To make a Misrepresentation of an existing material fact, knowing it to be false or making it recklessly without regard to whether it is true or false, intending for someone to rely on the misrepresentation and under circumstances in which such person does rely on it to his or investors, then was rearrested for allegedly obstructing a probe into whether he laundered money, won't be let back out on bond. Keith Gilabert, 35, is accused of causing investors to lose more than $6 million of the $14 million invested in a fund run through his company, Capital Management Group. Gilabert pleaded guilty June 26 to one count of conspiracy. Initially, he had entered into a plea agreement that would have required him to cooperate in the ongoing criminal probe. Prosecutors voided void·ed adj. Heraldry Having the central area cut out or left vacant, leaving an outline or narrow border: a voided lozenge. the deal, however, and Gilabert entered his guilty plea without a plea bargain plea bargain n. in criminal procedure, a negotiation between the defendant and his attorney on one side and the prosecutor on the other, in which the defendant agrees to plead "guilty" or "no contest" to some crimes, in return for reduction of the severity of the , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Assistant U.S. Attorney David Willingham. He has been jailed since his arrest last month, following the filing of a charge of obstructing the government investigation, Willingham has said. U.S. District Judge Stephen Wilson officially revoked Gilabert's bond on Monday. Short-term T-bill rates are down WASHINGTON -- Interest rates on short-term Treasury bills declined in Monday's auction. The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.975 percent, down from 4.980 percent last week. An additional $16 billion in six-month bills was auctioned at a discount rate of 4.975 percent, down from 5.030 percent last week. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 5.10 percent last week from 5.09 percent. Average U.S. gas price off 7 cents The average U.S. retail price of gasoline fell by more than 7 cents last week to $2.92 a gallon. The federal Energy Information Administration said Monday that U.S. motorists paid $2.924 a gallon on average for regular grade last week, a decrease of 7.6 cents from the previous week. Pump prices are 31.2 cents higher than a year ago. Average retail gasoline prices peaked at $3.07 a gallon last September, reflecting the extreme tightness in the market after Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. , which knocked out refineries in the Gulf region as well as pipelines that deliver fuel to the East Coast and Midwest. Gasoline prices were most expensive last week on the West Coast, averaging $3.098 per gallon, and cheapest in the Gulf Coast region, averaging $2.819 per gallon. Cleaner-burning Ford engine set DETROIT -- Ford Motor Co. will soon unveil a new series of large F-Series pickup trucks powered by an optional new clean-burning diesel engine, company officials said Monday. The new 6.4-liter diesel engine will be larger than the current 6-liter engine and will produce more horsepower, but it will have better fuel economy and be quieter than its predecessor, the company said. It also will comply with new federal regulations for diesel engines that call for a 90 percent reduction in particulate pollution for vehicles produced after Jan. 1. The company will achieve the reduction by using high-precision fuel injectors and a particulate filter similar to a small incinerator that further burns the particles to scrub the black smoke from exhaust fumes exhaust fumes fumes given off by vehicles; contain some carbon monoxide, the amount varying with the efficiency of combustion in the particular engine. In most engines the use of exhaust fumes for euthanasia is not recommended because it operates partly on the carbon dioxide , said Barb Samardzich, Ford's vice president for powertrain operations. Sprint Nextel Sprint Nextel Corporation (NYSE: S) is one of the largest telecommunications companies in the world. With 55 million subscribers, Sprint Nextel operates the third largest wireless telecommunications network in the United States (based on total wireless customers), behind COO leaves firm OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan. -- The chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Sprint Nextel Corp. left the company Monday and will not be replaced. Len Lauer had been with the nation's third-largest wireless carrier since 1998. He became president and chief operating officer of Sprint Corp. in September 2003 and became COO of Sprint Nextel after the August 2005 merger created the Reston, Va.-based company. Lauer had been running Sprint Nextel operations in Overland Park, where Sprint was headquartered before the merger. He did not immediately return an answering machine message left at his home in the Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). suburb of Mission Hills. The company said Monday that Gary Forsee, Sprint Nextel's president and chief executive officer, will take over Lauer's operating responsibilities. |
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