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BUSINESS
June 26, 2012 | Inquirer Staff Report
The Pennsylvania Department of Public Welfare should refund $7.95 million in excess payments for the Medicaid Behavioral HealthChoices program to the federal government, the Office of Inspector General for the U.S. Department of Health and Human Services said. Federal officials said the money was the federal share of $15 million that Philadelphia returned to the state in 2009. The inspector general's report also said that Pennsylvania should develop better internal controls to ensure that the state properly refunds money due to the federal government.
BUSINESS
December 12, 2012 | Associated Press
HONG KONG - HSBC says it's paying $1.9 billion in penalties to settle a U.S. money laundering probe. The investigation into HSBC has focused on the transfer of billions of dollars on behalf of nations such as Iran and the transfer of money from Mexican drug cartels. The British bank said in statement Tuesday that the settlement involves a deferred prosecution agreement with the U.S. Department of Justice. The bank won't be prosecuted if it meets certain conditions, such as strengthening internal controls to prevent money laundering.
NEWS
March 3, 2013
Zoo welcomes polar bear cub BUFFALO, N.Y. - A smiling, playful 3-month-old polar bear cub has made its public debut at the Buffalo Zoo in New York. The fluffy white cub was introduced Friday as the zoo announced the next phase of fund-raising for a new $18 million polar bear exhibit. About $4 million is still needed. The zoo says it's one of only two in North America to have polar bear births in 2012. The cub is still too small to exhibit, but she's visible via closed-circuit television at the zoo on weekday afternoons.
NEWS
February 24, 2012 | By David O'Reilly, Inquirer Staff Writer
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
July 22, 2008 | By Jonathan Tamari INQUIRER TRENTON BUREAU
The state investigator charged with seeking out waste, mismanagement and fraud is reviewing the operation of the Cherry Hill schools, according to the district. The review by the Office of the Inspector General follows an external audit, released in April, that found "significant internal control weaknesses. " The audit found, among other concerns, possibly questionable payments to school employees, instances of large raises and overtime costs, and a lack of standard operating procedures in payroll and human resources.
NEWS
November 6, 1987 | By Russell Cooke, Inquirer Staff Writer
The Philadelphia Anti-Graffiti Network, plagued by fiscal and management problems in 1986, has implemented "across-the-board improvements," according to an audit released yesterday by City Controller Joseph C. Vignola. Under the $2.2 million city program, about 700 inner-city youths are hired each summer to paint murals, remove graffiti from buildings and clean vacant lots. The anti-graffiti effort came under intense scrutiny last year when two former employees were arrested on theft charges, and the controller's office held up hundreds of youths' paychecks after an investigation into whether some had performed any work.
NEWS
February 23, 2012 | By David O’Reilly, INQUIRER STAFF WRITER
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
June 22, 2013 | By Carolyn Davis, Inquirer Staff Writer
A former bookkeeper at Montgomery County's Law Library who allegedly used public money for personal expenses waived her preliminary hearing Friday. Judge Margaret Hunsicker transferred the case of Barbara Melnyk, 55, to Common Pleas Court, where the Norristown resident will be formally arraigned July 31. Melnyk was arrested at the courthouse June 14. Charges include theft, receiving stolen property, and conspiracy. She is free on $10,000 bail. The charges came after an audit from County Controller Stewart J. Greenleaf Jr. uncovered problems in Law Library accounts.
NEWS
September 7, 2012 | By Martha Woodall, Inquirer Staff Writer
City Controller Alan Butkovitz said a review of Philadelphia School District operations found city schools could be losing millions on the SEPTA TransPasses that students use. In a report released Thursday, the controller's office said that because of lapses in oversight, the district was at risk for theft and abuse that could total millions. District spokesman Fernando Gallard said the district challenged the potential financial impact cited in Butkovitz's report. He said that SEPTA billed the district only for rides taken and that only students could use the TransPasses.
BUSINESS
August 11, 2012 | By Eileen AJ Connelly, Associated Press
NEW YORK - JPMorgan Chase & Co. on Thursday formally revised its first-quarter financial results to show a lower profit after deciding that traders at its main investment arm had overstated the value of certain derivatives. The reduction followed the bank's internal investigation into the nearly $6 billion in trading losses revealed in recent months. The bank has credit-card operations in Wilmington. JPMorgan reiterated that it had discovered that some traders may have tried to conceal the size of losses from a soured bet. The "London Whale" trades involved complicated hedging strategies intended to reduce the bank's risk, but actually increased it when they backfired.
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NEWS
June 22, 2013 | By Carolyn Davis, Inquirer Staff Writer
A former bookkeeper at Montgomery County's Law Library who allegedly used public money for personal expenses waived her preliminary hearing Friday. Judge Margaret Hunsicker transferred the case of Barbara Melnyk, 55, to Common Pleas Court, where the Norristown resident will be formally arraigned July 31. Melnyk was arrested at the courthouse June 14. Charges include theft, receiving stolen property, and conspiracy. She is free on $10,000 bail. The charges came after an audit from County Controller Stewart J. Greenleaf Jr. uncovered problems in Law Library accounts.
NEWS
March 3, 2013
Zoo welcomes polar bear cub BUFFALO, N.Y. - A smiling, playful 3-month-old polar bear cub has made its public debut at the Buffalo Zoo in New York. The fluffy white cub was introduced Friday as the zoo announced the next phase of fund-raising for a new $18 million polar bear exhibit. About $4 million is still needed. The zoo says it's one of only two in North America to have polar bear births in 2012. The cub is still too small to exhibit, but she's visible via closed-circuit television at the zoo on weekday afternoons.
BUSINESS
December 12, 2012 | Associated Press
HONG KONG - HSBC says it's paying $1.9 billion in penalties to settle a U.S. money laundering probe. The investigation into HSBC has focused on the transfer of billions of dollars on behalf of nations such as Iran and the transfer of money from Mexican drug cartels. The British bank said in statement Tuesday that the settlement involves a deferred prosecution agreement with the U.S. Department of Justice. The bank won't be prosecuted if it meets certain conditions, such as strengthening internal controls to prevent money laundering.
NEWS
November 30, 2012 | By Jennifer Lin, INQUIRER STAFF WRITER
In a major step towards restoring local control of the Philadelphia Housing Authority, Mayor Nutter has submitted to City Council the names of nine candidates for the agency's board of commissioners. Resolutions for each nominee, introduced today by Council President Darrell Clarke, are likely to be voted before council's last session on Dec. 13. Since March 2011, PHA has been under the control of the U.S. Department of Housing and Urban Development with only one commissioner, Estelle B. Richman.
BUSINESS
October 5, 2012 | By Michael Liedtke, Associated Press
SAN FRANCISCO - Coming off the biggest quarterly loss in Hewlett-Packard's history, CEO Meg Whitman braced investors for even more trouble ahead as she methodically tries to fix a wide range of long-standing problems. Those challenges will be compounded by a feeble economy that Whitman expects to weaken even more during the next year. HP said the internal and economic turmoil would cause its earnings to fall more than 10 percent next year, a decline that hadn't been anticipated by analysts who have followed one of the world's largest, and most dysfunctional, technology companies.
NEWS
September 7, 2012 | By Martha Woodall, Inquirer Staff Writer
City Controller Alan Butkovitz said a review of Philadelphia School District operations found city schools could be losing millions on the SEPTA TransPasses that students use. In a report released Thursday, the controller's office said that because of lapses in oversight, the district was at risk for theft and abuse that could total millions. District spokesman Fernando Gallard said the district challenged the potential financial impact cited in Butkovitz's report. He said that SEPTA billed the district only for rides taken and that only students could use the TransPasses.
BUSINESS
August 11, 2012 | By Eileen AJ Connelly, Associated Press
NEW YORK - JPMorgan Chase & Co. on Thursday formally revised its first-quarter financial results to show a lower profit after deciding that traders at its main investment arm had overstated the value of certain derivatives. The reduction followed the bank's internal investigation into the nearly $6 billion in trading losses revealed in recent months. The bank has credit-card operations in Wilmington. JPMorgan reiterated that it had discovered that some traders may have tried to conceal the size of losses from a soured bet. The "London Whale" trades involved complicated hedging strategies intended to reduce the bank's risk, but actually increased it when they backfired.
BUSINESS
June 26, 2012 | Inquirer Staff Report
The Pennsylvania Department of Public Welfare should refund $7.95 million in excess payments for the Medicaid Behavioral HealthChoices program to the federal government, the Office of Inspector General for the U.S. Department of Health and Human Services said. Federal officials said the money was the federal share of $15 million that Philadelphia returned to the state in 2009. The inspector general's report also said that Pennsylvania should develop better internal controls to ensure that the state properly refunds money due to the federal government.
NEWS
February 24, 2012 | By David O'Reilly, Inquirer Staff Writer
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
NEWS
February 23, 2012 | By David O’Reilly, INQUIRER STAFF WRITER
The Roman Catholic Archdiocese of Philadelphia has named Timothy O'Shaughnessy as its chief financial officer to succeed Anita Guzzardi, who resigned last year amid allegations she had embezzled more than $900,000. O'Shaughnessy, 48, has been chief financial officer of St. Joseph's Preparatory School since 2008, and previously was a senior vice president at Aramark Corp., where he was controller for its business, sports, and entertainment group. Archbishop Charles J. Chaput said that O'Shaughnessy, a certified public accountant, had the skills "to create the controls and procedures to protect against loss" and to work in a "mission-driven organization" such as the archdiocese.
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