14 | LMT BUSINESS JOURNAL
MONDAY, MAY 29, 2006
MONDAY, MAY 29, 2006
LMT BUSINESS JOURNAL | 3
MARKET WATCH
Photo by Theresa Scarbrough | Laredo Morning Times
Participating in a Chase Bank donation to the planetarium at Texas A&M International University on Saturday were officials from the institution and the bank. From left, Joe Garcia, Dr. John Winfrey, Eusebio Rivera, Alice Rodriguez, Jeanette Rocha and Roland Gracia.
Chase Bank has grand opening for first Laredo location
TAMIU gets $10,000 check for planetarium
BRIEF CASE
FTC finds some gas price gouging after Katrina
ASSOCIATED PRESS
Editor’s Note: This story previously published in the May 21 edition of the Laredo Morning Times on page 3A.
problems, and “protect human dignity” by not discriminating against employees or asking them to work “off the clock.” Wal-Mart spokesman Bob McAdam said the ad was another union-inspired ploy that ignores the company’s “ethical approach” to dealing with employees, suppliers and customers. The union’s organizing agenda “hasn’t changed, but it hasn’t been successful, so they try to engage us” in a continual public relations battle, he said. what they were saying,” juror Wendy Vaughan said after the guilty verdicts against Lay and Skilling were announced Thursday. “There were places in the testimony I felt their character was questionable.” Lay was on the stand six days, and Skilling for 7½. They argued that others at Enron were responsible for events that led to the energy trading firm’s collapse into bankruptcy in December 2001. “I think both defendants said they had their hands firmly on the wheel, so they didn’t know what was going on?” said Freddy Delgado, an elementary school principal. “Personally, I can’t say ‘I don’t know what my teachers are doing in the classroom.’ I’m still responsible if a child gets lost. “To say you didn’t know what was going on in your own company was not the right thing.” Vaughan, owner of a roofing contracting company and a fitness concern, said, “I felt like in the position they were in, it was their duty to know what was going on and they should have gone farther to know what was going on.”
WASHINGTON — The Federal Trade Commission on Monday said it found 15 examples of gasoline price gouging after Hurricane Katrina, though the agency said it has not identified any widespread effort by the oil industry to illegally manipulate the marketplace. The agency sought to downplay the instances of price gouging by seven refiners, two wholesalers and six retailers, chalking up their soaring prices in September 2005 to “regional or local market trends.” For the purpose of the report, and as mandated by Congress, the FTC defined price gouging as “any finding” that the average price of gasoline in designated disaster areas in September 2005 was higher than in August 2005. The FTC was first directed by the energy law passed last August — before Katrina — to investigate whether oil companies maniuplat-
ed the price of gasoline in any way, including whether they intentionally held back refining capacity to keep supplies artificially tight. This part of the agency’s probe found “no instances of illegal market manipulation.” Congress demanded separate investigations into the industry’s pricing activities — as well as its enormous profits — after Hurricane Katrina, which severely disrupted the flow of oil and natural-gas in the Gulf of Mexico and also caused the shutdown of onshore refineries and pipelines. In the week after the hurricane, retail gasoline prices leapt 46 cents to a record nationwide average of $3.07 per gallon.
Group urges Wal-Mart to adopt ‘moral’practices
COX NEWS SERVICE
NEW YORK — Wal-Mart Watch, a union-backed group, took out a full-page advertisement in Tuesday’s New York Times listing seven steps Wal-Mart Stores Inc.
should take to fulfill its “moral responsibilities.” For more than a year, the organization, whose funding comes primarily from the Service Employees International Union, has conducted a relentless public-relations campaign to change the business practices of the world’s largest retailer. The group’s $150,000 ad made no mention of organizing Wal-Mart workers, but spelled out “principles” it says Wal-Mart should observe for the “common good” of workers and customers. “Wal-Mart needs to change,” union president Andrew Stern said in a telephone conference with reporters. Because Bentonville, Ark.-based Wal-Mart is the largest private employer in the country, “it needs to be the leader” in establishing moral business practices, he said. The proposals called for WalMart to: boost health-care benefits, ensure “safe and humane” working conditions at suppliers’ factories, pay a “family-sustaining wage,” try to buy local products, become more “transparent” in dealings with the public, clean up environmental
By CELINA ALVARADO
LAREDO MORNING TIMES
Laredo celebrated a new corporate competitor in the banking world Saturday, as Chase Bank opens in the Gateway City. A grand opening and ribbon-cutting ceremony was held Saturday, May 20 at 1920 Bob Bullock Loop to commemorate the event, with music, clowns, dancing, a moonwalk, and a cameo by Buddy, the Precinct 1 constable’s inflatable mascot.
Enron leaders found guilty of fraud and conspiracy
ASSOCIATED PRESS
Doors hold back people
People flooded the Chase Bank doors at 11 a.m. and lingered till about 4 p.m. to enjoy the festivities. As part of a grand opening signup promotion, Chase Bank representatives handed out free popcorn, hot dogs and soft drinks, as well as a chance to win $50 in a raffle. “Chase is the largest financial institution in the United States and the largest bank chain in Texas, with close to 400 branches throughout the state,” said Eusebio Rivera,
HOUSTON — Jurors said they wanted to believe that Kenneth Lay and Jeffrey Skilling did nothing wrong at Enron, but they couldn’t get past overwhelming evidence — and the testimony of the defendants themselves — that convinced them the two men were guilty of fraud and conspiracy. “I wanted very badly to believe
market manager for southwest Texas. “We are happy to be here and happy to serve the community.” At its grand opening ceremony, Chase Bank presented Texas A&M International University with a $10,000 gift. Barbara Mathieu of TAMIU accepted the award, saying the Chase gift will provide funding support for the university’s Lamar Bruni Vergara Planetarium, which is part of the Lamar Bruni Vergara Science Center. “As we entered the Laredo market, we looked for opportunities to help the community, and one such opportunity was made available to us through TAMIU,” Rivera said. “This grant is to help the children of Laredo — up to about 5,000 students from both LISD and UISD — and will help promote their education,” he said. Though the grant is a one-time gift, Rivera said Chase Bank is constantly looking to take on new projects to help area communities. Chase, which is located at the intersection of Clark Boulevard and Loop 20 near the Target store, will be open Monday through Friday from 9 a.m. to 6 p.m. and Saturdays from 9 a.m. to 3 p.m. (Celina Alvarado may be reached at 728-2566 or by e-mail at celina@lmtonline.com)