As we mentioned a few minutes ago, the hedge fund company SAC Capital has agreed to plead guilty to criminal charges of insider trading. The agreement with the Justice Department also calls for a huge fine, $1.2 billion. And as NPR's Jim Zarroli reports, the company will also be barred from taking money from outside investors.
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish at NPR West in California.
MELISSA BLOCK, HOST:
I'm Melissa Block in Washington, D.C.
And we begin this hour with news of two huge corporations, each of them resolving criminal and civil allegations in two separate cases. One is the hedge fund SAC, pleading guilty to insider trading. The other, pharmaceutical giant Johnson & Johnson, paying $2.2 billion to settle criminal and civil investigations. And we'll start with that story.
This is ALL THINGS CONSIDERED from NPR News. I'm Melissa Block in Washington.
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And I'm Audie Cornish at the studios of NPR West in Culver City, California. We're going to kick things off this hour with All Tech Considered because much of my focus out here this week will be tech. In a moment, I'll introduce you to a Silicon Valley company that has revolutionized the way we watch sports on TV, but first, to the week's biggest tech story.
Originally published on Mon November 4, 2013 4:00 pm
The schizophrenia drug Risperdal was at the heart of government investigations into improper marketing that stretched back more than a decade.
Credit JB Reed / Bloomberg via Getty Images
Like professional baseball, the drug industry may need to slap asterisks next to some of its standout sales accomplishments.
Johnson & Johnson became the latest drugmaker to reach a costly agreement with the federal government over charges of improper marketing. The widely anticipated settlement, unveiled Monday, covers Natrecor, a drug for congestive heart failure, and antipsychotics Risperdal and Invega.
GREENE: SAC Capital Advisors is expected to plead guilty to securities fraud today. The hedge fund company has agreed to pay $1.8 billion to settle charges of insider trader. It's said to be the biggest fine ever in a case like this. The settlement will be announced at a news conference later today in New York City. And that's where we've reached NPR's Jim Zarroli. And Jim, explain for us, if you can, what SAC has actually agreed to here.
A few weeks ago, the smartphone maker announced it had signed a letter of intent to sell the company valued at $4.7 billion to Fairfax Financial Holdings. Instead, in a statement released Monday, BlackBerry announced it will receive a $1 billion investment from Fairfax Financial and others. BlackBerry CEO Thorsten Heins will step down and be replaced by interim CEO John Chen.
It was radical in its day: Chrysler's minivans first rolled off assembly lines in November 1983. This is one of those original model year 1984 editions.
Credit / AP
Depending on how many hours you spent in the backseat being tortured by a sibling or how many hours you spent in the driver's seat being forced by your kids to listen to Beat It, this may not be an anniversary you wish to celebrate.
And the honoree has many critics who say it was just darn ugly when it debuted in 1983.
But there are those who seem to be looking back with fondness on the now 30-year-old life of the Chrysler minivan. After all, it's a vehicle that basically created a market that didn't exist, was imitated by others and became a cultural icon.
And that brings us to today's last word in business: artwork, lost and found.
Authorities in Munich, Germany have uncovered a huge art collection that was thought to have been lost forever. Seized by the Nazis in the 1930s and '40s, this collection reportedly includes more than 1,500 pieces of art by masters like Picasso, Matisse and Chagall. All told, this collection could be worth over $1 billion.