A witness in Sen. Ted Stevens’ (R-AK) trial says he wouldn’t have testified if he had known he had no immunity. Despite previously stating he had no deal with the Justice Department, welder David Anderson now says otherwise in a letter released to the public yesterday. This allegation comes on the heels of an FBI complaint charging that the department had acted inappropriately. (Associated Press)
Ex-broker Kosta S. Kovachev was charged yesterday for conspiring to commit wire fraud with New York lawyer, Marc Dreier, in an alleged $380 million Ponzi scheme. Kovachev, portrayed as a supporting player in the criminal complaint, allegedly helped sell phony bank notes to hedge funds, but his lawyer said Dreier was responsible “to a 99.9 percent degree.” But Mr. Kovachev is no stranger to such accusations: two years earlier, he was under investigation for his role in what was described as a $28 million Ponzi scheme. (New York Times)
Incoming chief of staff Rahm Emanuel discussed the possibility of keeping his congressional seat “warm” with embattled Illinois Governor Rod Blagovevich, according to the Chicago Sun-Times. Soon after accepting a post with Obama, Emanuel expressed interest in eventually returning to his elected position, the paper reported. (Chicago Sun-Times)
Drugmaker giant Pfizer Inc. must pay $38.7 million to a leading medical research nonprofit in San Francisco for stealing trade secrets to develop a pain relief drug, a California jury found yesterday. Pfizer disputes the charge and said it plans to appeal. (Bloomberg)
Mortgage behemoths Fannie Mae and Freddie Mac reached a deal with New York Attorney General Andrew Cuomo that would guarantee independent home appraisals. The move is part of a larger effort to limit “systemic conflicts of interest,” Cuomo said. Last year he jumpstarted an investigation of the mortagage industry as foreclosures among subprime borrowers reached a five-year high. (Washington Post)
A Ferrari-driving senior executive of Fry’s Electronics Inc. was arrested on charges of embezzlement. Ausaf Umar Siddiqui faces allegations from the IRS that he cut side deals with some of Fry’s suppliers, a scheme that they say netted him $65 million. (Associated Press)