A12 Washington Business
Regulatory bill will draw GOP votes, Geithner says
Top Senate Republican stresses concessions before pledging support
by Brady Dennis
Treasury Secretary Timothy F.
Geithner said Sunday that efforts to overhaul the financial reg- ulatory system will win biparti- san support in Congress, even as the top Senate Republican con- tinued to attack Democratic pro- posals.
“I am very confident that we’re
going to have the votes for a strong package of financial re- forms that will bring derivative markets out of the dark, help protect the taxpayers from hav- ing to fund future bailouts and trying to make sure we’re getting Americans some basic protection against fraud and abuse,” Geith- ner said on NBC’s “Meet the Press.” Geithner acknowledged that
differences remain on key ele- ments of the far-reaching legisla- tion, which could head to the Senate floor in a matter of days. But, he said, despite the linger- ing policy disagreements, law- makers on both sides of the aisle agree on the broad principles that the new rules must accom- plish: namely, ensuring that tax- payers are no longer on the hook for rescuing large, troubled fi- nancial firms. The Treasury secretary said he
is “very confident” that Repub- licans will vote for the bill. Those votes, however, have yet to ma- terialize. Leaders in both parties have
exchanged bitter words over the past week, with Democrats argu- ing that tough new rules govern- ing Wall Street are long overdue and Republicans insisting that the bill heading through the Sen- ate leaves open the door to future taxpayer-funded bailouts. Senate Minority Leader Mitch
“I am very confident that we’re going to have the votes for a strong
package.”
—Timothy F. Geithner,
Treasury secretary
McConnell (R-Ky.) kept up that line of attack Sunday, saying on CNN’s “State of the Union” that the current bill mandates a $50 billion “bailout fund” that would assure government in- volvement in failing financial firms “in perpetuity.” Advocates of the bill note that the fund in question would be paid for by the financial industry and that it would be used to liquidate trou- bled firms, not keep them afloat. McConnell said that lawmak- ers agree on the need to revamp the current system but that the White House and Democratic leaders must address Republican misgivings about the current leg- islation before they can expect any GOP support. “What we ought to do is get back to the table and have a bi- partisan bill, which is what we don’t have at the moment,” he said. As GOP opposition has stiff- ened, the Obama administration has made a heightened push to get the legislation through Con- gress and to portray Republicans as standing in the way of mean- ingful reform.
Obama used his weekly radio
and Internet address to focus on the issue over the weekend, argu- ing that “if we don’t change what led to the crisis, we’ll doom our- selves to repeat it.” A White House official said Sunday that the president is expected to take that message outside of Wash- ington in coming weeks.
dennisb@washpost.com
FACE TIME
TUESDAY Business to
Government. Learn how social media tools will play a key role in fulfilling the open-government directive principles of transparency, participation and collaboration. 7:30 to 9:30 a.m., Patton Boggs, 8484 Westpark Dr., ninth floor, McLean. Sponsor: Northern Virginia Technology Council. Cost: Member, $45; nonmember, $75; member walk-in, $55; nonmember walk-in, $85. Contact: 703-904-7878. Web
site: www.nvtc.org/events.
WEDNESDAY CITIzens
Forum: Social Media. Informal
gathering to discuss topics important to nonprofit groups. Gain insights and tips on tools such as Twitter and Facebook. 5:30 to 7:30 p.m., Thurgood Marshall Center, 1816 12th St. NW, Washington. Sponsor: Community IT Innovators. Web site: www.garysguide.org/
2081212.
THURSDAY Clark School Engineering Sustainability.
Workshop focuses on energy. 8:45 a.m. to 3:30 p.m., Kim Engineering Building, University of Maryland, College Park. Sponsor: Clark School of Engineering. Contact: 301-405-6501. Web site: www.eng.
umd.edu/sustainability.
Writing a Winning Business
Plan. Workshop covers business plan concepts and the written material each plan must include. 9:30 a.m. to 4 p.m., American Bar Association Building, 740 15th St. NW, third floor, Washington. Sponsor: Services Corps of Retired Executives. Cost: $60. Contact: 202-272-0390. Web site: www.scoredc.org.
Send potential listings to facetime@ washpost.com at least two weeks in advance. Model your entry on the information above, and put the event date in the subject line.
Toyota has agreed to pay a
$16.4 million government fine for waiting at least four months be- fore notifying safety officials about vehicles with a “sticky ped- al” defect, a senior Transporta- tion Department official said Sunday night. The sanction represents the largest financial penalty imposed
BANKRUPTCIES
These firms recently filed with the U.S. Bank- ruptcy Court’s local clerk of court offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its fi- nances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors’ claims. The company then ceases operations.
MARYLAND DISTRICT
GREENBELT
Brown Services LLC
4357 Southern Ave., Capitol Heights, Md. 20743 Type of filing: Chapter 11 reorganization Case number: 10-17619 Date filed: April 8 Attorney: Pro se
Assets: $100,001 to $500,000 Liabilities: zero to $50,000
Largest unsecured creditor: Not disclosed
Gina Building LLC
608 Washington Blvd., Laurel, Md. 20707 Type of filing: Chapter 11 reorganization Case number: 10-17950 Date filed: April 12
Attorney: Daniel M. Press, 703-734-3800 Assets: $1,000,001 to $10 million Liabilities: $1,000,001 to $10 million Largest unsecured creditor: Sonia Kochhar, $160,000
Skilledcare Inc.
10111 Martin Luther King Jr. Hwy., #2003, Bowie, Md. 20721
Type of filing: Chapter 7 liquidation Case number: 10-17952 Date filed: April 12
Attorney: Kasey L. Edwards, 301-731-3303 Assets: zero to $50,000 Liabilities: zero to $50,000
Largest unsecured creditor: City First Bank of DC, $34,485
—Compiled by Vanessa Mizell
APPOINTMENTS
COMPANIES
Page Southerland Page of the
District named Thomas C.
McCarthy, former associate principal, principal. RRD International of Rockville
named J. Scott Tarrant chief
business officer.
EDUCATE LOCALLY THINK GLOBALLY
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Four of Centreville named
Chris Harvey, former senior
manager for the IBM solutions group at immixGroup, strategic relationship manager. The U.S. Chamber of Commerce of the District named Caroline Harris chief tax counsel and executive director of tax policy. TurningPoint Global Solutions
of Rockville named Ken Thompson director of Networx transition services. Dewberry of Fairfax named G.
Matthew Miller Jr. associate vice president, Chris DePascale
senior associate, Margaret
Bower associate and Kimberly V. Larkin associate.
Iridium Communications of
McLean named S. Scott Smith,
former chief operating officer at DigitalGlobe, executive vice president. Bryan Cave of the District
named Lilyanne McClean and
Brandon Pollak to its policy practice group. Trust Digital of McLean named
Mark Shull, former group
president of enterprise security services at VeriSign, chief executive. Three Wire Systems of Vienna
named Mike Fabling, former
director of sales at Emtec Federal, vice president of IT solutions. Cernium of Reston named
Michael Woods, former
president of Value-Cast Sales and Marketing, national sales manager. The National Conference
Center of Leesburg named
Charles A. Carson director of
facilities.
ASSOCIATIONS/ NONPROFITS
The AARP Foundation of the
District named Jo Ann Jenkins,
former chief operating officer at the Library of Congress, president. The American Academy of
Actuaries of the District named
Donald Ethier, former vice
president of marketing and membership for the Equipment Leasing and Finance Association, director of membership. The American Security Project of the District named Christine T.
Whitman, Norman R. Augustine
and William Fallon to the board of directors. Men Can Stop Rape of the
District named Neil Irvin, former senior director of programs, executive director. Volunteers of America
Chesapeake of Lanham named
Kimberly Todman director of
benefits and compensation, and
Linnette Bradley operations
manager.
COMMUNICATIONS
Qorvis Communications of the
District named Laura Baldwin, Gautam Chatur and Stefan
Nagey managing directors; Matt Lauer and Jason Siegel partners.
LEGAL
Bailey Law Group of the
District named James T. Pitts and E. Lindsey Maxwell II
shareholder and resident. Haynes and Boone of the
District named Michael Halloran, former deputy chief of staff and counselor to the chairman of the Securities and Exchange Commission, partner. Arnold & Porter of the District
named Eli Whitney Debevoise II
partner. (She is rejoining.) Fish & Richardson of the
District named Kevin E. Greene and David E. A. Jordan patent
group principals.
Send information about promotions, appointments and personnel moves in the Washington area to
appointments@washpost.com.
Company
Allegheny Energy
Capital One Financial Ciena
Cogent Communications Group
Gannett
Owens & Minor Saul Centers
TerreStar UDR
United Therapeutics
Insider
Gunnar E. Sarsten Ryan M. Schneider
Gary B. Smith Robert N. Beury Jr. David T. Lougee
Human Genome Sciences Curran M. Simpson Craig R. Smith
Christopher H. Netter B. Francis Saul II Jeffrey W. Epstein Mark W. Wallis
Martine A. Rothblatt
S
KLMNO
MONDAY, APRIL 19, 2010
No carry-on fees at top U.S. airlines, for now
Schumer and five other Demo-
Associated Press
atlanta — Five major U.S. air- lines agreed Sunday not to follow the lead of a small Florida carrier that plans to charge for carry-on bags. Their commitment comes just in time to cool traveler out- rage before the peak summer fly- ing season, but it is doubtful that it marks a change in strategy. Airlines are going to tack on
every fee they can to boost their revenue while keeping base fares lower. They just don’t think pas- sengers will tolerate having to pay for carry-ons — at least not right now. The promise to Sen. Charles E. Schumer (D-N.Y.) from American Airlines, Delta Air Lines, United Airlines, US Airways and JetBlue Airways comes even though some of those carriers are expec- ted to report first-quarter losses next week. They were hurt by higher fuel prices and heavy Feb- ruary snowstorms. Ancillary fees for air travel — including baggage surcharges, reservation-change fees and oth- er add-ons — have been adding up.
For U.S. carriers, they totaled
$1.95 billion in the third quarter of 2009, about 36 percent higher than for the same period a year earlier. For 26 large U.S. airlines, those fees made up 6.9 percent of their total operating revenue in the third quarter of last year, ac-
cratic senators — Jeanne Sha- heen (N.H.), Benjamin L. Cardin (Md.), Amy Klobuchar (Minn.), and Robert Menendez and Frank Lautenberg (N.J.) — support leg- islation that would tax airlines if they charge fees for carry-on bags.
Schumer said the legislation will proceed until it becomes clear that no airline will institute the charges. He will have an up- hill battle changing the minds of Spirit executives when he meets with them soon. Spirit chief executive Ben Bal- danza said Sunday that his air- line will move ahead with its car- ry-on bag fee.
MICHAEL DWYER/ASSOCIATED PRESS
American, Delta, United, US Airways and JetBlue have pledged to Sen. Charles E. Schumer (D-N.Y.) that they will not copy Spirit Airlines and start charging passengers for baggage whether or not it’s checked.
cording to the most recent gov- ernment data available. But major carriers risk alienat-
ing customers if they follow Spir- it Airlines’ lead and impose a fee for carry-on bags. In August, Spirit will begin charging cus- tomers up to $45 to place a bag in an overhead bin. Like most air- lines, it already charges for checked bags. Other fees haven’t stopped people from flying, but many can be avoided. Traveling with nei-
ther checked nor carry-on bag- gage would be difficult. “We believe it is something
that’s important to our custom- ers and they value, and we will continue making that available to them at no charge,” American Airlines spokesman Roger Friz- zell said. It wasn’t clear how long the
five airlines plan not to charge for carry-ons. Frizzell couldn’t say, and a spokesman for Delta de- clined to comment.
“Our plan was never predicat- ed on anyone matching us,” he said. “The fact that other people are saying they won’t has never changed our view that this is right.” He said his competitors’ decision actually puts pressure on those airlines because Spirit has lowered its fares more than the price of the new fee. “We knew we took a risk with
this strategy, but we believe on balance it’s one that our cus- tomers will buy into,” Baldanza said.
Analysts expect several major carriers to get back in the black in the current quarter — the sec- ond quarter — and in the second half of the year, because of the summer and holiday travel rush- es.
Toyota agrees to pay $16 million fine for notification delay
by Peter Whoriskey
by the U.S. government on an au- tomaker. “By paying the full civil penalty,
Toyota is accepting responsibility for hiding this safety defect from NHTSA in violation of the law,” the official said. The National Highway Traffic
Safety Administration an- nounced two weeks ago that it was seeking the fine against Toy- ota, and the automaker has until Monday to accept or contest the
penalty. The fine could increase if the
government’s ongoing investiga- tion of runaway Toyotas turns up violations related to other de- fects, officials said. Regulators said they are still reviewing 70,000 pages of Toyota docu- ments that they have received during the inquiry.
Although the cause of unin- tended acceleration is a matter of debate, the automaker and safety
regulators agree that sticky ped- als were behind at least some of the incidents. The law limits the proposed
fine, which is relatively small for an automaker that reported rev- enue of more than $200 billion last year, consumer advocates said. Among the proposed legisla- tive reforms are measures that would raise the amount the gov- ernment can fine automakers.
whoriskeyp@washpost.com
INSIDER TRANSACTIONS
Trading as reported by companies’ directors, presidents, chief financial officers, general counsel, chief executives, chairmen and other officers, or by beneficial owners of more than 10 percent of a company’s stock.
Title
Director Officer
CEO Officer
Officer Officer
CEO
Officer CEO CEO
Officer CEO
Date
April 12 April 12
April 8 April 9
April 7
April 12 April 7
April 8
Action
Sold Sold
Sold Sold
Sold Sold
Sold Sold
April 5 to April 9 Bought April 13 April 12
Sold Sold
April 8 to April 12 Sold
Shares
1,000
10,646 6,250 500
10,625 30,000
25,000 4,000
20,372 22,000 20,000 28,948
Price Now holds
23.35 45
15.98 10.06
17.21 32.76
31.87 41.42
27,858 93,813
660,623 45,400
2,137 25,281
332,353 625
41.63 to 42.02 5,266,850 1.10 to 1.13 18.84
57.17 to 57.82
557,934 657,412 615,188
— Thomson Financial
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