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Ex-Kmart CEO charged with fraud

Peter Henning, a former SEC and Justice Department lawyer and Wayne State University law professor, says he was surprised at how narrow the case is involving former Kmart executives currently being sued for their actions in the retail chain's bankruptcy. "It reminds me of the old song, 'Is that all there is?' Everyone had known for a long time that Kmart was a high-risk investment," Henning says. He also predicted lawyers will question whether the statements surrounding the vendors were "material" to a company with annual revenue of $37 billion.

Kmart: Big buys, bigger lies

Randolph Paschke, chair of the accounting department in the School of Business Administration , commented in a story about a lawsuit filed Tuesday against former Kmart Corp. Chief Executive Officer Chuck Conaway and his chief financial officer John McDonald Jr. The lawsuit, filed in U.S. District Court in Detroit by the U.S. Securities and Exchange Commission, alleges that Conaway and McDonald engaged in numerous deceptions to conceal actions that led to the largest bankruptcy in U.S. retail history in January 2002. Paschke said former Kmart shareholders will most likely have to accept their payoff in the form of justice, not monetary compensation.

Cynicism and sacrificial lambs

Robert Sedler, professor of constitutional law, commented about the Michigan Republican Party's choice of Rev. Keith Butler as a challenger to U.S. Sen. Debbie Stabenow in next year's senate race. "The one touchstone for blacks in politics today is affirmative action," Sedler said. Republicans may indeed be able to appeal to African-Americans on a number of social issues. But not on this, according to Sedler. If Butler comes out against affirmative action, he will instantly lose any credibility in the black community.

Oakland People in the News

Michael Rybak, professor of pharmacy and medicine and associate dean of research at the Eugene Applebaum College of Pharmacy and Health Sciences, has been named to the expert panel for the Antimicrobial Resistance Prevention Initiative, sponsored by the American Society of Microbiology and the Society of Health Care Epidemiology of America. The panel is presenting a Webcast on antimicrobial resistance and management strategies, which also will be printed in a supplement to the American Journal of Medicine and the American Journal of Infection Control.

Training to protect potential victims

Wayne State 's Developmental Disabilities Institute (DDI), in partnership with other organizations, is offering training on vulnerable abuse for prosecutors, advocates and law enforcement officers to meet the needs of a growing aging population, and 54 million people nationwide with disabilities. Training sessions, titled "Understanding and Investigating Vulnerable Adult Abuse and Neglect: The Role of Law Enforcement," will be offered throughout the state until November. Participants will learn skills needed to identify adult abuse, obtain accurate information from vulnerable adults and determine proper measures to offer assistance.

Northwest's strike toll: 1,200 jobs gone

About 1,200 union jobs have been eliminated since Northwest Airlines employees walked off the job three days ago. Northwest has closed 29 of 32 maintenance bases at airports across the country except Detroit , Minneapolis and Milwaukee . The cuts have eliminated or replaced about 400 mechanics and 800 plane cleaners, who are among the 4,400 members of the Aircraft Mechanics Fraternal Association walking picket lines. "In flush times, skilled workers feel they're better off going it alone," said Steve Babson, who teaches labor relations at Wayne State University . "In times like today, they may be better off with a more broadly defined union to present a broader front and backed by more financial resources."

Audit Firms Tell Partners Not to Poach KPMG Clients

The three largest U.S. accounting firms ordered their partners not to poach clients or personnel from smaller rival KPMG LLP while it is under federal scrutiny for allegedly selling abusive tax shelters. The three firms are worried that KPMG\'s demise would leave thousands unemployed and possibly prompt authorities to order the breakup of the remaining firms. Without KPMG, ``life would be very awkward for the Big Three accounting firms,\'\' said Professor Stephen Calkins, an antitrust expert at the Wayne State University Law School . ``There would be more chance that government officials would decide that competition is not working here and something drastic needs to be done.\'\'

College textbook prices soar

Critics call it gouging by publishers, but publishers say the text updates are necessary. The average college student spends nearly $900 a year on textbooks and supplies above and beyond fees, tuition, and room and board, according to the U.S. Government Accountability Office. For Edward Capps, a 20-year-old pre-med junior at Wayne State University , an 18.5 percent tuition increase put even more strain on his book-buying budget. \"I\'ve looked at the prices, but I haven\'t bought anything yet,\" he said. \"There\'s a physics book that\'s required with a CD-ROM for $130. ... I\'ve bought things online before and gotten the wrong book, so instead I\'m just building up piles of debt that I\'ll have to pay off when I get out of school.\"

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Former Congressman David Bonior who now teaches Labor Studies at Wayne State University , was interviewed about the Northwest strike and the current state of organized labor. He said there is a concerted effort by U.S. companies to hire union busters to rid companies of unions, and 23,000 workers a year are illegally fired for organizing. Moreover, 50 percent of employers say they'll close their businesses if unions organize. Despite the numbers, half a million workers join a union every year, and polls show 40 million more would if they could.

Great Lakes Entrepreneur's Quest called off

After five years and more than $600,000 in cash awards doled out to Michigan startup businesses, the Great Lakes Entrepreneur\'s Quest is ending its quest for the foreseeable future. Meanwhile, Pfizer Inc. is sponsoring a competition that could open the door for new contracts with Michigan biotechnology and pharmaceutical businesses. Based in Ann Arbor , GLEQ won\'t take place this fall after its top sponsors pulled their support for the twice-annual competition. Those backers included the Michigan Economic Development Corp., Michigan State University , Wayne State University and the University of Michigan Zell-Lurie Institute for Entrepreneurial Studies. Together, the sponsors accounted for about 80 percent of GLEQ\'s $250,000 annual budget.

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