Bear's chief risk officer goes to Fed post The former chief risk officer at investment bank Bear Stearns Companies, which nearly collapsed in March, now is a senior official of the Federal Reserve division that supervises U.S. banks. Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, has been named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, the bank said. The appointment is apt to raise questions because of the key role Alix played at Bear Stearns and given the Federal Reserve's role in Bear Stearns' sale to J.P. Morgan Chase & Co. In his new job, Alix will help oversee the financial safety and soundness of banks, which are inspected by Federal Reserve examiners.
Boeing delays 787 test flight because of strike Boeing Co. said Tuesday the first test flight of its long-delayed 787 jetliner has been postponed until next year because of the eight-week strike by the 27,000-member machinists union, which ended Saturday. Boeing had scheduled the first flight for the fourth quarter of this year. The strike, which started Sept. 6, forced the company to temporarily stop its commercial aircraft business.
J&J is asked about payments to psychiatrists Johnson & Johnson said Tuesday that it has received a letter from the Senate Committee on Finance requesting information on payments or other benefits given by the company to specified psychiatrists. The company didn't identify the psychiatrists, but said in a filing with the Securities and Exchange Commission that they are "associated with psychiatric professional associations or otherwise authorities in their field." Johnson & Johnson didn't disclose the nature of any payments, but said it is responding to the committee. The finance committee's Subcommittee on Aging had previously said it was seeking information about the relationship between doctors and several companies regarding stents. Johnson & Johnson's Cordis Corp. unit, which makes the Cypher stent, said in Tuesday's filing that it had received a letter on that subject also.
Cost-cutting Dell zeroes in on workers Dell Inc. has asked employees to consider taking unpaid vacation days or severance packages to help the PC maker cut costs. In a memo posted to a company blog, Chief Executive Michael Dell announced a hiring freeze and said Dell would use fewer contract workers. The Round Rock, Texas-based firm has already cut 10 percent of its workforce since 2007.
