WILMINGTON, Del. - (03/11/05) -- A former treasurer for U.S. SenatorJoseph Biden's reelection campaign was sentenced to three years inprison Thursday for stealing more than $412,000 from the DelawareDemocrat's campaign treasury and laundering some of it to hiscredit union account. Roger Blevins, III, 34, pleaded guilty to onecount of interstate transportation of stolen property in connectionwith last April's transfer of $80,000 of the funds to his accountat Fairwinds CU in Orlando, Fla. The former assistant campaignmanager for Biden spent the senator's money "to fund his ownpersonal fantasy," according to Assistant U.S. Attorney April Byrd.Blevins spent the money on three individuals he met through a gaypornographic web site, where visitors could watch and interact withthe performers in Florida. Blevins made 23 unauthorized transfersfrom the campaign treasury, the largest of which went to his creditunion.
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The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
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In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
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Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
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The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
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The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
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PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
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