The Record, Bergen County, NJ

Conn. Nursing Homes File for Bankruptcy ; 7 Tied to Hackensack Firm; Union Asks Probe

Seven Connecticut nursing homes affiliated with a Hackensack- based health care conglomerate have filed for Chapter 11 bankruptcy and have laid off 168 workers. A spokeswoman for the Connecticut nursing homes said the bankruptcy filing is due to cuts in Medicare and Medicaid reimbursements and costly union contracts that required the homes to employ more staff than needed.

Pfizer to Discount Its Medicines for All Uninsured ; Some Could Slash Cost 50%

Pfizer Inc., the world's largest pharmaceutical company, will soon offer its medicines at discounts to the country's uninsured. In an announcement Wednesday, Pfizer officials said the program would give people without drug coverage the same access to prices leveraged by HMOs, major corporations, and other entities with large buying power.

Diploma Brings Financial Dilemma ; Grads Must Juggle Spending, Debt

NEW YORK - Leaving college and entering the real world can be daunting. New graduates often must juggle finding a place to rent, buying a car, and investing in an office wardrobe. At the same time, accumulated credit card bills and college loans must be paid.

Meanwhile, China Overturns Firm's Viagra Patent

BEIJING - Pfizer Inc. said Wednesday that its Chinese patent for Viagra had been overturned and that it would appeal. Pfizer "is extremely disheartened by this recent action," the company said in a statement.

Sec Jumps Onto 'Pay-to-Play' Probe ; Examining Investment Advisory Firms

PHILADELPHIA - The Securities and Exchange Commission is taking a closer look at "pay-to-play" politics in the Mid-Atlantic region in the wake of an FBI probe that culminated last week with criminal charges against 12 people. At least six companies vying for contracts to provide financial services to the city made campaign contributions or lavished gifts on politically connected people in an attempt to win favor with Philadelphia government officials, the indictment said.

Former Executive Settles Firing Dispute ; Bankrupt Shoe Firm to Pay Him $5m

WEST NYACK, N.Y. - Footstar Inc., a bankrupt athletic-shoe retailer, will pay former chief executive Mickey Robinson $5 million to settle a dispute over his termination last year. Robinson was fired in September after the company said it was restating results following an investigation into accounting irregularities. As part of the settlement, the West Nyack-based company with operations in Mahwah said that the firing would no longer be considered "for cause."

National Briefs

GM, Ford step up incentives war DETROIT - General Motors Corp. and Ford Motor Co. intensified their incentives battle Wednesday, dangling as much as $5,000 in cash for the purchase of some vehicles after disappointing sales in June. The new offers were widely anticipated by analysts, who say the enticements are needed for the nation's two largest automakers to clear out bloated inventories and try to stem declining market share. Observers also say the new round of offers is likely to create h...

Krispy Kreme Suing Entenmann's Over Use of Phrase 'Original Glazed'

DURHAM, N.C. - Krispy Kreme Doughnuts Inc., the second-biggest U.S. doughnut chain, says it's the only company that can call its products "Original Glazed" and is suing a rival baker Entenmann's over the name. Krispy Kreme said it owns a trademark issued in 1999 on the phrase "Original Glazed" and that "the designation originated with and is unique to Krispy Kreme."

Loan Boom Takes Toll On N.J. Banks ; Profit Spread Falls Due to Low Rates

The mortgage lending boom that helped lift the economy out of recession has left New Jersey banks with a bit of a hangover, according to a new government report. Profit spreads have shrunk for many banks, particularly those that recently built up portfolios of fixed-rate, 30-year mortgage loans at low rates, suggests a Federal Deposit Insurance Corp. report released Wednesday.

Market Climbs After 3-Day Fall

Lawsuit Takes Aim at Ceo of Bank ; Big Stock-Sale Profit Alleged at Commerce

CHERRY HILL - The founder and CEO of Commerce Bancorp made $6 million by selling stock in the company between December and June, even as he knew the company was being investigated in a Philadelphia city corruption scandal, a lawsuit alleges. Lawyer Neil Rothstein said his firm, Colchester, Conn.-based Scott & Scott, filed a lawsuit in U.S. District Court on behalf of Commerce shareholders claiming those sales and other company tactics violated regulations and wronged shareholders. The firm is...

Leading Nasdaq Stock Trader Paying $79m to Settle Probe

JERSEY CITY - Knight Trading Group Inc., the biggest matchmaker for buyers and sellers of Nasdaq stocks, reached a $79 million settlement Wednesday of claims it overcharged customers. The company also said quarterly profit fell short of forecasts. The agreement with the Securities and Exchange Commission and the National Association of Securities Dealers will lower earnings in the quarter ended June 30, the Jersey City-based company said. Excluding settlement costs and write-downs, profit was...

N.J. Briefs

Ruling on generic is blow to Par WOODCLIFF LAKE - Pfizer Inc., the world's biggest drug maker, won a court ruling that will prevent Par Pharmaceutical Cos. from selling a generic version of the $1 billion-a-year glaucoma treatment Xalatan until 2011. A U.S. judge in New Jersey said Par's eye solution would infringe on two valid patents owned by Pfizer and the trustees of Columbia University, Par said in a statement. The patents are for latanoprost, the chemical name of Xalatan. Par said it wi...

The Motley Fool

Car salesman offers peek behind the scenes On our "Buying and Maintaining a Car" discussion board online, Fools exchange tips and experiences about cars. A while ago, a former car salesman joined the conversation and posted a series of "confessions" revealing what goes on behind the scenes of many car dealerships. Here's some of his advice: The turnover at most dealerships is high, with the average salesman lasting only three or four months. So yours is probably inexperienced and, in some cas...

New Resources, Tools for Business Owners ; Department of Labor Center Opens in Hackensack

A new center in Hackensack will help businesses find qualified employees and apply for state and federal grants for workforce development. The Bergen County Business Resource Center, which opened July 1 and celebrated its arrival in a ceremony Wednesday, also provides businesses with reference materials and includes conference rooms for interviews and training sessions.

Lay Indicted in Enron Collapse ; Ex-Ceo Expected to Surrender Today

HOUSTON - The three-year investigation of Enron Corp.'s scandalous collapse has reached the top of the energy company, with the criminal indictment of founder and former Chief Executive Kenneth Lay, sources told The Associated Press on Wednesday. Lay, who has insisted he knew nothing of the financial fraud at Enron, was expected to surrender to federal authorities today, said the sources, who asked not to be identified.

Downturn Takes a Toll On a&P

Military Families Get Interest Break

NEW YORK - Not even those serving their country in active duty are spared from financial responsibility. Soldiers and their families still have to pay their bills. But thanks to provisions in the 1940 Soldiers' and Sailors' Civil Relief Act, men and women in uniform can lower the charges on debts while they're away.

Old-Time Reliability ; Despite Drop in Use, Pagers Have Niche

The Passaic Valley Sewerage Commission has a no-nonsense approach to communications. Supervisors at the 24-hour operation rely on old-fashioned pagers to reach the 100-person staff. Thomas A. Fuscaldo, the commission's purchasing agent, wouldn't have it any other way.