Gas attack
With the prospects of gas hitting $5 a gallon this summer, Sen. Chuck Schumer (D- NY) is on the warpath against US oil refiners and their sky rocketing profits, which he blames for the high prices. “Something is rot ten,” Schumer said at a gas station on the West Side yesterday. Refiners’ profits have more than doubled since last year, he said, demanding an FTC investigation.
Hoenig heat
Federal Reserve Bank of Kansas City President Thomas Hoenig, the cen tral bank’s longest-serv ing policy maker, advo cates raising interest rates to encourage indi viduals to save and avoid future asset bubbles. The Fed, which cut the bench mark rate to zero to 0.25 percent in 2008, will keep it unchanged until the first quarter of 2012, according to a survey of experts.
Walmart execs
Walmart named re placements for two of its top execs in China who resigned earlier this month. Mario-Josi Me dina, a former CFO of Walmart Puerto Rico, will head financial opera tions and Del Sloneker, a former senior vice presi dent, will become chief operating officer.