State business news for the week of June 22, 2008.
Regulators target UBS
Swiss investment bank UBS found itself in the crosshairs of Massachusetts regulators again as Secretary of State William Galvin formally accused the company of misleading investors by portraying auction-rate securities as easily accessible investments.
The auction-rate market dried up in February, making it nearly impossible for investors to access their money. Galvin claims UBS knew about the risks, but didn't properly inform investors.
Modern Continental files for bankruptcy
Big Dig contractor Modern Continental headed to bankruptcy court within one business day after prosecutors charged the company with filing false statements about its work on the massive public works project.
The company says it needed to file for bankruptcy because the state still owes Modern millions of dollars that are tied up in a billing dispute.
Boston Archdiocese finds new home
The Archdiocese of Boston hit the road for some new digs.
The office building in Braintree that will serve as the archdiocese's new home is less expensive than its chancery in Brighton, as it was given to the church for a nominal amount by billionaire developer Tom Flatley before he died. The new building also allows the archdiocese to consolidate several offices under one roof.
Home prices decline again
Home prices in Massachusetts continued their steady decline in May, with The Warren Group reporting that single-family home sales fell 13 percent from the same time a year ago, and the median price fell 8 percent to $322,500.
One hopeful sign could be found in separate figures released by the Massachusetts Association of Realtors: The 10.1 percent year-over-year drop in single-family home sales that the Realtors saw was the smallest decline since September.
Renewable-energy bill on governor’s desk
State lawmakers shepherded a bill to Gov. Deval Patrick's desk just days after it emerged from committee negotiations that would promote electricity conservation and renewable power.
The bill, among other things, makes it easier for towns to build their own renewable energy plants and raises the threshold for the amount of energy in the state that needs to come from alternative sources.
Environmentalists praised the measure, but were concerned the law would allow certain coal burning plants to be counted toward that goal.
The Patriot Ledger