Insider Trading

ImClone defends policy

ImClone had an “appropriate” policy for stock sales by company insiders, an ImClone official told a House panel investigating possible illegal insider trading. The biotech company’s chief executive says it has “turned a new page.”

Catherine Vaczy, a vice president and associate general counsel at ImClone, defended the company’s policy in testimony prepared for a hearing Thursday by the House Energy and Commerce Committee.

Lawmakers are asking ImClone’s chief executive, Harlan Waksal, about a decision to buy two paper shredders in January, around the time the Securities and Exchange Commission began an investigation of the firm.

Waksal, in prepared testimony, said “We have turned a new page. … We have made progress on a number of fronts.”

Accounting Scandal

More WorldCom leaders plead guilty to fraud

Two more WorldCom executives pleaded guilty Thursday to charges stemming from a federal probe of the company’s multibillion-dollar accounting scandal, bringing to four the number of officials at the Mississippi-based telecom who have admitted to wrongdoing.

Betty Vinson, the former director of management reporting, entered her plea to charges of conspiracy to commit securities fraud and securities fraud in U.S. District Court in New York, before Magistrate Judge Andrew J. Peck.

Troy Normand, the director of legal entity accounting, pleaded guilty to conspiracy and securities fraud before Judge Gerard Lynch for his part in the same scheme.

Normand, 35, and Vinson, 47, were top executives in the company’s general accounting department.

Broadcasting

Digital radio approved

Broadcasters praised the government decision supporting a digital makeover for radio, calling the new technology’s clear sound and information services one of the medium’s biggest advances in nearly a century.

The Federal Communications Commission voted 4-0 Thursday to adopt digital radio technology created by iBiquity Digital Corp., a company backed by large broadcasters including ABC and Viacom. The approval allows radio stations to immediately begin broadcasting digital signals.

Atchison

Midwest Grain changes name to MGP Ingredients

Atchison-based Midwest Grain Products, Inc. announced Thursday it has changed its name to MGP Ingredients, Inc. The name change took effect Thursday at the close of the company’s annual meeting of stockholders. Beginning today, the company’s ticker symbol on the NASDAQ will become MGPI, replacing the existing symbol, MWGP.

Company officials said they changed the name to better reflect the number of new products the company has added within the past several years.

Wall Street

Earnings of interest

Kansas City, Mo.-based Commerce Bancshares Inc. announced Thursday earnings of 78 cents per share for the third quarter. The third quarter numbers were up 15 percent compared to 68 cents per share for the same period a year ago. The bank operates several branches in Lawrence.