NewsFeeds 1.5.10

1 North Belmont Restaurant, Bottega Bistro close (Times-Dispatch)
1 North Belmont Restaurant, which has received the prestigious AAA Four-Diamond rating for five years, and Bottega Bistro in The Shoppes at Bellgrade in Chesterfield County served their last meals last week.

‘Fort Lee Mirage’ dampens expansion enthusiasm (Progress-Index)
The expansion of Fort Lee has created a building boom on the base and generated elation among local officials eager to share in the military’s $1.4 billion investment in a recessionary economy. Then the Army announced plans to build what is believed to be the largest hotel in Virginia – a $120 million, 1,000-room military lodging center – and some of the happy buzz turned to talk of betrayal.

Chartway takes over Utah-based credit union (Virginian-Pilot)
Chartway Federal Credit Union said Monday that it took control of a failed credit union in the Salt Lake City region and is pursuing opportunities to acquire others.

Fraud U: Toppling a Bogus-Diploma Empire (Wired)
Editor’s Pick: So-called diploma mills based in the US sell roughly 200,000 degrees a year to customers around the globe. By some estimates, they sell as many PhDs as are awarded by legitimate American universities. (Heck, if you’re going to get a degree without doing any work, why not make it a doctorate?) Worldwide, the industry is thought to generate as much as $1 billion annually. And the buyers are everywhere — the Pentagon, NASA, fire departments, hospitals — all of them quintessential frauds using fake degrees to pad rèsumès or score pay raises. In 2003 and 2004, the Government Accountability Office surveyed just a handful of agencies and found 463 federal employees with fraudulent degrees.

Defense titan Northrop Grumman to leave Los Angeles for D.C. area (Washington Post)
Northrop executives said they are looking for a site in Maryland, Virginia or the District and plan to identify one by spring. The company, whose biggest customer is the Pentagon, makes military planes, missiles, ships and other equipment.

Small business lending begins to rebound (Fortune)
Small businesses are still struggling to find financing, but for those seeking government-backed loans, the worst may be over. The Small Business Administration’s flagship lending program backed 37% more loans in its latest quarter than it did a year ago, at the height of the financial crisis.

Case Study: Lining Up Investors for a Turnaround (Inc.)
Dogswell’s ambitious plans had flopped. Would its new investors give the company another chance?

1 North Belmont Restaurant, Bottega Bistro close (Times-Dispatch)
1 North Belmont Restaurant, which has received the prestigious AAA Four-Diamond rating for five years, and Bottega Bistro in The Shoppes at Bellgrade in Chesterfield County served their last meals last week.

‘Fort Lee Mirage’ dampens expansion enthusiasm (Progress-Index)
The expansion of Fort Lee has created a building boom on the base and generated elation among local officials eager to share in the military’s $1.4 billion investment in a recessionary economy. Then the Army announced plans to build what is believed to be the largest hotel in Virginia – a $120 million, 1,000-room military lodging center – and some of the happy buzz turned to talk of betrayal.

Chartway takes over Utah-based credit union (Virginian-Pilot)
Chartway Federal Credit Union said Monday that it took control of a failed credit union in the Salt Lake City region and is pursuing opportunities to acquire others.

Fraud U: Toppling a Bogus-Diploma Empire (Wired)
Editor’s Pick: So-called diploma mills based in the US sell roughly 200,000 degrees a year to customers around the globe. By some estimates, they sell as many PhDs as are awarded by legitimate American universities. (Heck, if you’re going to get a degree without doing any work, why not make it a doctorate?) Worldwide, the industry is thought to generate as much as $1 billion annually. And the buyers are everywhere — the Pentagon, NASA, fire departments, hospitals — all of them quintessential frauds using fake degrees to pad rèsumès or score pay raises. In 2003 and 2004, the Government Accountability Office surveyed just a handful of agencies and found 463 federal employees with fraudulent degrees.

Defense titan Northrop Grumman to leave Los Angeles for D.C. area (Washington Post)
Northrop executives said they are looking for a site in Maryland, Virginia or the District and plan to identify one by spring. The company, whose biggest customer is the Pentagon, makes military planes, missiles, ships and other equipment.

Small business lending begins to rebound (Fortune)
Small businesses are still struggling to find financing, but for those seeking government-backed loans, the worst may be over. The Small Business Administration’s flagship lending program backed 37% more loans in its latest quarter than it did a year ago, at the height of the financial crisis.

Case Study: Lining Up Investors for a Turnaround (Inc.)
Dogswell’s ambitious plans had flopped. Would its new investors give the company another chance?

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