EBBERS TRIAL

Money, power, and pressure combined to form a “perfect storm of corruption” that led World-Com chief Bernard Ebbers to commit an enormous fraud, a federal prosecutor said yesterday in closing arguments.

Prosecutor William Johnson said Mr. Ebbers, worried about repaying multimillion-dollar loans that were backed by WorldCom stock, ordered his subordinates to cover up expenses and inflate earnings.

– Associated Press

MARKETS

Stocks ended close to unchanged levels yesterday after a rollercoaster session that saw shares climb on bullish testimony from Federal Reserve Chairman Alan Greenspan about the state of the economy, only to be knocked down by anxiety over pricey oil. The Dow Jones industrial average shed 18.03, or 0.17 percent, to 10,811.97, closing 58 points off its intraday high of 10,869.83 – a level the Dow hasn’t settled at since June of 2001.The broader gauges also ended the day lower. The Standard & Poor’s 500 index shed 0.33, or 0.03%, to 1,210.08. The Nasdaq composite index was down 3.75, or 0.18%, at 2,067.50.

– Associated Press

TRUMP

Donald Trump’s casino company has dropped plans to build and operate a casino in southern Indiana, saying the state imposed heavy tax burdens and that there were other plans made for gaming in the state since it won the casino bid. Ernest Yelton, executive director of the Indiana Gaming Commission, said yesterday that negotiations had ended with Trump Hotels and Casino Resorts Incorporated amid a review that began after Governor Daniels took office in January.

– Associated Press

PRESSURE

MCI Inc., the no. 2 American long-distance telephone company, agreed to discuss a combination with Qwest Communications International, bowing to pressure from shareholders who oppose a lower bid from Verizon Communications.

– Bloomberg News

OIL PRICES

Crude oil rose above $53 a barrel for the first time in four months and gasoline surged to an all-time high on concern that oil production and refining capacity are not keeping up with rising demand.

FINES

Two retailers – Endzone at the Marketplace Mall and the Endzone II and kiosk at the Greece Ridge Center, both in Monroe County – will pay fines for selling fake wristbands similar to the ones that raise funds for the Lance Armstrong Foundation, state Attorney General Eliot Spitzer said yesterday.

It is the latest enforcement action in New York this year against stores selling imitations of the popular yellow “LIVESTRONG” wristbands.