U.S. launches bonds probeThe Justice Department has...

BUSINESS DIGEST

June 22, 1993

U.S. launches bonds probe

The Justice Department has started an investigation of the government securities market, hunting for evidence of possible collusion among large bond dealers, officials said.

The inquiry is the latest in a series of government probles into trading practices in the multitrillion dollar market for government bonds, notes and bills, and stems directly from the Treasury auction cheating scandal that ensnared Salomon Inc. in 1991. Department officials acknowledged the probe yesterday.

NationsBank plans center

NationsBank Corp. is expected to announce today plans for a banking center in the City Crescent building, under construction at 10 S. Howard St.

The $37 million building is being constructed by developer Otis Warren Jr., and is expected to house the U.S. Army Corps of Engineers and other federal government agencies. The building, begun a year ago, contains 250,000 square feet. Mayor Kurt L. Schmoke is scheduled to attend today's announcement.

Zelnick heads for Silicon Valley

The 20th Century Fox Film Corp. said yesterday that its president and chief operating officer, Strauss Zelnick, was stepping down to become president and chief executive of Crystal Dynamics Inc., a Silicon Valley start-up company involved in electronic game technology.

German court rules against GM

A German court has rejected part of General Motors' claim that its former purchasing chief stole company secrets when he defected to Volkswagen. The Frankfurt District Court ruled that the personal knowledge Jose Ignacio Lopez de Arriortua took to Volkswagen did not represent such secrets, documents released yesterday show.

McCormick to buy back stock

McCormick & Co. Inc. said it would buy back up to 2 million shares of the company's outstanding stock in the open market. The move comes in addition to an existing repurchase program, also involving 2 million shares, which is virtually complete, the company said. The Sparks-based maker of spices and seasonings closed up $1 a share yesterday, at $22.25, in heavy trading.

EA wins Air Force contract

Hunt Valley-based EA Engineering, Science and Technology Inc. said it received a one-year Air Force contract that, with an additional four years of options, could be worth up to $100 million.

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