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GM: CEO Whitacre leaves on a high note; Scandals: Apple manager busted; Banking: Fed restricts overdraft fees; Lawsuits: Oracle targets Google’s Android; Safety: BP fined a record $50 million for lapses

GM: CEO Whitacre leaves on a high note

Having just announced a “strong” second-quarter profit of $1.3 billion, General Motors, “in what almost seemed like an afterthought,” last week revealed that Chairman and CEO Edward Whitacre, 68, was giving up the CEO post, said James Healey in USA Today. The announcement surprised auto-industry analysts, who were expecting GM to announce the date of its planned stock offering—not a change in leadership. GM attributed the profit surge to a sharp reduction in profit-sapping sales incentives and customers’ growing preference for more expensive models.

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