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Note: The following text is a quote: Hassan Nemazee Pleads Guilty in Manhattan Federal Court to $292 Million Bank Fraud PREET BHARARA, the United States Attorney for the Southern District of New York, announced that HASSAN NEMAZEE pleaded guilty today to charges of defrauding Bank of America, N.A. ("BofA"), Citibank, N.A. ("Citibank"), HSBC Bank USA, N.A. ("HSBC"), and a longtime friend and business associate of a total of more than $290 million in loan proceeds. NEMAZEE entered his guilty plea before United States District Judge SIDNEY H. STEIN in Manhattan federal court. According to the superseding Information, filed today, to...

SNIPPET: "SPOKANE -- Authorities in North Idaho are reporting that sometime early Tuesday morning a small airplane was stolen from the Boundary County Airport. The Boundary County Sheriff confirms they received a report regarding the theft of a 2005 Cessna T182T aircraft around 7 AM Tuesday morning. The aircraft, with tail number N2183P, is a white and blue fixed wing single engine aircraft. It is believed the aircraft was taken from the airport around 5:45 Tuesday. They're not sure in what direction the plane was flown from the airport." SNIPPET: "Authorities are working to confirm if the theft is related...

A 15-year-old Los Angeles girl who navigated a single-engine Cessna through thunderstorms in Texas and took in breathtaking aerial views of Arizona's sunsets landed her plane to cheering crowds at Compton Woodley Airport on Saturday. She is believed to be the youngest African American female pilot to fly solo across the country. Kimberly Anyadike took off from Compton 13 days ago with an adult safety pilot and Levi Thornhill, an 87-year-old who served with the Tuskegee Airmen during World War II. They flew to Newport News, Va., making about a dozen stops along the way. Anyadike learned to fly a...

Cessna Aircraft will have another round of job cuts as it grapples with economic uncertainty and a deteriorating business jet market, CEO and president Jack Pelton told employees in a memo Thursday. The company didn't say how many jobs will be lost. Sixty-day layoff notices are expected to be issued by June 19, and employees have until Tuesday to apply for voluntary layoffs. "The industry continues to struggle as the economic recovery remains very slow and the negative perception surrounding business jets creates a battle to keep our customers sold," Pelton said. The layoffs will be in addition to 6,900...

<p>Congressman McCotter was interviewed this morning on FOX regarding the GM pre-programmed bankruptcy. I was interested that learn that GM car manufacturing will be moved to China, where impressive vehicles like Le Car! will be made and then shipped-back to the US for purchase by reluctant consumers. McCotter noted that not only is this bankruptcy a gift to the UAW, but also a victory for the EnviroNazis who will at last force Americans to buy the small, dangerous, lawnmowers-with-4- seats they have demanded for years.</p>

'Pilot Took Off Running After Landing Plane' (Turkish born. . .third paragraph discloses his name) A pilot who allegedly stole a Cessna plane from a Canadian flight school and was pursued for hours across the Midwest by fighter jets, was taken into custody after he landed on a Missouri highway late today and took off running, an FBI spokesman said. [. . .] A college official told a local newspaper that it was believed the pilot was not a student at the school. [. . .] "Apparently, somebody jumped over the fence and just jumped into an aircraft," Judi Maundrell,...

http://www.northlandsnewscenter.com/news/local/42563292.html SNIPPET: "A stolen airplane from Thunder Bay, Ontario that had U.S. defense Officials on high alert throughout Monday, landed on a Missouri highway." MULTIMEDIA WATCH THE VIDEO SNIPPET: "Spokespeople say a student at a flight school stole the aircraft and took off. The plane continued to fly towards Madison and that's when two F-16 fighter jets fighter intercepted the stolen Cessna"

WAUSAU, Wis. - Two F-16 fighters were dispatched over Wisconsin Monday to track a single-engine plane that was believed stolen in Canada by a student pilot, authorities said. The incident caused the Wisconsin Capitol in Madison to be evacuated as a precaution.

Over the skies of the Midwest, two F-16 fighter jets are escorting a private Cessna 172 aircraft stolen from a flight school in Ontario, Canada, whose pilot has been unresponsive to multiple requests that he establish communications with ground controllers. The plane entered American airspace over Michigan's Upper Peninsula at 3:25 p.m. today and has been trailed by the military aircraft since 4:43 p.m. as it has flown over Minnesota, south through Wisconsin, Illinois and Missouri. The aircraft went past St. Louis flew south over eastern Missouri towards Arkansas. At one point, the Wisconsin state capitol building in Madison was...

The last time Patrick Moroney saw his Cessna Stationair 206, it was flying away from a rural airstrip in Mulege, Mexico - hijacked by gun-toting drug runners who left him and his stunned family abandoned beside a burning car. -- SNIP -- there was no way I am getting my family out of this plane with a propeller moving. -- SNIP -- They told me I was going to die -- SNIP -- Kim Moroney called then-U.S. Sen. Larry Craig's staffers. They promised to help but nothing happened. But less than two hours after her initial conversation with one of...

A Cessna spokesman says the company may have to reconsider the delivery schedule for the 162 Skycatcher after the second crash of a prototype Thursday. The pilot, who was doing unspecified flight test maneuvers, pulled the ballistic parachute, which deployed and he was uninjured in the incident. Photos show the aircraft ended up inverted, likely because the parachute pulled it along the ground. The crash aircraft was the only flying example of the 162 after September crash destroyed the first prototype. Deliveries were to begin later this year, but Bob Stangarone, Cessna's vice president of corporate communications, told the Wichita...

North of El Dorado, a Cessna SkyCatcher crashed onto private property Thursday morning. There were no injuries to the pilot. Cessna furloughs could begin as early as April EL DORADO - A Cessna SkyCatcher crashed Thursday onto private property north of El Dorado in Butler County. The pilot walked away from the plane, which was upside down in a ditch, but was taken to a hospital as a precaution, said Butler County Sheriff Craig Murphy. No passengers were on board. The pilot was conducting a flight test of the two-seat SkyCatcher, which is slated to enter the market this year,...

Banks got lambasted for their corporate jets after receiving government money. Congress and the public scourged auto executives for flying their private planes to Washington to beg for cash. Now, Wichita, Kan.-based planemakers Cessna Aircraft Co. and Hawker Beechcraft Corp. are launching marketing campaigns to convince executives not to let their wings be clipped. "Timidity didn't get you this far," the Cessna ad reads, adding that "true visionaries will continue to fly." Support needs to be given to businesses that have the "good judgment and courage" to use corporate planes not only to survive the recession but also to find...

BEGIN TRANSCRIPT RUSH: Let's go to the audio sound bites. This is, let's see, Brad Sherman (Democrat-California) interviewing -- or interrogating -- the bank CEOs yesterday as part of the House Financial Services Committee hearing. SHERMAN: I'd like you to raise your hand if your company currently owns or leases a private plane. Let the record show all the hands, uh, went up except, uh, for the, uh, gentleman from, uh, Goldman Sachs. Gentlemen, we know that it is extremely expensive to operate these planes, that you could sell them and generate capital for your company and that capital could...

WICHITA, Kan., Feb. 11, 2009 - Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, today announced a new initiative to address misinformation on the business use of general aviation aircraft and to provide a more accurate picture of the value of business aircraft as a resource that makes companies more competitive... Full articleAd (PDF)More about the campaign

The Fort Worth Star-Telegram is reporting that Textron CEO Lewis Campbell told an investment conference on Tuesday that the corporation may have to sell either Cessna or Bell Helicopter to cover losses by its financial arm. Campbell told a Barclays Capital conference in Miami Beach that the company needs to raise $1 billion in the first of this year and that means one of the aviation units could be put on the block. Which will go will likely depend on which has the most perceived value. Both companies are cutting back in the face of decreased demand. Cessna has announced...

Cessna Aircraft has significantly increased the number of jobs it will cut. It now expects to reduce its work force by 30 percent _ a total of 4,600 people systemwide. That's up from the previously announced 2,660 job cuts as customers cancel and defer orders.

Airframe Chute's Failure Forces Real-Live Bail-Out... ANN has learned sume surprising details surrounding the recent loss of a non-conforming flying prototype of the Cessna SkyCatcher LSA during exclusive conversations with personnel from Cessna Aircraft and BRS Parachutes. Cessna's prototype Model 162 SkyCatcher light sport aircraft crashed thursday afternoon near Douglass, KS on what was described as a routine test flight, but a Cessna spokesperson now describes as an extensive evaluation of the aircraft's smpin matrix... this particular test being devoted to "Full-Power, cross-controlled spins." (snip) Cessna has been pretty open adn up-front with the matter, at least to the extend...

Federal investigators are on their way to Douglass, Kansas to investigate the crash of a Cessna Skycatcher LSA prototype Thursday. The pilot of the test aircraft was able to parachute to safety and was reportedly taken to hospital with minor injuries. Cessna media relations personnel were unable to immediately respond to AVweb's request for more detailed information, but KAKE Television is reporting the aircraft crashed into a treeline near the boundary of Butler and Cowley Counties. The television station is quoting witnesses as saying they heard a loud pop and then saw sparks and the plane spiraling down. The pilot...

Textron Inc.'s Cessna Aircraft Co. will become the first U.S. manufacturer to turn over complete production of an airplane to a Chinese partner, a move intended to cut production costs and foster a nascent private-aviation market in China. Cessna officials said China's state-owned Shenyang Aircraft Corp. will build the new Cessna 162 SkyCatcher at its factory in Shenyang, China. The planned single-engine, two-seat airplane will be the smallest in Cessna's product line. It is designed for training and what is known as the light-sport market, for recreational fliers. Cessna hopes manufacturing in China will help keep the price of the...