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Originally published Saturday, September 23, 2006 at 12:00 AM

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Business Digest

Extension likely for Boeing's C-17 program

Boeing's C-17 transport program, which the Pentagon wants to end in 2008, received a short-term reprieve as congressional negotiators added $2 billion to the U.S. defense-spending bill to buy 10 planes more than the 12 requested.

Boeing's C-17 transport program, which the Pentagon wants to end in 2008, received a short-term reprieve as congressional negotiators added $2 billion to the U.S. defense-spending bill to buy 10 planes more than the 12 requested.

Boeing said the extra planes will allow it to keep its C-17 production line in Long Beach, Calif., open through 2009, instead of closing it in June of that year.

The deal reached late Thursday is expected to be approved by the full House and Senate next week.

Boeing

Tracy named to senior VP post

Boeing has named John Tracy as senior vice president of engineering, operations and technology.

Tracy replaces Jim Jamieson, who was recently named chief operating officer of the commercial-jet business, Boeing said Friday. Tracy, a 25-year Boeing veteran, starts his new job immediately. He will move to Chicago, where the company is based.

In his new role, Tracy also will have oversight of the Phantom Works research division.

Expedia

Travel agency promotes Brown

Expedia has promoted Paul Brown to president of Expedia North America, replacing Steven McArthur.

Brown will oversee Expedia.com, Expedia.ca, Worldwide Travel Exchange and the Expedia business-operations group, the Bellevue-based online travel agency said Friday. McArthur resigned to pursue other interests.

The change at Expedia's largest unit comes after the company's earnings declined in three of the last four quarters. Brown, who served as president of Expedia's partner services group, previously worked at McKinsey & Co.'s travel and hospitality group in London.

SEC

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Investment adviser accused in lawsuit

The Securities and Exchange Commission has sued an Oregon investment adviser, claiming he misused at least $12.3 million in clients' money, funding improvements to his house and restoring classic cars.

The suit accuses C. Wesley Rhodes Jr., 55, of West Linn, Ore., of raising more than $16.2 million from about 50 people, including senior citizens, and then investing only $3.9 million in securities, the SEC said Friday.

Rhodes paid $6.3 million to other investors since 2004, the SEC said. A federal judge in Portland issued an order freezing Rhodes' assets and those of three companies he controlled.

Rhodes could not be reached for comment.

Compiled from Bloomberg News

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