published Thursday, July 31st, 2014

Business Briefs: Jackson heads Erlanger East

Jackson heads Erlanger East

Erlanger Health System has hired an executive from one of the country's biggest outpatient dialysis providers to head Erlanger East and Erlanger North hospitals.

Dr. Phillip E. Jackson, a vice president for Davita HealthCare Partners in Memphis, will join Erlanger on Sept. 1. A Navy veteran who has worked in health care for 27 years, Jackson is board-certified in health-care management and is a Fellow of the American College of Healthcare Executives. He previously served as health care management degree program chairman for Baptist College of Health Sciences in Memphis.

Bank fined $1.3 billion

A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments.

The fine was against Countrywide Financial, which Bank of America purchased in 2008. A jury found in October 2013 that BofA was liable for Countrywide's role in selling risky loans to the government housing agencies through a program nicknamed the "Hustle."

Judge Jed Rakoff said the program was "driven by a hunger for profits and oblivious to the harms thereby visited."

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