IN BRIEF

MGM Mirage shares drop after downgrade

MGM Mirage, the world's second-largest casino company, dropped as much as 5.4 percent in New York trading after Oppenheimer & Co. reduced its rating to "perform" from "outperform."

MGM, majority owned by billionaire Kirk Kerkorian, fell $3.32, or 5.42 percent, Monday to $57.88 on the New York Stock Exchange.

Strip convention business appears to have deteriorated, David Katz, an analyst with Oppenheimer, wrote Monday in a research note. Also, MGM is unlikely to make any project agreements for its Strip land holdings in the next several months, the New York-based analyst said.

WASHINGTON

Consumers slow pace of borrowing in month

Consumers, battered by a credit crunch and prolonged housing slump, significantly slowed their pace of borrowing in February.

The Federal Reserve reported Monday that consumer borrowing rose at an annual rate of 2.4 percent in February, just half of the 4.9 percent increase in January.

The slowdown reflected weaker demand for auto loans and other type of non-revolving credit, which rose at a rate of 0.4 percent in February, much lower than the 3.6 percent growth rate in January. Credit card debt rose at a 5.9 percent rate.

SEATTLE

Washington Mutual close to getting cash

Washington Mutual, the country's largest savings and loan, is close to landing a $5 billion cash infusion from private equity group TPG and other investors, a person familiar with the matter said Monday.

The investment would give TPG, formerly Texas Pacific Group, a mix of common and preferred stock, totaling less than 25 percent of WaMu's outstanding shares, according to the person, who asked not to be named because the deal has not been announced. TPG would also get a seat on WaMu's board.

WASHINGTON

Interest rates increase in Treasury auction

Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since early March.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.45 percent, up from 1.44 percent last week. Another $21 billion in six-month bills was auctioned at a discount rate of 1.6 percent, up from 1.5 percent last week.

Individuals, companies accused of conspiracy

The Securities and Exchange Commission on Monday filed a lawsuit accusing 11 individuals and three companies of conspiring to illegally issue and sell unregistered stock in CMKM Diamonds, a purported diamond and gold mining company.

The defendants are accused of taking $64 million from 40,000 investors nationally. Urban Casavant, 51, a Canadian citizen and CMKM Diamonds chief executive, promoted the stock through false press releases, Internet chat boards and "funny car" race events around the country, the government lawsuit said.

The SEC said Casavant didn't disclose that he ran the company from his house in Las Vegas and that the company's primary activity was issuing and promoting its stock. The mastermind of the scheme, John Edwards, 65, a British citizen, was living in Las Vegas and sold unregistered shares for a profit of $64.2 million, the SEC said.

Attempts to reach Edwards and Casavant failed.

NEW YORK

Treasury prices decline amid quiet trading

Treasury prices fell in a relatively quiet session Monday as Wall Street digested reports of corporate dealmaking.

As of 4:15 p.m. Eastern time, the benchmark 10-year Treasury note fell 0.69 points to 99.56 with a yield of 3.55 percent, up from 3.47 percent late Friday, according to BGCantor Market Data. Prices and yields move in opposite directions.