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A sign marking the entrance to a Walgreens store in San Francisco. Photo: Robert Alexander/Getty Images

Walgreens Boots Alliance, former CEO Gregory Wasson and former CFO Wade Miquelon each settled with the Securities and Exchange Commission, which charged them with making misleading profit forecasts in 2013 and 2014.

The bottom line: This is another example of why financial projections should not be viewed as gospel.

The details: Walgreens will pay $34.5 million to settle the case without acknowledging denial or wrongdoing, while Wasson and Miquelon each will pay a $160,000 penalty. The executives surprised investors by dropping a core measure of profit after the prices of generic drugs unexpectedly increased, according to the SEC.

Perspective:

  • Wasson made $82.8 million in his final year at Walgreens. That means his $160,000 penalty was just 0.2% of his haul from that final year. That's equivalent to a $114 fine for someone who makes $60,000 a year .
  • The $34.5 million fine Walgreens has to pay? It's 2.6% of just this year's second-quarter net profit.

Go deeper: Read the full settlement.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.