*By Carlo Versano*
The chairman of Nissan Motors was arrested following a whistleblower report that he had under-reported his compensation and used company assets for his personal benefit, according to [reports](https://www.japantimes.co.jp/news/2018/11/19/business/corporate-business/nissan-motor-co-president-carlos-ghosn-facing-arrest-charge-not-reporting-full-salary-report/#.W_LBVehKiUk) in Japanese media. The arrest follows a [statement](https://nissannews.com/en-US/nissan/usa/releases/regarding-serious-misconduct-by-nissan-chairman-and-one-representative-director) from Nissan confirming that it was investigating "serious misconduct" by Chairman Carlos Ghosn and another high-level official.
The company said it would seek to remove Ghosn from his position.
Ghosn was appointed CEO of Nissan in 2001 following his successful efforts to restructure the French auto giant Renault, and transitioned last year into a role as board chairman. He also serves as chairman and CEO of Renault, as well as chair of Nissan of Mitsubishi, through a unique corporate alliance between the three automakers. Ghosn is widely credited with saving both Renault and Nissan from bankruptcy.
The extent of the misconduct allegations, or the arrest charges, were unclear as of Monday morning. Ghosn had been under investigation following a report that he had lied about his salary in Tokyo Stock Exchange disclosures with the help of Greg Kelly, a board director.
In a statement, Nissan added:
"Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed."
Ghosn had been criticized for his salary of about $9 million ー exorbitant by Japanese standards.
Peacock shared the trailer for the second season of the celebrity competition show, 'The Traitors.'
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
