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CorpWatch Exclusives : Displaying 21-40 of 48


EuroZone Profiteers: Odious Debt
November 13th, 2013
A new CorpWatch report shines a light on the role of six major banks that helped cause the EuroZone crisis. As of June 2013, Greece was forced to borrow €207 billion, Spain €100 billion, and Ireland an additional €85 billion, partly because of risky lending by major banks.

EuroZone Profiteers: Lending Frenzy
November 13th, 2013
European Union bureaucrats convinced major banks in Europe to compete with each other, a push helped fuel the EuroZone crisis. But as E.U. Competition Commissioner Mario Monti firly believed that competition would "reward greater efficiency."

EuroZone Profiteers: Who Owes Whom?
November 13th, 2013
Introduction to a new CorpWatch report that shines a light on the role of six major banks in Greece, Ireland and Spain in the EuroZone crisis. “The EuroZone Profiteers” profiles Commerzbank, Depfa and Westdeutsche Landesbank from Germany; Crédit Agricole and Société Générale from France; together with Dexia – a Franco-Belgian financial institution.

EuroZone Profiteers: Welcome to the Casino
November 13th, 2013
Introduction to a new CorpWatch report that shines a light on the role of six major banks in Greece, Ireland and Spain in the EuroZone crisis. “The EuroZone Profiteers” profiles Commerzbank, Depfa and Westdeutsche Landesbank from Germany; Crédit Agricole and Société Générale from France; together with Dexia – a Franco-Belgian financial institution.

The EuroZone Profiteers
November 13th, 2013
A new CorpWatch report shines a light on the role of six major banks in Greece, Ireland and Spain in the EuroZone crisis. “The EuroZone Profiteers” profiles Commerzbank, Depfa and Westdeutsche Landesbank from Germany; Crédit Agricole and Société Générale from France; together with Dexia – a Franco-Belgian financial institution.

JP Morgan May Escape Criminal Charges for $13 Billion
by Pratap Chatterjee
October 22nd, 2013
JP Morgan, the Wall Street bank, is negotiating to escape criminal prosecution for its role in the sub-prime mortgage crisis in return for paying the U.S. government roughly $3 billion, plus $6 billion to investors, and another $4 billion to compensate home owners.

JP Morgan Fined Over $1 Billion for Wall Street Scams
by Richard SmallteacherCorpWatch Blog
September 20th, 2013
JP Morgan, the Wall Street investment bank, has been fined $920 million for violating trading laws that were discovered after trader Bruno Iksil (nicknamed the “London Whale”) lost billions in bets last May. It was also fined over $80 million for credit card scams in an unrelated incident.

Commodity Scams: Barclays, Goldman & JP Morgan Under Fire
by Pratap ChatterjeeCorpWatch Blog
July 23rd, 2013
JP Morgan Chase is expected to announce over $600 million in penalties and repayments for allegedly cheating customers in energy markets in California and Michigan. This just after Barclays bank paid out $470 million for manipulating electricity rates. Now Goldman Sachs is under scrutiny for possibly manipulating aluminum prices.

Anglo Irish Bank Executives Joked About Billion Euro Bail Out Scam
by Pratap ChatterjeeCorpWatch Blog
June 24th, 2013
Executives at one of Ireland’s biggest banks laughed and joked about how they were going to fool the Central Bank into bailing them out, according to a tape recording obtained by the Irish Independent. The failure of Anglo Irish Bank is eventually expected to cost the taxpayer €30 billion.

Cat and Mouse Game for Wall Street Hedge Fund
by Richard SmallteacherCorpWatch Blog
June 4th, 2013
Steve Cohen, the billionaire founder of the most profitable hedge fund in history with $15 billion in assets averaging 30 percent in annual profits for two decades, has become the most watched man on Wall Street. Will he lose all his outside investors and will he go to jail?

KPMG Senior Partner Caught for Insider Trading
by Pratap ChatterjeeCorpWatch Blog
April 9th, 2013
KPMG, the fourth biggest accounting firm in the world, has announced that it has fired Scott London, one of its top partners. New reports indicate that London was let go for providing insider information on two companies – Herbalife and Skechers.

Wall Street Giants – JP Morgan and SAC – Hauled Up On Fraud Allegations
by Pratap ChatterjeeCorpWatch Blog
March 15th, 2013
JP Morgan - the Wall Street investment bank - and SAC - a major hedge fund - were hauled up Friday for alleged fraud. JP Morgan was questioned at a U.S. Senate hearing about hiding trading losses while SAC agreed to pay $614 million to settle insider trading charges.

“Fat Cat” Laws Approved In Europe To Curb Excessive Corporate Pay
by Puck LoCorpWatch Blog
March 8th, 2013
Nearly 70 percent of Swiss voters approved a “fat cat” referendum that would prohibit “golden handshake” bonuses to departing corporate bosses while the European Union approved legislation limiting bankers executive bonuses to a maximum of one year’s salary, or twice that amount if a majority of shareholders approve.

U.S. Prosecutors Build Case Against Steve Cohen, Hedge Fund Billionaire
by Pratap ChatterjeeCorpWatch Blog
February 24th, 2013
SAC Capital is one of the most profitable hedge funds in history with $15 billion in assets averaging 30 percent in annual profits for 20 years running. Today Wall Street is watching nervously as U.S. government lawyers work on a case against billionaire founder Steven Cohen for insider trading.

U.S. Sues Bank of America for $1 Billion in Bad Mortgages
by Puck LoCorpWatch Blog
October 29th, 2012
Federal prosecutors are suing Bank of America for selling fraudulent loans to Fannie Mae and Freddie Mac, two government-sponsored mortgage finance companies. The government alleged that the multinational sold over $1 billion in bad mortgages that led to numerous foreclosures.

Seven Irish Banks Investigated for Insurance Scam
by Pratap ChatterjeeCorpWatch Blog
October 8th, 2012
Seven Irish banks are being investigated by the Central Bank of Ireland for selling consumers insurance policies that they did not need. Tens of thousands of Irish consumers could get as much as €3,000 ($3,900) each in refunds.

Seven Banks Under Investigation for Global Interest Rate Scandal
by Pratap ChatterjeeCorpWatch Blog
August 16th, 2012
Seven international banks have been served with subpoenas over the global interest setting scandal. Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS – have been asked to provide relevant “documents and communications” to the New York attorney-general.

Private Hedge Fund "Alpha" Surveys Allow Wealthy Clients to Profit From "Insider" Views
by Pratap ChatterjeeCorpWatch Blog
July 17th, 2012
BlackRock and Two Sigma Investments – both major hedge funds - have been conducting regular private surveys of brokers for wealthy clients. The practice has raised red flags because of Morgan Stanley's role in the Facebook stock market flotation, as well as insider trading scandals at Goldman Sachs.

Obama's Tax Haven Reform: Chump Change
by Charlie CraySpecial to CorpWatch
June 15th, 2009
In early May, the Obama administration announced plans to eliminate the advantages that multinationals have over domestic corporations as to the tax treatment of reinvested profits. K Street corporate lobbyists haven’t squealed so loudly since they lost their three martini lunches. The uproar draws attention away from the fact that U.S. multinationals enjoy an effective tax rate of just 2.4 percent on billions of dollars in foreign active earnings.

Mexico’s Other Crisis: Foreign Banks
by Kent PatersonSpecial to CorpWatch
May 15th, 2009
The worldwide financial crisis is hitting people in the Global South with particular venom, and disaster profiteering is alive and well. Take Mexico. While entities like Citigroup-owned Banamex get away with charging Mexican credit account-holders usurious interest rates of up to 100 percent, Banamex itself turned nearly $1 billion in profits in 2008.