Banking, Finance & Services
Record fines adding up to $36 billion have been paid out in the last 12 years by multinational corporations to the U.S. government to settle charges of corruption and fraud. But are they getting away with a slap on the wrist to avoid prosecution for major crimes?
Tobacco Industry Saves on Soft Money, Spends On Advertising and Lobbyists The quadrennial special-interest cash race is on. Although the McCain-Feingold Act has blocked some of the flow, the political system is still awash with tobacco dollars.
Three lawsuits filed on Monday provided new details about what regulators say went on inside Bernard L. Madoff's long-running Ponzi scheme, including information about who might have helped perpetuate the fraud for so long.
Pharmaceutical giant Pfizer has agreed to pay a total of $60.2 million in penalties to U.S. government regulators to settle documented charges of bribery in eight countries: Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia.
The South African government has intervened to support the Indian-born Gupta brothers, owners of a sprawling conglomerate with interests from mining to media, following a scandal that suggested that the brothers had accumulated so much power that they could dictate cabinet-level decisions in the country.
More than 90% of Royal Bank of Scotland shareholders voted against the bank's pay and pensions policy at its annual general meeting in Edinburgh. RBS does not have to make any changes as a result, saying it was a "substantive" protest at Sir Fred Goodwin's Â£703,000 a year pension. Sir Philip blamed RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007.
Greg Smith, a Goldman Sachs employee in London, has quit the company with a fiercely critical op-ed in the New York Times in which he accuses the Wall Street investment bank of losing its moral compass.