Banking, Finance & Services
HSBC, one of the world's largest banks, has been accused of laundering money for Mexican drug cartels. At a hearing conducted by the U.S. Senate earlier this week, David Bagley, HSBC's head of compliance, apologized and resigned.
The World Bank has agreed to investigate Amalgamated Plantations Private Limited (APPL) in India for abusive working conditions on tea plantations in the north-eastern Indian state of Assam, following a formal complaint by workers. A Columbia Law School team has confirmed the workers allegations.
Three British bankers may be extradited to the United States to face Enron-related fraud charges, the High Court ruled on Tuesday in a ruling that was the first test case of laws introduced to speed the transfer of suspected terrorists.
During the final, desperate days before it entered bankruptcy proceedings, MF Global executives took money from segregated customer accounts - money that belonged not to MF Global but to the farmers and commodities traders that were its clients - and used it to prop up its rapidly collapsing business. Nor was this petty cash: of the $6.9 billion in customer assets that MF Global held, a stunning $1.6 billion is missing. There is virtually no chance that the full amount will ever be recovered.
The economic crisis that emerged out the collapse of securities based on shaky U.S. mortgages poses challenges for the Davos World Economic Forum, an arena that has championed market-driven approaches.
The first story to tackle the issue of civilians fighting for their insurance payments, Adding Insult to Injury, appeared under my byline. Just one of many stories framed by me that set the tone for major news organizations to follow. Anytime you guys want to send a check or share some credit, please do.