Banking, Finance & Services
Six major international banks - Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) - have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.
Four years after the disintegration of the financial system, 24 million people jobless or underemployed. Yet claims of financial fraud against companies like Citigroup and Bank of America have been settled for pennies on the dollar, with no admission of wrongdoing. Executives who ran companies that made, packaged and sold trillions of dollars in toxic mortgages and mortgage-backed securities remain largely unscathed.
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.
The U.S. Congress had a miserable record on resisting corporate influence in 2012, according to a new report card released today. The 2012 Corporate Accountability Coalition Report Card tracks Congressional action related to corporate accountability, transparency, and responsible business during the second year of the 112th Congress.
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.