Banking, Finance & Services
Two years after Congress enacted the sweeping corporate-accountability act known as "SOX," corporate officials are hoping their complaints will take the teeth out of the legislation's power to regulate.
New York Attorney General Andrew Cuomo has warned Charles Schwab & Co. that his office plans to sue the firm for civil fraud over its marketing and sales of auction-rate securities to clients. Emails and testimony cited in the letter show Schwab's brokers had little idea of what they were selling and later failed to tell clients that the market was collapsing.
The midterm elections are days away, but the winners are virtually certain: the corporations and conservative operatives like Karl Rove who have taken advantage of the Supreme Court's Citizens United ruling to establish a well-heeled "shadow party" of networked trade associations and G.O.P. front groups.
Unaoil, a lobbying firm based in Monaco, is being investigated by authorities in Australia, the U.K. and the U.S. for allegedly helping companies around the world pay bribes for oil concessions and contracts. Among the companies under scrutiny is Texas-based Kellogg Brown & Root, former subsidiary of Halliburton.
In a glimpse at how the nation's loss of more than 600,000 manufacturing jobs this year is boiling over, workers laid off from Republic Windows and Doors, said they would not leave, after company officials announced that the factory was closing. The workers were owed vacation and severance pay and were not given the 60 days of notice generally required by federal law in lay-offs.
This profile of Ireland is from CorpWatch's EuroZone Profiteers report - a study of the the role of six major banks in Greece, Ireland and Spain during the EuroZone crisis. Loans from these banks helped fuel the credit boom that left borrowing countries deep in debt.
The U.S. Congress saw no progresses toward corporate accountability and reining in corporate influence over public institutions in 2013, according to the newly released Corporate Accountability Coalition (CAC) Congressional Report Card.
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.