Banking, Finance & Services
Billionaire businessmen and lobbyists are lining up to help Donald Trump after his victory in the U.S. presidential election. Trump appears to be welcoming them with open arms, despite his claim to bring change to Washington DC and get rid of special interests.
In Kearny, New Jersey, a 20-minute drive from Manhattan, a Wal-Mart-branded automated teller machine is reigniting fears among small banks that the world's largest retailer wants to drive them out of business.
A large chunk of the Eurozone bailouts are for speculative schemes that were handed out by banks in just four countries Belgium, France, Germany and the UK. So why are Greece, Ireland, Italy, Portugal and Spain being blamed? And who is really getting bailed out?
Ernst & Young, one of the Big Four auditing firms, has agreed to pay a $10 million to New York state to settle a lawsuit for overlooking accounting gimmicks by Lehman Brothers, the defunct Wall Street bank. The scheme allowed Lehman to hide billions of dollars in bad deals.
A company controlled by Democratic Party donor Norman Hsu recently received $40 million from a Madison Avenue investment fund run by Joel Rosenman, who was one of the creators of the Woodstock rock festival in 1969. That money, Mr. Rosenman told investors this week, is missing.
In a settlement for bribery allegations related to the construction and expansion of its Bonny Island natural-gas liquefaction facility, Halliburton Co. agreed to pay $35 million to the Nigerian government.
Goldman Sachs, the Wall Street investment bank, is being sued in London for selling Libya "worthless" derivatives trades in 2008 that the country's financial managers did not understand. Libya says it lost approximately $1.2 billion on the deals, while Goldman made $350 million.
Privacy no longer can mean anonymity, says Donald Kerr, the principal deputy director of national intelligence. Instead, it should mean that government and businesses properly safeguards people's private communications and financial information.
Wachovia Corporation has apologized for its ties to slavery after disclosing that two of its historical predecessors owned slaves and accepted them as payment.
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."