Banking, Finance & Services
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.
This profile of Westdeutsche Landesbank is from CorpWatch's EuroZone Profiteers report which investigates 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 the countries deep in debt.
The General Accounting Office (GAO) dismissed protests by two competitors to WorldCom Corp.'s $450 million Defense Department contract, despite acknowledging that the agency "relied on grossly inaccurate financial information" in making the award.
Richard F. Scruggs, a Pascagoula lawyer who rose to prominence as he helped win a $250 billion settlement from the tobacco industry a few years ago, argues that in selling home insurance with many references to windstorms and hurricanes, Nationwide and other insurers led customers to believe that any hurricane damage - whether from wind or water - would be covered.
JP Morgan, the Wall Street bank, is negotiating to escape criminal prosecution for its role in the sub-prime mortgage crisis in return for paying the U.S. government roughly $3 billion, plus $6 billion to investors, and another $4 billion to compensate home owners.