Banking, Finance & Services
What role did senior executives of the Bank of Cyprus and Laiki Bank play in the collapse of Cyprus banking? Billions of euros - mostly invested by Russians and Ukranians attempting to dodge taxes - have been gambled away in the last few years.
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.
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.
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.
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 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.
This profile of Dexia 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.