Banking, Finance & Services
Federal prosecutors are suing Bank of America for selling fraudulent loans to Fannie Mae and Freddie Mac, two government-sponsored mortgage finance companies. The government alleged that the multinational sold over $1 billion in bad mortgages that led to numerous foreclosures.
Greek tax investigators have raided the house of Christos Sclavounis, the former head of investment banking for UBS. The crackdown is part of an agreement that the country reached with international lenders in order to reduce tax evasion by Greek elites suspected of hiding their income in Switzerland.
Four trillion dollars is a lot of money. It is the entire annual output of Britain and France put together. It is also the amount American investors in high-tech shares have lost over the past 12 months -- and that's before their losses in the rest of the stock market.
Dalla Al Baraka, a major Saudi conglomerate, has acquired two million acres of farmland in eastern Sudan, to produce food for export. While the investors are hoping to wean Saudi Arabia off imports from South America, such agreements have also caused concern among local Sudanese farmers.
Argentina and Belgium have separately accused HSBC bank's Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The charges are apparently based on a trove of documents provided by HervÃ© Falciani, a former HSBC employee turned whistleblower.
Energy traders for Enron used elaborate schemes with nicknames like ''Death Star'' and''Get Shorty'' to manipulate California's electricity market and boost profits, according to internal company memos released by federal regulators Monday.
The donation to the Proposition 23 campaign comes from a subsidiary of Kansas-based Koch Industries, which owns refineries and controls 4,000 miles of oil pipelines.
A prosecutor tried to poke holes in the testimony of Jeffrey K. Skilling, the former Enron chief executive, today by boring in on stock sales he made in the months after he left the company and before the energy company declared bankruptcy.
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.