Banking, Finance & Services
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.
This profile of SociÃ©tÃ© GÃ©nÃ©rale 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.
Over the last 50 years, a network of cronies helped former Indonesian president Suharto build a business empire and amass a multi-billion dollar fortune. Today his successors face an uphill battle to recover the money even after his death.
JP Morgan Chase is expected to announce over $600 million in penalties and repayments for allegedly cheating customers in energy markets in California and Michigan. This just after Barclays bank paid out $470 million for manipulating electricity rates. Now Goldman Sachs is under scrutiny for possibly manipulating aluminum prices.
The former director of accounting at WorldCom, Buford Yates Jr., was sentenced to a year and a day in prison on August 9, 2005 for his role in the large fraud at the company.