Banking, Finance & Services
The trustee gathering assets for the victims of Bernard L. Madoff's fraud has sued a prominent New York City hedge fund investor, J. Ezra Merkin, to recover almost $500 million withdrawn from Madoff accounts in the last six years.
Seven international banks have been served with subpoenas over the global interest setting scandal. Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS - have been asked to provide relevant "documents and communications" to the New York attorney-general.
Hedge funds were just handed an opportunity to make even more money under a new law signed by President Barack Obama last month. Consumer advocates say that unsophisticated investors may be at risk as a result.
A whistleblower has stepped forward to provide evidence that executives at JP Morgan, a major Wall Street bank, were aware that the bank was selling bad mortgages - but she says that the U.S. government has failed to do anything with the evidence that she has provided to them.
Government lawyers who will try the case against Enron's former chief executives, Kenneth L. Lay and Jeffrey K. Skilling, have signaled that they intend to spend less time befuddling jurors with talk of Enron's accounting.
Prosecutors in Italy said Monday that former Parmalat Chief Executive Officer Calisto Tanzi was a flight risk and requested he be arrested. Tanzi has already been sentenced to a 10-year prison sentence on market-rigging charges and filing false reports with regulators in the wake of the collapse of Parmalat, the ANSA news agency reported
Introduction to a new CorpWatch report that shines a light on the role of six major banks in Greece, Ireland and Spain in the EuroZone crisis. "The EuroZone Profiteers" profiles Commerzbank, Depfa and Westdeutsche Landesbank from Germany; CrÃ©dit Agricole and SociÃ©tÃ© GÃ©nÃ©rale from France; together with Dexia - a Franco-Belgian financial institution.
The worldwide financial crisis is hitting people in the Global South with particular venom, and disaster profiteering is alive and well. Take Mexico. While entities like Citigroup-owned Banamex get away with charging Mexican credit account-holders usurious interest rates of up to 100 percent, Banamex itself turned nearly $1 billion in profits in 2008.
Two law firms representing former employees of Washington Mutual Inc. in California, New York and Illinois have sued the Seattle-based thrift, accusing the company of violating labor laws by failing to pay overtime and the federal minimum wage.