Banking, Finance & Services

Shame on Charles Schwab
Many Halliburton contractors leave Iraq with debilitating injuries and deep psychological scars. Then they return home only to find that the insurance they need to rebuild their lives is out of reach.
Lockheed Martin and General Dynamics of the U.S. face divestment from major UK banks, for manufacturing cluster bombs. The Guardian newspaper has exclusively reported that Aviva, the UK's largest insurance company; Scottish Widows (part of the Lloyds Banking Group) and the Co-op Bank will sell shares in these companies, following a similar move by the Royal Bank of Scotland last year.
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.
Maurice R. Greenberg, a former titan of the insurance industry who is at the center of a wide-ranging investigation into possible financial manipulation, will not answer regulators' questions today, his lawyer said yesterday.
Protestors have rallied this week outside annual meetings of Barclays bank in London, Citibank in Dallas, Credit Suisse in Zurich and Wells Fargo in San Francisco. A surprising number of shareholders have rallied to their side to vote down excessive executive compensation, in an unexpected victory for the Occupy movement.
Four years after the company's ignominious collapse, Enron's former top executives are about to head to a climactic criminal trial later this month, serving as a reminder that changes in the behavior of many American companies have been more muted than many once expected.
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.
In many parts of California, moving merely across the street could cause drivers' car-insurance rates to go up. This is especially the case if the new address is in a zip code with an even slight increase in the percentage of black or Latino residents, a study has found.
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.