Banking, Finance & Services
Two Merrill Lynch executives convicted for their roles in a Nigerian barge deal that inflated Enron's profits have been ordered released from prison pending their appeal.
Grupo Mexico S.A. de C.V. could find itself at the center of the bankruptcy reorganization of Asarco, a century-old American mining and smelting company whose liabilities include the environmental cleanup of 94 Superfund sites in 21 states. Depending on what happens in the bankruptcy reorganization, U.S. taxpayers ultimately could be responsible for the tab.
A new CorpWatch report shines a light on the role of six major banks that helped cause the EuroZone crisis. As of June 2013, Greece was forced to borrow â¬207 billion, Spain â¬100 billion, and Ireland an additional â¬85 billion, partly because of risky lending by major banks.
Some 15,000 lobbyists work in Brussels where they meet secretly with European Union officials to try and influence the rules that govern the 27 countries that together form the world's most powerful economic bloc. New guidelines will attempt to make this lobbying more public and reveal conflicts of interest.
A revised indictment, handed up last October, accused the 19 of "devising, marketing and implementing fraudulent tax shelters" as well as preparing "false and fraudulent" income tax returns containing the shelter losses, and with hiding all of this from the government. The case is the largest criminal tax case ever filed by the government.
While the world's biggest CEOs and politicians gather in Davos, Switzerland to network and negotiate, activists and NGO-workers meet halfway around the world in Porto Alegre, Brazil to imagine other, more humanity-focused possibilities.
The US authorities are expected to unveil a setlement with KMPG over its past sales of allegedly abusive tax avoidance schemes in order to avoid trial.
Morgan Stanley, a major U.S. investment bank, was well aware of the problems in the sub-prime mortgage market as far back as 2005, according to documents just released in a New York court under a lawsuit brought by the China Development Industrial Bank from Taiwan.
Free trade advocates and multinational corporations are pinning their hopes on Robert Zoellick, the United States trade representative, as negotiators from around the two continents gather in Miami for the Free Trade of the Americas talks.