Banking, Finance & Services
Goldman Sachs, the Wall Street investment bank, is being sued in London for selling Libya "worthless" derivatives trades in 2008 that the country's financial managers did not understand. Libya says it lost approximately $1.2 billion on the deals, while Goldman made $350 million.
Privacy no longer can mean anonymity, says Donald Kerr, the principal deputy director of national intelligence. Instead, it should mean that government and businesses properly safeguards people's private communications and financial information.
Wachovia Corporation has apologized for its ties to slavery after disclosing that two of its historical predecessors owned slaves and accepted them as payment.
In order to influence the new laws that encompass the 25 countries of the European Union, now the world's largest single economy, some 15,000 lobbyists have flocked to Brussels, its political heart. The public relations firm Burson-Mastellar is one of the most active among them.
Bernard J. Ebbers, the founder and former chief executive of World Com who was found guilty of fraud by a New York jury in March, agreed yesterday to surrender nearly all of his personal fortune - about $40 million - to investors who lost billions when the company spiraled into bankruptcy almost three years ago.
Steve Cohen, the billionaire founder of the most profitable hedge fund in history with $15 billion in assets averaging 30 percent in annual profits for two decades, has become the most watched man on Wall Street. Will he lose all his outside investors and will he go to jail?
Ten years after the first democratic elections in South Africa brought the African National Congress to power, critics claim that privatization and neoliberal economic policies have usurped the promise of democracy. Soweto Resists Privatization Moves Trevor Ngwane/Walter TurnerANC Privatizations Fail to Deliver in South Africa, Patrick Bond
Kim Seung-youn, the CEO of the Hanwha group in South Korea, has been sentenced to four years in prison and fined $4.5 million. The jail time marks an unusual departure for the Korean judiciary who typically issue suspended sentences when prominent business bosses are found guilty.
The U.S. government is investigating Citadel, a Chicago-based hedge firm and market maker that manages some $25 billion in client money, for allegedly giving smaller investors a bad deal. The Department of Justice wants to know if the firm is taking advantage of the complexity of high-speed trading.