Law & Regulation
As New York Attorney General Eliot Spitzer charges American International Group (AIG) executives with collusion in an insurance brokerage kickback scandal, a paper trail stretching back a decade reveals that AIG used offshore shell companies to skirt the law.
U.S. Investigations Services (USIS), the company that signed off on a background check into Aaron Alexis, the military contractor who shot 12 people dead on a U.S. Navy base in Washington DC last week, has a record of rushing investigations, according to a number of former employees.
Physicists and other scientists have flooded Wall Street in recent years, known as "quants" because they do quantitative finance. They arrived on Wall Street in the midst of a financial revolution. Galloping inflation had made finances more complicated and risky, and it required sophisticated mathematical expertise to parse even simple investments like bonds.
European Union governments delivered a blow Monday to the biotechnology industry, allowing Austria and Hungary to maintain national bans on growing genetically modified crops from Monsanto. The market for genetically engineered crops is worth several billion dollars worldwide.
Now come the second thoughts on globalization, as never before have world markets been so integrated. The current financial crisis could mark the start of an effort to overhaul the global financial system conceived at the 1944 summit in Bretton Woods, N.H., which set the rules of international commerce for industrial countries.
Executives from three major Spanish construction companies are in the limelight for allegedly contributing to a slush fund for the Partido Popular, the Spanish ruling party: Fomento de Construcciones y Contratas from Barcelona, ObrascÃ³n Huarte Lain and Sacyr Vallehermoso from Madrid. The scandal has rocked the conservative government of Mariano Rajoy.
Villagers in Tororo district, Uganda, not far from the Kenyan border, say that Guangzhou Dongsong Energy, a company from China, has conspired with the government to cheat them out of their land titles in order to build a $600 million phosphate mine and industrial complex.
The FCC's two Democratic members harshly criticized the Justice Department for approving the $78 billion AT&T- BellSouth merger without conditions.
The U.S. futures industry regulator said Wednesday that a U.S. unit of BP Plc. tried to manipulate U.S. propane prices by cornering the market in February 2004.