Law & Regulation
Federal prosecutors are suing Bank of America for selling fraudulent loans to Fannie Mae and Freddie Mac, two government-sponsored mortgage finance companies. The government alleged that the multinational sold over $1 billion in bad mortgages that led to numerous foreclosures.
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.
The extravagant spectacle is expected to dwarf the record $95 million spent by Democrats this year. In fact, the Republicans will spend more than the $130 million raised by Al Gore for his entire 2000 campaign.
The Federal Bureau of Investigation is conducting a criminal probe of the deadly explosion at a Massey Energy Co. mine in West Virginia in early April that killed 29 miners, according to people familiar with the matter. In a statement on Friday Massey Energy said, "Massey has no knowledge of criminal wrongdoing."
Wal-Mart Stores Inc. and other large retailers claimed victory in Chicago after the City Council failed to override Mayor Richard Daley's veto of an ordinance requiring them to increase their minimum wage.
Over 11,000 academics have pledged to boycott Elsevier, the Dutch publishing giant, for profiting off their work and making it unavailable to the general public. Now Jimmy Wales, the founder of Wikipedia, plans to turn the world of corporate academic publishing on its head.
Six major international banks - Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) - have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.
The last time the European Union decided the future of its 50 billion euro agricultural aid program, in 2005, the deal was cut behind closed doors in a luxury suite at the five-star Conrad Brussels hotel. Now, 2013 is closer at hand and a new round of maneuvering has begun to reshape the richest system of agricultural handouts in the world.
The United States is investigating reports Indian nationals were victims of human trafficking to Iraq and mistreated while working there as contractors in U.S. military camps, the State Department has said.
The head of the Federal Communications Commission and other senior officials said on Monday that they were considering taking steps to discourage cable and telephone companies from delaying the downloads and uploads of heavy Internet users.