Law & Regulation

An Oxford economist has a new and potentially powerful idea: setting up an voluntary international charter to guide transparency efforts in resource-rich developing countries, in order to stave of corruption.
Amid a barrage of criticism, the Securities and Exchange Commission is temporarily suspending an online list intended to spotlight companies doing business in countries tied to terrorism.
Seven international banks have been served with subpoenas over the global interest setting scandal. Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS - have been asked to provide relevant "documents and communications" to the New York attorney-general.
Netherlands-based telecommunications giant VimpelCom announced today that it would pay U.S. and Dutch authorities $795 million to end an investigation into bribery in Uzbekistan. While the settlement does not reveal the recipient of the bribes, most sources point to Gulnara Karimova, daughter of the Uzbek president.
Setting aside its home base in the Upper Midwest, Detroit has a blue state problem -- and it is about to get worse. Washington and Oregon plan to become the 9th and 10th states to adopt California's tough car emissions rules, forming an increasingly potent market for more fuel-efficient vehicles on the West Coast and in the Northeast.
The Florida Supreme Court upheld today a decision that threw out a $145 billion judgment against the nation's largest tobacco companies.
The Government has been accused of reneging on pledges to control private security companies operating in Iraq because it wants to "privatise the war" as part of its exit strategy.
Federal regulators have turned down a request from Monsanto Co. to take action against dairy companies that advertise milk as free of synthetic hormones.
During the final, desperate days before it entered bankruptcy proceedings, MF Global executives took money from segregated customer accounts - money that belonged not to MF Global but to the farmers and commodities traders that were its clients - and used it to prop up its rapidly collapsing business. Nor was this petty cash: of the $6.9 billion in customer assets that MF Global held, a stunning $1.6 billion is missing. There is virtually no chance that the full amount will ever be recovered.
Last year, the Securities and Exchange Commission (SEC) began investigating one of the nation's largest hedge funds, Pequot Capitol Management, for possible insider trading. Up until last summer, the inquiry was headed by SEC lawyer Gary Aguirre. His investigation proceeded smoothly, Aguirre claims, until he asked for testimony from former Pequot chairman and Morgan Stanley CEO, John Mack, a top Bush donor.