Privatization & Procurement

What role did senior executives of the Bank of Cyprus and Laiki Bank play in the collapse of Cyprus banking? Billions of euros - mostly invested by Russians and Ukranians attempting to dodge taxes - have been gambled away in the last few years. Read More

Transfield Services, an Australian logistics company that provides services to the mining and oil industry among others, has won a $25.9 million contract from the government of Australia to run a detention center for asylum seekers in the Pacific island nation of Nauru. Read More

Spain will inject emergency capital into the country's biggest ailing bank, Bankia, as it puts into place reforms to allow loss-making banks to receive eurozone bailout money. Read More

Glencore corporation, the secretive Swiss commodities giant which has become one of the world's biggest trader of grain, oil and minerals, has hit an unlikely roadblock. The Bolivian government nationalized the Colquiri tin and zinc mine, the third Glencore asset to be seized by the state in five years. Read More

Two global institutions - the United Nations and the Olympic Games - face charges that they are using "unaccountable and out of control" private security contractors. One of the companies at the heart of both controversies is G4S, a private security company in the UK. Read More

G4S and Serco - two private security contractors - have just been awarded multi-million pound contracts by the UK Borders Authority to provide housing to asylum seekers, edging out charities for the work. Activists are protesting, saying that G4S has a history of abusing immigrants and providing poor quality housing. Read More

El Proceso quotes Anna Feigenbaum and Pratap Chatterjee of CorpWatch on how the private security industry has cashed in on the War on Terror. Read More

Three Barclays bankers made more than $15 million in 2011 salary packages, with the CEO making $28 million. The numbers were revealed under a pact made by the banking sector with the UK government, under Project Merlin, sparking outrage. Read More

Greg Smith, a Goldman Sachs employee in London, has quit the company with a fiercely critical op-ed in the New York Times in which he accuses the Wall Street investment bank of losing its moral compass. Read More

Four years after the disintegration of the financial system, 24 million people jobless or underemployed. Yet claims of financial fraud against companies like Citigroup and Bank of America have been settled for pennies on the dollar, with no admission of wrongdoing. Executives who ran companies that made, packaged and sold trillions of dollars in toxic mortgages and mortgage-backed securities remain largely unscathed. Read More