Category: Corruption

UBS nears settlement over Credit Suisse tax evasion case, WSJ reports UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse’s violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday. A settlement could come as soon…

A group of JC Penney bondholders are seeking to re-litigate its Chapter 11 case, claiming that a scandal that has since ensnared one of the country’s top bankruptcy judges tainted the US retailer’s 2020 reorganisation. Eric Moore, a bondholder, described the deal clinched in bankruptcy court as a “multibillion-dollar heist” that improperly handed control of JC Penney to a select…

Vanguard reaches deal with US bank regulator over control of bank stakes (Reuters) -The U.S. Federal Deposit Insurance Corporation (FDIC) said on Friday it has struck a passivity agreement with Vanguard, to help the regulator better monitor the money manager’s interests in large banks. According to the deal, Vanguard is strictly prohibited from engaging in activities that influence the management…

Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks…

Following a comprehensive investigation, the Justice Department announced today that the Mount Vernon, New York, Police Department (MVPD) engages in a pattern or practice of conduct that deprives people of rights secured by the U.S. Constitution and federal law. Specifically, the Justice Department finds that MVPD: Uses excessive force in numerous ways, including by unnecessarily escalating minor encounters and by…

CHICAGO (AP) — Hours of secretly recorded videos and phone calls have offered a rare glimpse into how the longest-serving legislative leader in American history operated behind closed doors. As the corruption trial of former Illinois House Speaker Michael Madigan stretches into its third month, testimony has covered his multiple alleged schemes, from kickbacks involving the state’s largest utility company…

Authorities in two Indian states that are driving its economic growth are drafting tighter workplace rules and inspections to protect white collar employees following the death of a young executive at global consultancy Ernst & Young (EY), which her family blamed on overwork. India’s decades-old labour laws are largely focused on blue-collar workers, leaving others vulnerable to workplace abuse such…

There are legitimate concerns about the risks of sectarian violence in Syria and a resurgence of extremism in the country, the European Union’s new foreign policy chief Kaja Kallas said on Tuesday, while pointing to positive early signals. Syria’s new interim leader announced on Tuesday he was taking charge of the country as caretaker prime minister with the backing of…

Morgan Stanley Smith Barney will pay a $15 million penalty as part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients’ and brokerage customers’ funds. The settlement announced late Monday is also related to the firm’s failure to adopt policies and procedures designed to prevent and detect…

The Justice Department, the Environmental Protection Agency (EPA) and the State of Illinois today announced a settlement with the City of Cahokia Heights, Illinois, resolving violations of the federal Clean Water Act (CWA) and the Illinois Environmental Protection Act resulting from the city’s failure to properly operate its sanitary sewer system. The settlement requires that Cahokia Heights pay a $30,000…

Syrian rebels said they had entered Damascus on Sunday as President Bashar al-Assad’s regime appeared to collapse in the face of the insurgents’ stunning offensive across the country. The rebels said in a statement that “the city of Damascus is free from the tyrant Bashar al-Assad” and that “Assad has fled”. The whereabouts of Assad were unclear, with reports that…

Footnote No. 379 of the carefully researched, wide-ranging document that historian Lee Mordechai has drawn up contains a link to a video clip. The footage shows a large dog gnawing something amid bushes. “Wai, wai, he took the terrorist, the terrorist is gone – gone in both senses,” says the soldier who filmed the dog eating a corpse. After a…

The U.S. Department of Agriculture issued a federal order requiring the testing of the nation’s milk supply amid increasing concerns over bird flu. The influenza virus has been raising alarm since it was detected in a Texas cow back in March. Since then, the virus has spread to over 710 dairy herds across 15 states, with California reporting the highest…

Nearly 500 journalists are on strike at the Guardian and its sister paper, the Sunday-only Observer, to protest the planned sale of the Observer to a small digital startup. “We believe it’s a total betrayal of the Guardian’s values and promises that it’s made,” says Carole Cadwalladr, an investigative reporter and feature writer for the Observer. “The sale of the Observer to a loss-making startup is potentially the death of this…

The video, seen below, shows a shooter assassinating UnitedHealthcare CEO, Brian Thompson, outside a Manhattan hotel. The manhunt for the shooter is still underway 3 days later. News outlets have been irresponsibly posting images of a suspect wearing similar clothing, but who can be seen to be wearing a different jacket and carrying a dark backpack. The shooter’s backpack is…

(Reuters) – A federal judge in Texas on Friday rejected a request by the Consumer Financial Protection Bureau to lift an order that blocked a new rule capping credit card late fees at $8, a policy challenged by business and banking groups. U.S. District Judge Mark Pittman in Fort Worth declined to dissolve an injunction he issued in May that…