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CorpWatch Exclusives : Displaying 12-31 of 101


Blackstone Group Buys Houses in Bulk to Profit from Mortgage Crisis
by Laura GottesdienerTomDispatch.com
November 28th, 2013
Blackstone Group, a major private equity firm, has bought up 200,000 houses in cities hardest hit by the economic meltdown. They hope to profit by renting homes to poor people and securitizing the cash flow – the very plan that caused the crisis in the first place.

JP Morgan May Escape Criminal Charges for $13 Billion
by Pratap Chatterjee
October 22nd, 2013
JP Morgan, the Wall Street bank, is negotiating to escape criminal prosecution for its role in the sub-prime mortgage crisis in return for paying the U.S. government roughly $3 billion, plus $6 billion to investors, and another $4 billion to compensate home owners.

BSGR Investigated for Corruption in Guinea Iron Ore Deal
by Richard Smallteacher
October 4th, 2013
BSGR, an Israeli mining conglomerate, is under investigation for the acquisition of mining rights to the Simandou iron ore deposit in Guinea, said to be the biggest in the world.

JP Morgan Fined Over $1 Billion for Wall Street Scams
by Richard SmallteacherCorpWatch Blog
September 20th, 2013
JP Morgan, the Wall Street investment bank, has been fined $920 million for violating trading laws that were discovered after trader Bruno Iksil (nicknamed the “London Whale”) lost billions in bets last May. It was also fined over $80 million for credit card scams in an unrelated incident.

GlaxoSmithKline Alleged to Pay Bribes in China
by Pratap ChatterjeeCorpWatch Blog
July 15th, 2013
GlaxoSmithKline (GSK) has been accused of bribing doctors in China in order to boost sales. Chinese government officials say they have uncovered evidence of a bribery scheme involving 700 travel agencies who were used to funnel as much as three billion yuan ($480 million) in payments.

Anglo Irish Bank Executives Joked About Billion Euro Bail Out Scam
by Pratap ChatterjeeCorpWatch Blog
June 24th, 2013
Executives at one of Ireland’s biggest banks laughed and joked about how they were going to fool the Central Bank into bailing them out, according to a tape recording obtained by the Irish Independent. The failure of Anglo Irish Bank is eventually expected to cost the taxpayer €30 billion.

Cat and Mouse Game for Wall Street Hedge Fund
by Richard SmallteacherCorpWatch Blog
June 4th, 2013
Steve Cohen, the billionaire founder of the most profitable hedge fund in history with $15 billion in assets averaging 30 percent in annual profits for two decades, has become the most watched man on Wall Street. Will he lose all his outside investors and will he go to jail?

Neither Admit Nor Deny: Big Business Allowed To Pay Millions to Avoid Jail
by Pratap ChatterjeeCorpWatch Blog
May 5th, 2013
Record fines adding up to $36 billion have been paid out in the last 12 years by multinational corporations to the U.S. government to settle charges of corruption and fraud. But are they getting away with a slap on the wrist to avoid prosecution for major crimes?

Alstom Officials Paid Bribes To Win Indonesian Coal Contracts
by Pratap ChatterjeeCorpWatch Blog
April 22nd, 2013
Alstom, a French engineering company, has been accused of bribing Indonesian officials to win a lucrative contract to build coal power plans in Sumatra. Frederic Pierucci, a French employee of the company, was arrested and David Rothschild, a U.S. employee, has pled guilty.

KPMG Senior Partner Caught for Insider Trading
by Pratap ChatterjeeCorpWatch Blog
April 9th, 2013
KPMG, the fourth biggest accounting firm in the world, has announced that it has fired Scott London, one of its top partners. New reports indicate that London was let go for providing insider information on two companies – Herbalife and Skechers.

Cyprus Banks Gamble Away Russian Billions
by Pratap ChatterjeeCorpWatch Blog
April 2nd, 2013
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.

Wall Street Giants – JP Morgan and SAC – Hauled Up On Fraud Allegations
by Pratap ChatterjeeCorpWatch Blog
March 15th, 2013
JP Morgan - the Wall Street investment bank - and SAC - a major hedge fund - were hauled up Friday for alleged fraud. JP Morgan was questioned at a U.S. Senate hearing about hiding trading losses while SAC agreed to pay $614 million to settle insider trading charges.

U.S. Prosecutors Build Case Against Steve Cohen, Hedge Fund Billionaire
by Pratap ChatterjeeCorpWatch Blog
February 24th, 2013
SAC Capital is one of the most profitable hedge funds in history with $15 billion in assets averaging 30 percent in annual profits for 20 years running. Today Wall Street is watching nervously as U.S. government lawyers work on a case against billionaire founder Steven Cohen for insider trading.

Sweet Nothing: UK Food Giant Avoids Taxes on Zambia Sugar
by Pratap ChatterjeeCorpWatch Blog
February 15th, 2013
Associated British Foods (ABF), a UK company that makes Silver Spoon sugar, pays almost no taxes on its profitable Zambian sugar subsidiary, according to a new ActionAid report. The authors allege ABF has avoided estimated taxes of $27 million since 2007, enough to put 48,000 Zambian children in school.

Medical Trial Data Activists Score Win Over Glaxo
by Pratap ChatterjeeCorpWatch Blog
February 7th, 2013
All data on completed medical experiments are to be made available to the general public by GlaxoSmithKline, the biggest UK pharmaceutical company. The announcement is a major win for the AllTrials campaign mounted by healthcare activists as well as researchers that has gathered widespread support.

“Alchemy” Investigation Alleges Wall Street Fraud at Standard & Poor’s
by Pratap ChatterjeeCorpWatch Blog
February 5th, 2013
The medieval alchemists claimed they could turn ordinary metals into gold. Analysts at Standard & Poors (S&P), Wall Street’s top ratings agency, claimed that bad loans to poor people were wildly profitably. A U.S. government investigation alleges that S&P financial analysts are no different from the hucksters of yore.

Construction Company Bribery Scandal Threatens Spanish Ruling Party
by Pratap ChatterjeeCorpWatch Blog
February 4th, 2013
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, Obrascón Huarte Lain and Sacyr Vallehermoso from Madrid. The scandal has rocked the conservative government of Mariano Rajoy.

Morgan Stanley Knew About “Nuclear Holocaust” Mortgage Loans, Taiwanese Lawsuit Reveals
by Pratap ChatterjeeCorpWatch Blog
January 23rd, 2013
Morgan Stanley, a major U.S. investment bank, was well aware of the problems in the sub-prime mortgage market as far back as 2005, according to documents just released in a New York court under a lawsuit brought by the China Development Industrial Bank from Taiwan.

Thanks But No Thanks: Insurance Company Considers Suing Uncle Sam After Rescue
by Puck LoCorpWatch Blog
January 9th, 2013
American Insurance Group (AIG), the world’s largest insurance company, considered suing the U.S. government over the terms of a massive $182 billion bailout that rescued it from almost certain bankruptcy.

U.S. Banks Win Mortgage Fraud Settlement, Borrowers Lose
by Pratap ChatterjeeCorpWatch Blog
January 8th, 2013
Ten major U.S. banks settled charges of illegally kicking people out of their homes for pennies on the dollar, under two agreements with the government. The biggest beneficiary is Bank of America which will win a get-out-of-jail free card for selling fraudulent loans to the government.

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