Financial Services, Insurance and Banking
Banks, investment firms, insurance companies are integral to the operation of every industry we cover. They are the nervous and circulatory systems of the corporate world. In a world where everything - even a human life - can be assigned a monetary value; where limitless money and great risk intersect, lies opportunity for greed, corruption, and fraud.
 | Wall Street Giants – JP Morgan and SAC – Hauled Up On Fraud Allegations by Pratap Chatterjee, CorpWatch 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. |
 | “Fat Cat” Laws Approved In Europe To Curb Excessive Corporate Pay by Puck Lo, CorpWatch Blog March 8th, 2013 Nearly 70 percent of Swiss voters approved a “fat cat” referendum that would prohibit “golden handshake” bonuses to departing corporate bosses while the European Union approved legislation limiting bankers executive bonuses to a maximum of one year’s salary, or twice that amount if a majority of shareholders approve. |
 | U.S. Prosecutors Build Case Against Steve Cohen, Hedge Fund Billionaire by Pratap Chatterjee, CorpWatch 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. |
 | U.S. Sues Bank of America for $1 Billion in Bad Mortgages
by Puck Lo, CorpWatch Blog October 29th, 2012 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. |
 | Seven Irish Banks Investigated for Insurance Scam by Pratap Chatterjee, CorpWatch Blog October 8th, 2012 Seven Irish banks are being investigated by the Central Bank of Ireland for selling consumers insurance policies that they did not need. Tens of thousands of Irish consumers could get as much as €3,000 ($3,900) each in refunds. |