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Preview: Corporate Scandals

Corporate Scandals

All articles with the "Corporate Scandals" tag.

Published: Thu, 22 Mar 2018 00:00:00 -0400

Last Build Date: Thu, 22 Mar 2018 19:39:04 -0400


Katherine Mangu-Ward Discusses Online Privacy on Fox Business

Thu, 15 Aug 2013 15:21:00 -0400

"This is a problem for us all," warns Reason Managing Editor Katherine Mangu-Ward about Google's compliance with NSA requests to mine private email data. How different companies have responded to the government's demands is a critical question for public debate.

However, Mangu-Ward notes an important distinction between government and private snooping: When Google snoops on our email, it's usually to sell us something. When the government spies on us, it's to convict us of a crime.

Airdate: August 14, 2013

Runs just over two minutes.

Scroll down for downloadable versions and subscribe to Reason TV's YouTube channel to receive automatic updates when new material goes live.

Katherine Mangu-Ward Discusses Eliot Spitzer's Comeback on CNBC

Tue, 09 Jul 2013 14:38:00 -0400

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Reason's Managing Editor, Katherine Mangu-Ward, appeared on CNBC's Closing Bell to discuss Eliot Spitzer's return to politics announcing his run for New York City comptroller and whether he'd revamp the position as he did being attorney general.

Air Date: July 8, 2013

4 minutes.

California Counties Sue Banks over Libor Scandal

Thu, 10 Jan 2013 18:10:00 -0500

Bank of America and other heavy hitters defrauded cities and counties by conspiring to fix, and lie about, the LIBOR rates, four California counties and cities and a Bay Area utilities district claim in separate federal antitrust complaints.

The London Interbank Offered Rate is the rate banks charge one another for short-term loans necessary to carry on their business. More than $300 trillion in financial derivatives are tied to LIBOR rates.

Barclays Bank last year settled criminal allegations of fixing LIBOR rates, leading to multiple lawsuits and investigations of major banks on at least two continents.

Bernie Madoff's Brother Gets 10 Years in Prison

Thu, 20 Dec 2012 20:20:00 -0500

The brother of imprisoned financier Bernard Madoff was sentenced Thursday to 10 years in prison for crimes committed in the shadow of his notorious sibling.

Peter Madoff, 67, agreed to serve the time in prison when he pleaded guilty in June to conspiracy and falsifying the books and records of an investment adviser. About 40 of the thousands of investors who lost the $20 billion they invested in the family's private investment business wrote victim impact statements that were submitted to U.S. District Judge Laura Taylor Swain.

Two spoke during the proceeding.

Peter Madoff told the court he was ashamed of his actions.

Three Questioned in Libor Scandal

Tue, 11 Dec 2012 17:15:00 -0500

A former UBS and Citigroup banker and two others had their homes raided early on Tuesday morning and were taken in for questioning as part of the Serious Fraud Office investigation into the manipulation of Libor interest rates.

The intervention came amid mounting speculation that the Financial Services Authority is preparing to take action against a number of banks in relation to Libor setting.

The SFO and City of London police arrested three men aged 33, 41 and 47 after searching a house in Surrey and two properties in Essex. The three were taken to a London police station to be interviewed "in connection with the investigation into the manipulation of Libor".

HSBC to Pay Nearly $2 Billion over Money Laundering Probe

Mon, 10 Dec 2012 21:45:00 -0500

WASHINGTON — A law enforcement official says HSBC will pay $1.9 billion to settle a money-laundering probe by federal and state authorities into Europe's biggest bank.

According to the official, the bank will pay $1.25 billion in forfeiture and pay $655 million in civil penalties. The $1.25 billion figure is the largest forfeiture ever in a case involving a bank. Under what is known as a deferred prosecution agreement, the bank will be accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.

The official spoke on condition of anonymity Monday because the source was not authorized to speak about the matter on the record.

Swiss Bank Reportedly Near Settlement over Libor Rate-Fixing

Mon, 03 Dec 2012 14:08:00 -0500

Swiss bank UBS is reportedly near a settlement with American and British regulators over interest-rate rigging. Such a deal would make UBS the second financial institution this year to admit to manipulating the London interbank offered rate, Libor.

UBS is expected to pay $450 million and admit that some employees reported false rates to increase profit, DealBook reports. That’s identical to the fine that British bank Barclays agreed to pay. The fines, among the largest levied in this type of investigation, show the zeal of the regulators pursuing the Libor manipulation. Sensibly so, if you consider Libor’s use. The rate, a measure of how much financial institutions charge other banks for loans, determines trillions of dollars in mortgages, credit card expenses and student loans.

HP Admits to "Accounting Improprieties" at Software Unit

Tue, 20 Nov 2012 19:10:00 -0500

Hewlett-Packard stunned Wall Street by alleging a massive accounting scandal at its British software unit Autonomy that will cost the company the majority of $8.8 billion in charges.

It was the latest in a string of reversals that have renewed questions about the basic competence of the storied company's board and senior managers.

HP said on Tuesday it discovered "serious accounting improprieties" and "a willful effort by Autonomy to mislead shareholders," after a whistleblower came forward following the ouster of Autonomy's then-chief executive, Mike Lynch, in May.

Record Penalty Doesn’t End BP’s Woes

Fri, 16 Nov 2012 18:04:00 -0500

All the oil has been cleaned up or has evaporated from the waters of the Gulf of Mexico—well, nearly all of it—while the spill itself seems to have receded into memory, something that transfixed us for months but which is now little more than grist for an episode of the Newsroom. (Note: the amnesia may not apply to Gulf residents.) The legal mess over the worst oil spill in U.S. history, however, is still far from being cleaned up.

Still, a big step was taken on Nov. 15 towards resolving the legal problems over the spill when BP announced that it would pay $4.5 billion in fines and other payments to the government and plead guilty to 14 criminal charges connected to the 2010 accident which resulted nearly 5 million barrels of crude being spilled into the Gulf—as well as the deaths of 11 crewmen aboard the doomed Deepwater Horizon rig. The total amounts to the largest single criminal fine in corporate history.

Bank of New York Mellon to Pay for Madoff Fraud

Tue, 13 Nov 2012 14:30:00 -0500

A Bank of New York Mellon Corp. unit will pay $210 million to resolve a series of lawsuits by clients who claimed they suffered losses in Bernard Madoff's massive fraud, New York Attorney General Eric Schneiderman said on Tuesday.

The settlement with Ivy Asset Management LLC resolves litigation by the attorney general's office, the U.S. Department of Labor and investors. An additional $9 million will be contributed by other individual defendants in the cases.

Combined with future amounts investors anticipate receiving in the Madoff bankruptcy proceeding, the settlement is expected to return all or nearly all the original investment to those Ivy investors defrauded by Mr. Madoff's Ponzi scheme.

Lockheed Martin Dumps New CEO over Affair with Subordinate

Fri, 09 Nov 2012 19:30:00 -0500

BETHESDA, Md. (AP) -- Lockheed Martin Corp. has ousted its president and future CEO over a relationship with a subordinate.

The defense company said Friday that its board of directors asked for and received the resignation of Christopher Kubasik from his role as vice chairman, president and chief operating officer. The 51-year old had been scheduled to become CEO in January.

Ex-Goldman Head Gets Two Years for Insider Trading

Wed, 24 Oct 2012 18:08:00 -0400

Fallen Wall Street insider Rajat Gupta was sentenced to two years in prison on Wednesday for leaking Goldman Sachs boardroom secrets to the hedge fund manager at the center of the U.S. government's crackdown on insider trading, a much lighter sentence than prosecutors had sought.

Gupta, 63, who also is a former global head of the McKinsey & Co management consultancy, is the most influential corporate figure to be convicted in a wide U.S. probe of insider trading involving hedge fund managers, traders, consultants and executives.

A Manhattan federal jury in June found him guilty of feeding tips about Goldman Sachs at the height of the 2008 financial crisis to hedge fund tycoon Raj Rajaratnam, his friend and business associate.

Rupert Murdoch Faces Down Shareholders

Tue, 16 Oct 2012 17:45:00 -0400

Rupert Murdoch told shareholders they could take their money elsewhere if they did not like the way he runs News Corp as he sailed through his second meeting with investors since the hacking scandal tore through his media empire.

At the company's annual meeting in Los Angeles the chairman and chief executive announced he had seen off moves by dissident shareholders calling for him to appoint an independent chairman. He also blocked a move to end a dual-class share structure that allows him to control the company by owning the largest chunk of voting shares.

The victories were no surprise given that the arrangement gives him control of 40% of the voting shares in the company. Newscorp is expected to release the details of how many independent shareholders voted for Murdoch to step down.

Goldman Sachs to Pay $14.4 Million in Pay-to-Play Case

Thu, 27 Sep 2012 17:15:00 -0400

Goldman Sachs Group Inc. (GS) will pay $14.4 million to resolve regulatory claims that a former banker made improper campaign contributions to the treasurer of Massachusetts while seeking underwriting business.

Neil Morrison, who was a vice president in Goldman Sachs’s Boston office, worked for Treasurer Timothy P. Cahill’s unsuccessful gubernatorial campaign from November 2008 to October 2010, sometimes during his office hours, the U.S. Securities and Exchange Commission said in a statement today. That constituted in-kind contributions and broke pay-to-play rules, the SEC said.

Ex-Hospital CEO Charged with Taking $1.4 Million in Kickbacks

Wed, 26 Sep 2012 15:37:00 -0400

John R. Reynolds, former chief executive officer of New York’s Hospital for Special Surgery, was charged by federal prosecutors with taking $1.4 million in a decade-long illegal kickback scheme.

Reynolds, 63, was arrested at his home in Massachusetts this morning, according to a statement from the office of U.S. Attorney Preet Bharara. An indictment unsealed today in Manhattan federal court charges Reynolds with racketeering and making false statements to the government. He faces as many as 25 years in prison if convicted.