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CROOK ALERT!! Scams and Skulduggery
This Hub will endeavor to provide a source for recent and current instances of proven or investigations of malfeasance by corporations and their officers in the tradition of Enron and WorldCom.
The first fhree entries linked below are from this morning's NY Times (11-1-06).
The fifth entry linked is an article by NYT business columnist Ben Stein entitiled "Has Corporate America No Shame?, Or No Memory?" Stein points out that Bush Treasury Secretary, Henry Paulson, former Goldman Sachs CEO, has recently convened a business-friendly blue ribbon panel including several professors who served Republican administrations and John Thornton, also a former Goldman Chairman, to investigate whether the SEC, the courts and prosecutors like Elliot Spitzer are being too tough on corporate miscreants. Stein says the panel's assigned mission appears to be to recommend legislation limiting the scope of investigations into corporations and their accounting firms and lawyers. Why did I expect more from Henry Paulsen? Apparently he's no Robert Rubin who also came from Goldman but as a Clinton appointee.
Incredibly, the Paulson deregulation report was paid for, in part, by a $500,000 donation to Harvard University by none other than Hank Greenberg who was ousted from his job as chairman of insurance giant AIG for ethically questionable and probably illegal activities uncovered by New York attorney general, Eliot Spitzer. The other half of the cost of the report was paid for by another individual who requested anonymity. I wonder who that might be? I can only guess why he requested anonymity. Whatever their merits, the report;s recommendations have been undercut by the revelation last week by NY Times lead financial columnist Floyd Norris of Greenberg's financing of it. Paulson's deregulation program is likely to be D.O.A. with the new Congress.
The Bush Supreme Court is currently working on the issue of issue of "excessive" punitive damage awards in civil suits against cigarette companies.
Republicans have asked the Government Accountablity Office (GAO) to investigate the Interior Department's management of royalty payments from the oil and gas industry. The Inspector General of the Interior Department said that the agency's top management had encouraged a "culture of cronyism, ethical lapses and poor management."
Banks and Credit Agencies Feast on Identity Theft
- Banks and Credit Bureaus Profit from Identity Theft
Banks and credit agencies are cashing in on customers fears of identity theft. The three credit bureaus oppose restrictions on bulk commercial sales of credit files and they are profiting also by selling often ineffective protection against identity
EX-CENDANT VICE-CHAIRMAN UNDER HOUSE ARREST IN ACCOUNTING SCANDAL
- E. Kirk Skelton Under House Arrest
A federal judge ordered home confinement for E. Kirk Shelton, a former Cendant executive, while he appeals his convictions in a $3 billion accounting scandal at the travel and real estate company. Shelton convicted of inflating revenue by $500 millio
FANNIE MAE TO RESTATE RESULTS BY $6.3 BILLION BECAUSE OF ACCOUNTING
- A Small Accounting Error at Fannie Mae
Federal regulators plan to sue to recover millions of dollars from Fannie's top two executives, Franklin D. Raines, CEO, and Timothy D. Howard, CFO. $52 of $90 million of Raines's compensation due to fudged books claim Fed investigators.
JUSTICE DEPARTMENT FILES CIVIL CHARGES AGAINST 3 FORMER FANNIE MAE EXECUTIVES
- Justice Dept Charges 3 Former Fannie Mae Execs
The Justice Department filed civil charges against Franklin Raines, former Fannie Mae CEO and two other former Fannie Mae executives.
REPORT SAYS OIL ROYALTIES GO UNPAID
- Interior Department Auditing Inadequate to Catch Oil Company Cheaters
In a scathing report to Congress, the Interior Department's Inspector General says the agency's data are often innacurate, that it relies too heavily on statements by oil companies rather than actual records and that only about 9 percent of all oil a
Jeffries Group to Pay $9.7 Million for Improper Gifts to Fidelity Traders
- Jeffries Bribes Fidelity Mutual Fund Traders
Fidelity serves its mutual fund investors.
Bush Appointees at SEC Fire Zealous Investigator
- 2nd Official Dissented Over Inquiry at SEC
SEC bosses killed investigation of Pequot hedge fund and new CEO of Morgan Stanley, John Mack.
More on SEC Investigation of Failed Hedge Fund Pequot
- SEC Officials Say Pequot investigation thorough
Top SEC officials defend investigation of Pequot and firing of Aguirre who claims his investigation was shut down for political reasons. Senator Grassley is not convinced of SEC position on either issue;
Bush's Deregulation of Trucking Raises Safety Concerns
Blowing the Whistle on Big Oil
- Blowing the Whistle on Big Oil
Major American Oil Companies Have Been Cheating American Taxpayers on Royalty Payments.
U.S. Agency to Review Oil Royalty Payments--At the Interior Department "short of crime anything goes."
H-P Officers Accused of Insider Trading, Breach of Fiduciary Duties, Mismanagement and Waste of Corporate Assets
- H-P Sued for Insider Stock Sales
H-P sued by shareholders over insider stock sales shortly before spying scandal broke earlier this year.
Former CEO of Computer Associates International, Sanjay Kumar, Sentenced to 12 years for Massive Accounting Fraud
Sony Discloses U.S. Antitrust Investigation of Chips Business
Eric Borrman--McAfee Treasurer Settles Fraud Charge
S.E.C. Sues Ex-Delphi CEO, J.T. Battenberg and other company officials
Has Corporate America No Shame? Or No Memory?
- No Shame? Or No Memory? Ben Stein's take on Henry Paulsen and Goldman Sachs, "the real government of
No shame? Or, no memory? Goldman Sachs--"The real government of the United States."
Glaxo Agrees to Pay $63.9 Million to Settle Lawsuit Over Promoting Anti-depressant Paxil to Children Without Revealing Side Effects
Businesses Seek New Protection on Legal Front
- Businesses Seek New Legal Protection
But who will protect the stockholders and customers?