Rep. Jason Chaffetz (R-Utah), Chairman of the House Oversight & Government Committee, comments on former Turing Pharmaceuticals CEO Martin Shkreli's tweet calling the Congressional committee "imbeciles."» Read More
A global crackdown on bank secrecy and offshore tax havens is gaining steam due to the worldwide financial crisis, the head of the OECD told CNBC.
The industry self-regulatory organization that was supposed to police the brokers at the Stanford Financial Group acknowledges it received a tip from an employee in 2003 that the company was running a Ponzi scheme, but did not follow up on it because of the agency's own policy.
Several banks, including two in the U.S., face new scrutiny as investors and regulators try to sort out the alleged Stanford Ponzi scheme, CNBC has learned. At issue: what the banks and regulators knew about massive deposits and withdrawals from Stanford over the years.
Accused fraudster Allen Stanford once claimed a net worth of more than $2 billion. But with all of his assets frozen by a federal judge, he has no funds to pay his high-powered criminal defense lawyer, Dick DeGuerin of Houston.
Recently, Merck came out with the first vaccine for shingles called Zostavax. But it had manufacturing and supply issues that hurt the launch. In its earnings press release today, Merck says as of last month it has "resumed normal shipping schedules for Zostavax."
Though Sonia Sotomayor is widely expected to win confirmation to the US Supreme Court, the business community is still wondering just what kind of justice she'll be
I was wrong. I'd blogged a few times that I thought the FDA might have a problem with "Effient," Eli Lilly's proposed name for its bloodthinner, because it was too close to efficient and all the connotations that would have.
Nestle is no longer under investigation by the Food and Drug Administration after tests revealed the E.coli strain found in Nestle’s cookie dough last month was not the cause of over 70 recent illnesses, the Wall Street Journal reported.
Perhaps reflecting concerns about the size and growth of the market for HPV shots and GSK's late entry, investors are not enthusiastic about the prestigious publication of the company's robust new test results. As I write this, GSK shares are the biggest percentage loser in big pharma.
Today the Food and Drug Administration announced that Pfizer's Chantix and GlaxoSmithKline's Zyban will carry new warnings about mental side effects. Not just any old warnings, but so-called "Black Box" warnings. Or, at least, that's what we in the news media used to call them. Until the FDA called us out today.
So tell me, who doesn't like to eat the chocolate chip cookie batter before it's baked? But some folks are learning the hard way that it's not a great idea. And Nestle is paying the price.
Concerned over the surge of phony swine flu treatments hawked on the Internet, the Food and Drug Administration has ordered dozens of Web site operators to stop making fraudulent claims, leading to a drop in the number of scams.
Historic anti-smoking legislation sped to final congressional passage on Friday— after a bitter fight lasting nearly a half-century— and lawmakers and the White House quickly declared it would save the lives of thousands of smokers of all ages.
The Senate has voted to give the government extensive new powers to decide how tobacco companies will make and market their products. Supporters say that could spare millions from smoking addiction and premature death.
An Indiana money manager is set to plead guilty to charges of crashing an airplane near a Panhandle neighborhood in a botched attempt to fake his own death.
During 34 years of smoking, Carolyn Smeaton has tried countless ways to reduce her three-pack-a-day habit, including a nicotine patch, nicotine gum and a prescription drug. But stop-smoking aids always failed her.
The Supreme Court said Monday that it will rule on the constitutionality of the anti-fraud law that grew out of accounting scandals at Enron and other companies.
Former Enron CEO Jeffrey Skilling is appealing his 2006 conviction to the Supreme Court. In a 50-page petition filed Monday afternoon, Skilling's attorneys argue the conviction should be overturned because he did not put his own interest above Enron's as the government claimed, and because the Houston jury that convicted him was prejudiced by "pervasive media coverage."
The swine flu scare could be based more on panic than a legitimate public health threat, said Scott Gottlieb, M.D. former FDA deputy commissioner.
With huge losses from food-poisoning recalls and little oversight from the federal Food and Drug Administration, some sectors of the food industry are cobbling together their own form of regulation in an attempt to reassure consumers.