Puerto Rico passed the so-called Recovery Act last year to give certain public corporations, with around $20 billion in debt, the ability to restructure financially in an orderly process. Puerto Rico is currently struggling with a total debt load of around $72 billion, which it says it is unable to pay. The Recovery Act was struck down by a federal court in Puerto...» Read More
Klaus Zumwinkel will resign as chief executive of German mail and logistics group Deutsche Post, the company said on Friday as a tax-dodging probe threatened to ensnare more rich Germans.
German Finance Minister Peer Steinbrueck said on Friday that prosecutors' investigations into suspected tax dodging by Deutsche Post AG chief executive Klaus Zumwinkel were damaging to public confidence.
Societe Generale ignored early signs of alarm regarding Jerome Kerviel's trading, as long as he was bringing money to the bank, Guillaume Selnet, one of Kerviel's lawyers, told CNBC Europe on Thursday.
Bill Lerach was corporate America's worst nightmare. If there was anyone who could actually scare a CEO, he was the man. As an attorney who made millions suing companies on behalf of shareholders, he was known as "The Doberman" at the law firm Milberg Weiss, and he was proud of the title.
William Lerach, a former partner at a well-known New York law firm, was sentenced to two years in federal prison for his role in a lucrative kickback scheme involving class-action lawsuits against some of the nation's biggest corporations.
Filomena Tobias, wife of the late hedge fund manager Seth Tobias, is unlikely to face any charges in the death of her husband, according to a report in the Palm Beach Post that quoted a spokesman for the Palm Beach County State Attorney.
Prenuptial agreements are often associated with millionaire moguls and super celebs, but the truth is prenups are not only for the über rich and famous. In fact, people of all ages and ranges of net worth could find a lot of value in signing one before they tie the knot.
The number of Americans trading in marriage for cohabitation continues to rise. So, assuming that arrangement means commitment and longevity, couples need to make sure you have an estate plan in place to avoid some very unwelcome surprises down the road.
The first e-mail message arrived in Société Générale’s offices on Nov. 7. The surveillance office at Eurex, one of Europe’s biggest exchanges, alerted a compliance officer at the bank that for seven months a trader named Jérôme Kerviel had engaged in not just one but “several transactions” that had raised red flags.
The U.S. is looking into stock sales by a member of French bank Societe Generale's board shortly before the bank announced billions of dollars in losses by a single trader.
The U.S. Senate Thursday pushed back until next week a showdown on an economic stimulus package, with Democrats seeking to expand the tax rebates and other benefits approved by the House.
The House passed a $146 billion economic recovery package. The package faces an uncertain future in the Senate, where lawmakers in both parties are trying to tack on billions for senior citizens and the unemployed.
President Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kickstart the sputtering economy. "I strongly believe it would be a mistake to delay or derail this bill," Bush said.
The European Commission raided some of the world's largest drugmakers on Wednesday, launching a broad investigation into whether they made illegal deals or abused patents to limit competition and harm consumers.
The Supreme Court upheld a ruling that investors cannot sue third parties such as banks and accounts in cases of securities fraud.
Northern Rock threatens to withhold coffee unless angry shareholders wrap things up on time. Metaphors of dogs on leashes and captains of ships fly, as a beleaguered chairman faces the silky eloquence of activist investors.
Corporate general meetings usually have all the excitement of televised curling, but Northern Rock's extraordinary meeting will live up to its name as gun-slinging institutional investors take on the company's board.
The office of New York Attorney General Andrew Cuomo on Thursday said it launched a formal investigation into Intel to determine whether the world's biggest chipmaker violated state and U.S. antitrust laws to squeeze out its rival, Applied Micro Devices.
Attorneys for the brothers of hedge fund manager Seth Tobias say his wife killed him because "Seth was worth substantially more to (her) dead than he was alive, and she knew that."
California sued the U.S. Environmental Protection Agency on Wednesday for denying its first-in-the-nation greenhouse gas limits on cars, trucks and SUVs, challenging the Bush administration's conclusion that states have no business setting emission standards.