Though Wall Street has been quick to judge the character failings of Gov. Eliot Spitzer following his alleged participation in a prostitution ring, the man’s record as a crime-fighter against Wall Street and Corporate America drew mixed reviews.
MF Global says a rogue trader rang up $141.5 million in losses in the broker's own account. The New York-based company says a wheat trader was able to conduct unauthorized trades on Wednesday thanks to a failure in the entry-order system the broker uses to vet trades. MF Global fired the trader.
China and South Korea are investigating complaints that hundreds of Korean-invested factories have closed down, leaving workers without pay.
A federal jury has found five former insurance company executives guilty of a scheme to manipulate the financial statements of the world's largest insurance company.
Four former executives of Berkshire Hathaway's General Re have just been found guilty in a closely watched criminal fraud trial that could have brought Warren Buffett to the witness stand. A former executive of American International Group was also convicted by the jury, following a one-month federal court trial in Hartford, Connecticut.
German bank HSH Nordbank will sue Swiss UBS to recover “significant” losses on a $500 million portfolio of collateralized debt obligations (CDOs) linked to the U.S. mortgage market, the bank said in a statement on Monday.
Britain's tax authority is investigating up to 100 British citizens with bank accounts in secretive Liechtenstein after buying data from an informant in a similar move to Germany, a newspaper reported on Sunday.
South Korean investigators looking into allegations the president-elect was involved in securities fraud said on Thursday they found no wrongdoing, defusing a scandal that analysts said could have undermined his authority.
Liechtenstein's Crown Prince Alois on Tuesday accused Germany of launching an attack on the principality's sovereignty by paying an informer for bank details in a massive tax fraud investigation.
Deutsche Post logistics and international mail head Frank Appel took over as chief executive and pledged to focus on its loss-making U.S. business and retail bank Deutsche Postbank.
The Societe Generale trading scandal is in full swing, as the lawyer of jailed trader Jerome Kerviel said this week that his client should be released to be able to defned himself. Another scandal, this time involving investigations into whether rich German businessmen have been dodging taxes, has started to unfold. Read the week's European stories.
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.
Societe Generale launched a deeply discounted 5.5 billion euros ($8 billion) capital increase on Monday to prop up its finances and heal scars from the world's biggest rogue trading scandal.
Warren Buffett won't be going to Hartford, Connecticut to testify in a criminal corporate fraud trial involving former executives of Berkshire Hathaway subsidiary General Re. Jurors are now expected to begin their deliberations next week. The defense rested its case yesterday (Thursday) after calling five witnesses over two days. None of them were named Buffett.
A French inquiry into a record 4.9 billion euros ($7.17 billion) trading loss at Societe Generale widened to a second broker on Friday as investigators sought to establish whether rogue trader Jerome Kerviel acted alone.
The Romanian unit of France's Societe Generale, BRD, said it thwarted an attempt by a clerk to steal 8 million lei ($3.19 million) this week, managing to block a large part of the transfer.
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.
Paribas confirmed on Thursday that it was studying a possible bid for Societe Generale, as its fellow French bank reeled from rogue trading losses and France warned off would-be foreign bidders.
Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.
The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said.