CEOs who cut the most jobs during the recession earned an average of 42% more than their S&P 500 peers, according to a study by the Institute for Policy Studies. Top execs at the 50 firms that laid off the most workers since the economic crisis began averaged nearly $12 million in 2009.
Two federal agencies are investigating whether drugmaker Merck & Co. violated the Foreign Corrupt Practices Act, which bars U.S. companies from bribing foreign officials.
Pharmaceutical giant Merck & Co. reported Friday its second-quarter net income fell 51% on higher restructuring and merger costs. But adjusted earnings beat analysts' estimates.
Now that they are nearly done squeezing Swiss bank UBS for information about its wealthy tax-dodging clients, the IRS and the Justice Department are moving on to new tax fraud targets: Clients of London-based bank HSBC Holdings, mostly those with ties to India and Singapore.
In the legal news today, Wachovia has agreed to pay a huge penalty for lax financial arrangements that enabled Mexican drug cartels to launder money and former-Met Lenny Dystra claims Washington Mutual enticed him to borrow more money than he could afford.
Merck shares rose more than 6% in two days as investors reacted to an analyst's upgrade and news that the drugmaker is trying to broaden the market for its human papillomavirus/cervical cancer vaccine, Gardasil.
The Feds -- and consumers -- may finally have had it with 'pay-for-delay.' In these deals, generic drug companies that challenge a patent held by a name-brand pharmaceuticals agree to settle by delaying their entry into the market in return for a payment. But regulators are now calling for laws to end the practice.