Nope, Angelo Mozilo won't be serving time, no matter what the evidence shows. In fact, he won't even face a trial. Wondering how the most convictable CEO among the titans who brought down the financial system is getting off so easy? The answer lies in the revolving door between Wall Street and its "regulators."
Credit card companies are seeking to delay enforcement of lower limits on so-called "swipe fees." If successful, the postponement will cost customers and retailers more than $1 billion a month.
The clock is ticking for U.S. regulators to decide whether to sue Google to prevent its announced $700 million merger with ITA Software, the maker of the largest airfare-pricing platform. Google last month invoked a legal provision that gives the Justice Department 30 days to make a decision.
The U.S. Justice Department has begun an investigation into the country's two largest delivery companies, UPS and FedEx. Both have policies aimed at preventing customers from negotiating lower shipping rates through third parties.
As more Americans shop online for the holidays, they're falling prey to increasingly sophisticated scams. In response, on Cyber Monday, the Justice Department busted 82 sites for allegedly selling counterfeit and pirated goods, but more crooks are out there.
For decades, U.S. companies doing business overseas have had to avoid falling afoul of the Foreign Corrupt Practices Act, which prohibits the bribing of foreign officials. But in the past few years, such corporate misbehavior is receiving more attention and increased enforcement, which is making executives nervous.
On Wednesday, the FBI arrested Don Chu, an expert on Asian markets for Primary Global Research, setting the tone for the SEC's crackdown on insider trading. Chu was charged with conspiracy to commit securities fraud and conspiracy to commit wire fraud.
Seven companies involved in the oil and gas industries will pay the U.S. government a total of $236.5 million to settle corruption charges. An investigation by the SEC and the Justice Department alleges that the companies bribed overseas officials to lower customs duties, extend drilling contacts and streamline the permit process for oil drilling.
GlaxoSmithKline Plc agreed to pay $750 million to settle charges that the drug making giant sold contaminated anti-nausea medication and baby ointment made at a now-closed Cidra plant in Puerto Rico.
Blue Cross Blue Shield of Michigan has been sued by the U.S. Justice Department for what regulators say are actions by the insurer that boost both hospital and consumer costs while stifling competition.
The allegations concern contract payments Schlumberger made several years ago to a consulting firm, Zonic Invest, which has ties to Yemen's government.
The questions center on how Comcast distributes content and makes decisions on which programming to offer. Regulators are also questioning NBC Universal about its contracts with other content distributors like satellite, cable and phone carriers.
The Justice Department filed an antitrust lawsuit against American Express Monday, alleging that the financial institution has been engaging in anticompetitive practices. Justice also said it reached a proposed settlement with Visa and MasterCard over similar charges.
