Word: bribes
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Colleagues who have traveled with Adebayo Ogunlesi during his years as a globe-trotting dealmaker have seen him face down bribe-seeking gunmen in his native Nigeria and effect a clever predawn escape from student rioters in Indonesia. But today Ogunlesi confronts a crisis that in many ways is scarier: he's the new head of worldwide investment banking at Credit Suisse First Boston (CSFB), which lost nearly $1 billion last year and faces accusations that its advice to investors was corrupted by its desire to please big corporate clients...
...wanted to drop out since the end of the first semester, when I realized that Harvard was only worthwhile if you covet its name,” he says. “No bribe, even a degree with a Harvard name on it, is worth wasting so much time and energy...
...investors is no longer defensible. Weill, says a longtime friend, has become "horrified and embarrassed" by the mud-spattered image of Citi, which stands accused of unethical and illegal behavior on multiple fronts. Among the alleged transgressions: doling out shares of hot IPO shares to WorldCom executives in a bribe-like manner to win banking business, devising complex financing to help Enron conceal debt and having stock analysts hype the shares of companies that were investment-banking clients. While Salomon Smith Barney was making the VIPs rich, another Citi subsidiary was charging consumers high fees and above-market interest rates...
...known for thumping children with a stick if they failed in their recitations. But he was also fearless: once leaping into a whirlpool on the River Tisza in his flowing black caftan to rescue a drowning child. On another occasion, when a local bailiff came to extract a bribe and ended up trying to run off with a tefillin, a sacred phylactery, Abraham attacked him mercilessly. The old man backed off only when his wife hustled the bailiff into the kitchen and plied him with liquor. "You will see, you Jew, you will soon be in difficulties!" warned...
...central city of Chongqing, because of protectionist fees imposed by provincial governments. Earlier this year, a U.S. automaker discovered that sending a sedan from Shanghai to northern Ningxia province is more expensive than shipping it from Detroit to Shanghai because truckers have to pay a toll?read bribe?every time their load of new cars crosses a provincial border. An Australian lawyer in Shanghai says she discarded her copy of the Chinese legal code when it became clear local party officials were ignoring national regulations. "No one seems to pay much attention to laws," she says, "unless they can figure...