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...Europe's biggest weapons maker, BAE Systems is used to mounting a defense. But the British firm may soon face its toughest fight yet. Britain's Serious Fraud Office (SFO) said Thursday it plans to prosecute BAE over allegations - consistently denied by the company - that the company paid millions of dollars in bribes to land lucrative business from countries in Africa and Eastern Europe. The agency will soon ask Britain's Attorney General for permission to start legal proceedings, it said in a short statement. BAE, for its part, would "deal with any issues raised in those proceedings...

Author: /time Magazine | Title: U.K. Defense Contractor Faces Bribery Rap | 10/1/2009 | See Source »

...year-old corruption probe - the most serious yet concerning a major British firm - focuses on deals secured by BAE to supply aircraft to South Africa and the Czech Republic, frigates to Romania and radar equipment to Tanzania. In negotiating with the company, the SFO has hoped to extract a plea bargain - it's thought that BAE has been mulling a settlement, though it's unclear what, if anything, the firm would consider admitting to. But given the company's statement, it also appears BAE is ready to defend itself in court. (Read: "Court Blasts Blair Government...

Author: /time Magazine | Title: U.K. Defense Contractor Faces Bribery Rap | 10/1/2009 | See Source »

...think one of the things that works well is that it gives students a real opportunity to come spend some time at the firm and get a very real sense of what it’s like to work at the firm,” said Michael J. Summersgill, chair of the hiring committee for Wilmer Hale’s Boston office and a graduate of Harvard Law School. “What other industry has that opportunity to work? I think it’s a unique approach, and I think that’s a good thing...

Author: By Elias J. Groll, CRIMSON STAFF WRITER | Title: Tough Times For Harvard Lawyers | 9/30/2009 | See Source »

Engineers are frantically working to strengthen the dam, installing a "grout curtain," or, as Triplett explains, basically applying huge amounts of caulk, to firm up where the edges of the dam anchor into gravel. Because the engineers can't be sure that the patched dam will hold - and there is even a real possibility that the repair work could just ensure that the gravel collapses in one chunk, as opposed to failing in pockets - should the anticipated rains arrive, the only relatively safe option will be to deliberately release the dam. "What is crystal clear is that there will...

Author: /time Magazine | Title: Washington's Green River Prepares for a Flood | 9/30/2009 | See Source »

...HSBC, though, is also responding to the realities of its balance sheet. Its forays West have proved to be, at best, a mixed success, especially its business in the U.S. HSBC dove into the U.S. subprime mortgage and consumer credit market, mainly through its 2003 purchase of consumer finance firm Household International. That decision proved disastrous. For the 18 months ending in June, HSBC's U.S. personal-financial-services business posted pretax losses of $20 billion. In March, HSBC announced its consumer-finance operation wouldn't issue any more loans and would begin winding down its business (except for credit...

Author: /time Magazine | Title: Why HSBC Is Returning to Hong Kong | 9/30/2009 | See Source »

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