Word: fraud
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Burns' division is responsible for products that bring in more than 80% of Xerox's sales, including high-end publishing systems that helped the ailing copier-and-printer company return to profitability last year after major restructuring and a $10 million fine for accounting fraud. Burns, 45, says climbing the corporate ladder has also taught her to shut up a bit more. "If you give people a chance to speak, they probably will," she says. As for nabbing Xerox's top job? "The responsibilities I have today will keep me busy and keep me learning for quite a while...
...merged, the transatlantic deal is still under fire from investors. A U.S. court will this week begin hearing charges that the marriage was wrongly billed as a "merger of equals." U.S. billionaire Kirk Kerkorian - Chrysler's biggest shareholder prior to the $36 billion tie-up - is suing DaimlerChrysler for fraud, claiming the deal was not a merger but a takeover, with the German firm running Chrysler. There's more to it than semantics: slating the deal as a merger bypasses the need to pay shareholder premiums, as would happen in a takeover. The spotlight will fall on DaimlerChrysler chairman...
...allegedly printed at the same shop and destined, they say, for the E.U. Bulgarian forgers are among the most active in Europe, but they are not alone. Across Eastern Europe - and recently in the West as well - skilled forgers have been churning out fake euros at an alarming rate. Fraud police in the 12 countries of the euro zone report a sharp increase in both the quantity and quality of counterfeit notes entering circulation this year. One of the culprits: weak or nonexistent anticounterfeiting legislation in some East European countries, which makes it nearly impossible to get a forgery conviction...
...only a small fraction of the total number in circulation, they believe - but rather the possibility that vendors will stop accepting some bills. "We are still in the 'green' [i.e., safe] period," says Eduard Liedgens, head of anticounterfeiting at the Bavarian police and one of Germany's top fraud investigators. "It is not hurting the economy. But there is a problem of trust." Mindful of that threat, police in Eastern Europe - with the assistance of the European Union's law-enforcement branch, Europol - have been trying to crack down. Bulgaria, one of the world's biggest counterfeit havens, has broken...
...made a counter-offer that gives both men immunity; the Los Angeles prosecutor's office will decide this week whether to take the money - or start a spectacular trial of France Inc. on hostile turf. - By Peter Gumbel We Take Foreign Currency U.S. federal prosecutors charged 47 traders with fraud following an 18-month probe into the $1.2 trillion-a-day foreign exchange market. Authorities uncovered schemes allegedly bilking small investors and Wall Street banks out of millions of dollars...