Word: fraud
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...Capital Management's $1.3 billion in assets, who last week were charged by the Commodity Futures Trading Commission (CFTC) with allegedly "misappropriating" at least $553 million either for personal expenses or to cover trading losses. The CFTC is the sister agency of the Securities and Exchange Commission and covers fraud in the commodities, futures and foreign-exchange markets. (See pictures of the demise of Bernard Madoff...
...hospitals association wanted more money for hospitals. The head of the American Medical Association wanted higher Medicare reimbursement rates for doctors. Rep. James Clyburn, D-S.C., wanted more money for community healthcare centers. Sen. Arlen Specter, R-Penn., wanted a better focus on investigations of white collar fraud in the healthcare sector. Rep. Barbara Lee, D-Calif., wanted greater investment in HIV-AIDS prevention. Rep. Mike Castle, R-Del., spoke of greater National Institutes of Health Funding. It went on. (See the most common hospital mishaps...
...news broke that U.S. authorities were investigating the world's largest manager of private wealth for its role in helping rich Americans hide $200 billion in undisclosed offshore accounts to avoid taxes. Last month UBS agreed to pay the U.S. a $780 million penalty to absolve itself of criminal fraud charges. It also agreed to release the names of 250 clients whom the U.S. suspects of evading taxes. Two weeks ago, as UBS shares plummeted to a new low, the bank's chief executive Marcel Rohner resigned. All that and the bank recently announced a $17 billion loss, the biggest...
...officials who are supposed to keep an eye out for these things. There were no plans for oil prices to spike up before the Arab Oil Embargo in the 1970s and no roadmap to follow after the S&L crisis the following decade. Banks can be brought down by fraud and errors in large gambles made on proprietary trading desks. Most of the things that cause systemic failure are unexpected and therefore cannot be prevented...
...These men would have once spent their days barking out orders for shares on the trading floor (actually a U-shaped conference table in a nondescript downtown office) of the Harare bourse, but Zimbabwe's central bank forced the exchange to shut down last November amid allegations of fraud and rampant speculation - allegations deemed spurious by Zimbabwe's small investment-broker community. To be sure, the exchange was producing annual nominal returns of 23 sextillion percent, but Zimbabwe's inflation rate is even higher, rendering the bourse's real return close to -35%. Still, the government was taking no chances...