Word: reporte
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Dates: during 1990-1999
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They didn't happen fast enough to prevent Ali Asif Zardari from dumping millions of dollars into Citi accounts. The husband of Benazir Bhutto, a former Prime Minister of Pakistan, Zardari faced corruption allegations. In fact, the report says, Reed was advised by bank staff to "stay away from him." But a year later, Citi opened three accounts for him. According to the report, when Reed finally learned of the Zardari accounts, Reed "thought the account officer must have been 'an idiot...
...report prepared by subcommittee Democrats and obtained by TIME says the private bank repeatedly broke many of its own rules in handling the cash of these depositors, and was not too particular in determining whether funds coming in were legally obtained. Says Senator Carl Levin: "We cannot condemn corruption overseas and then tolerate U.S. banks' making fortunes managing that same money...
...Citi's other private clients included two sons of Nigeria's recently deceased dictator, General Sani Abacha. Shortly after the general's demise last year, his wife was stopped as she tried to leave the country with 35 or so suitcases bulging with foreign currency. According to the report, with Abacha gone and Nigeria searching for money he allegedly stole, his sons urgently began to shift $39 million among various Citi accounts--with no opposition from the bank...
Downing, meanwhile, canceled all future revenue-sharing deals with Staples, promised to review all contracts with advertisers, and ordered up "awareness training" for the ad side. Yet in an interview with TIME last Thursday, some defensiveness seemed to be creeping back. She cited a recent Boston Globe report pointing out that promotional ties and revenue sharing are becoming more widespread at newspapers. "It makes me feel better to know it's a common industry practice," says Downing. "What I did was unfortunate. It was a mistake. I feel badly about the cloud it has put--for a little while--over...
...would be nice to report that Lincoln upset Franklin with a last-minute touchdown by Cruz and that at the dance afterward, she was crowned homecoming queen. But Hollywood is located several miles west of here. Lincoln went down, 34-0, and another girl got the crown...