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- » CORRUPTION: U.S. Banks Abetting Corrupt Regimes, Probe Finds
- » How multinational, aided by Ernst & Young, tried to launder profits & cheat on taxes through offshore Bermuda shell
- » Former U.S. Attorney Chris Christie, GOP Candidate for NJ Governor, gets $ from IDT, NJ telcom investigated by Justice Dept for bribing Haitian officials
- » Q&A: Tax Havens, Bank Secrecy, and Tricks
- » Exclusive: Florida banking agency helped Stanford set up unregulated office to sell his phony CDs
- » OECD Tax Havens Deal Falls Short, Critics Say
- » IRS on the Track of Tax-Cheating “John Doe’s”
- » Tax Havens in Spotlight at G20 Meet
- » The Real AIG Scandal: How the Game is Rigged at Wall Street’s Casino
- » Cafeteria Kickbacks
- » Exclusive: How One Fund’s Profits Ended Up in the Caymans
- » Geithner – Treasury Nominee Failed to Halt Bond Scam
- » Swiss bank’s crafty strategy shows how difficult it is to clamp down on tax havens
- » Crisis Pits Vatican Against Offshore Bankers
- » AIG’s Past Could Return to Haunt
- » Courter to leave IDT; NYSE threatens delisting; stock in free fall
- » The smoking gun: the IDT-Haiti contract
- » Corruption: Laundromat Royale
- » Evasive Tactics: UBS trolls for tax cheats
- » Off the Trail: IDT chief quits McCain campaign
- » McCain ‘Trailblazer’ Burned
- » Ex-Rock Impresario Tony Defries lost $22 million in offshore tax evasion scheme
- » Benazir Bhutto in 1987 talked to me of concern about Afghan militants and how she dealt with death threats
portfolio.com, March 8, 2010
One year ago, a group of financial institutions quietly launched ICE Trust, a new and theoretically safer way to trade derivatives, a key element of the financial crisis. As lawmakers debate reform, banks at the center of the storm are remaking the market—and stand to profit.
As the financial crisis exploded with full force in 2008, it was obvious that something was gravely wrong with the huge, unregulated market for derivatives.
Lehman Brothers had $738 billion of these contracts—which are based on the value of some other asset, such as a stock or a bond or a hog belly—on its books when it failed on September 14, 2008.
Lehman certainly wasn’t alone. Over the next few months, insurer AIG reported as much as $53.5 billion of derivatives losses—losses that were linked to nearly one third of its $182.5 billion federal
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Paul Volcker says privately Obama appointed him as “window dressing” »
Dec 14, 2009 - The man who isn't there: whatever happened to Paul Volcker? President Obama appointed him Chairman of the new Economic Recovery Advisory Board which is supposed to advise the president on jump-starting the...
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Film: Challenging 500 Years of Globalisation »
Inter Press Service (IPS), Nov 14, 2009 - To end poverty, you have to know how it began - with globalisation. No, not the 20th century variety engendered by multinationals and their friends at the...
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My Stasi Files: getting banned by East German secret police in the 80s »
Nov 8, 2009 - The 20th anniversary of the fall of the Berlin Wall has called forth a plethora of memories and celebrations. Here are mine. I visited West Germany in 1983 as it held massive...
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Sodexo’s ’safe’ supplier sickens 27 boy scouts at camp »
Oct 17, 2009 - When he was interviewed for the investigative story I did in March on Sodexo's practice of demanding rebates (ie kickbacks) from suppliers, Sodexo deputy counsel Tom Morse argued that working only...
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Corazon Aquino missed her chance »
Aug 3, 2009 -
In January 1986, I went to the Philippines to chronicle the growing movement against the Ferdinand Marcos dictatorship....
Scoops
CORRUPTION: U.S. Banks Abetting Corrupt Regimes, Probe Finds »
Inter Press Service (IPS) - Feb 3, 2010 The global bank HSBC may be running offshore accounts for central banks. According to a U.S. Senate investigation, an HSBC subsidiary in London called HSBC Equator Bank had...
No comment / Read More »How multinational, aided by Ernst & Young, tried to launder profits & cheat on taxes through offshore Bermuda shell »
Jan 20, 2010 - In September 2004, David Beringer, the tax director of the $20-billion Noble Group based in Hong Kong, wrote a memo to company officials expressing concern that if Swiss officials discovered that...
No comment / Read More »Former U.S. Attorney Chris Christie, GOP Candidate for NJ Governor, gets $ from IDT, NJ telcom investigated by Justice Dept for bribing Haitian officials »
Oct 22, 2009 - Back in 2004, when Chris Christie was the U.S. Attorney for New Jersey, his office first heard allegations that IDT Corporation, a Newark, N.J.-based global telecommunications company, was involved in a...
No comment / Read More »Q&A: Tax Havens, Bank Secrecy, and Tricks »
Inter Press Service (IPS), July 14, 2009 - At a recent conference in Miami organised by Offshore Alert, a specialised media organisation focused on financial crime, IPS sat down with veteran investigator Bob Roach...
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