Accusations have been swirling around Standard Chartered which has
been accused by The New York State Department of Financial Services of
working with the Iranian government to hide over 60,000 financial
transactions, generating hundreds of millions of dollars over the past
decade. As the dust begins to settle, many are beginning to wonder
what this may mean for other associated custodian banks including Bank
of New York Mellon, JP Morgan Chase and State Street Corporation.
These banks heavily depend on broad networks of sub-custodians to
provide large clients with economies of scale and reach. If these
banks are in fact proven to be associated with the scheme it may leave
clients looking elsewhere for their banking needs. Those not
associated with Standard Charted could see a large influx of clients
in the near future. HSBC, Deutsche Bank AG and Citigroup could be
among the lucky beneficiaries of this sudden shift in clientele.
The bribery case brought against Pfizer, under the Foreign Corrupt
Practices Act, came to an end yesterday with a $60 million dollar
settlement. The SEC and DOJ accused Pfizer of making prohibited
payments to foreign officials and doctors to garner business and
increased sales in China, Italy, Russia, Croatia and other European
countries. In one of the more extreme cases, Pfizer employees in
China created a ‘credit card’ like point program allowing doctors to
rack up points by prescribing Pfizer medications. In turn, doctors
could cash in their points for an array gifts and trips. As part of
the accusation the SEC said that Pfizer employees were trying to
conceal the payments by passing them off as travel, entertainment and
marketing expenses. In a press release announcing the settlement, Amy
Schulman, the executive vice president and general counsel for Pfizer
said, “The actions which led to this resolution were disappointing,
but the openness and speed with which Pfizer voluntarily disclosed and
addressed them reflects our true culture.” As they say the first step
to recovery is admitting you have a problem, You be the judge.
After bombarding you with stories of corporate greed and bribery
we turn to the self-proclaimed happiest place on earth. Walt Disney
Company announced its earnings yesterday and beat Wall Street
expectations. The company boasted a 31 percent rise in earnings,
which can be attributed to increased spending at its theme parks and
the recent release of “The Avengers.” Grossing more than $1.4 billion
dollars worldwide, the big wigs over at Disney have already signed a
deal for a sequel and a Marvel-based TV series for its television
production division, ABC.
Accusations have been swirling around Standard Chartered which has
been accused by The New York State Department of Financial Services of
working with the Iranian government to hide over 60,000 financial
transactions, generating hundreds of millions of dollars over the past
decade. As the dust begins to settle, many are beginning to wonder
what this may mean for other associated custodian banks including Bank
of New York Mellon, JP Morgan Chase and State Street Corporation.
These banks heavily depend on broad networks of sub-custodians to
provide large clients with economies of scale and reach. If these
banks are in fact proven to be associated with the scheme it may leave
clients looking elsewhere for their banking needs. Those not
associated with Standard Charted could see a large influx of clients
in the near future. HSBC, Deutsche Bank AG and Citigroup could be
among the lucky beneficiaries of this sudden shift in clientele.
The bribery case brought against Pfizer, under the Foreign Corrupt
Practices Act, came to an end yesterday with a $60 million dollar
settlement. The SEC and DOJ accused Pfizer of making prohibited
payments to foreign officials and doctors to garner business and
increased sales in China, Italy, Russia, Croatia and other European
countries. In one of the more extreme cases, Pfizer employees in
China created a ‘credit card’ like point program allowing doctors to
rack up points by prescribing Pfizer medications. In turn, doctors
could cash in their points for an array gifts and trips. As part of
the accusation the SEC said that Pfizer employees were trying to
conceal the payments by passing them off as travel, entertainment and
marketing expenses. In a press release announcing the settlement, Amy
Schulman, the executive vice president and general counsel for Pfizer
said, “The actions which led to this resolution were disappointing,
but the openness and speed with which Pfizer voluntarily disclosed and
addressed them reflects our true culture.” As they say the first step
to recovery is admitting you have a problem, You be the judge.
After bombarding you with stories of corporate greed and bribery
we turn to the self-proclaimed happiest place on earth. Walt Disney
Company announced its earnings yesterday and beat Wall Street
expectations. The company boasted a 31 percent rise in earnings,
which can be attributed to increased spending at its theme parks and
the recent release of “The Avengers.” Grossing more than $1.4 billion
dollars worldwide, the big wigs over at Disney have already signed a
deal for a sequel and a Marvel-based TV series for its television
production division, ABC.