Economy 
Citigroup Fined $1 for Every $500 in Subprime Exposure It Hid(0)
Citigroup has agreed to pay the SEC $75 million to settle charges that the bank hid exposure to more than $40 billion in subprime CDOs. (That works out to roughly a $1 fine for every $500 worth of hidden exposure.)
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GE Report Looks Toward “Pathway to Sustainability”
GE’s 2009 corporate citizenship report – “Renewing Responsibilities” – sets forth a vision of addressing global concerns with confidence, integrating sustainability into the company’s core business strategy. “Our goals,” GE says, “are to make money, make it ethically and make a difference.”
Bank of America to Pay $108 Million to Settle Countrywide Case
The Federal Trade Commission said that when homeowners fell behind on payments and were in default on loans, Countrywide ordered property inspections, lawn mowing, and other services meant to protect the lender’s interest in the property. But rather than hire third-party vendors to perform the services, Countrywide created subsidiaries to hire the vendors, often marking up prices charged by 100 percent or more.
Senate Bill Changes Rules for Boards, Executive Pay
The bill, which passed the Senate by a vote of 59-39, requires directors to win by majority vote in uncontested elections, gives the SEC authority to grant shareholders proxy access to nominate directors and gives shareholders the right to a nonbinding vote on executive pay. The measure must be reconciled with a House bill.
More in this category
- Are Business Schools to Blame for the Financial Crisis?
- Survey: Executives Expect More Financial Statement Fraud
- Obama Presses for Shareholder Reforms
- Survey: U.S. Consumers Willing to Pay for Corporate Responsibility
- Corporations See Sustainability Offerring Trillions in Opportunity
- Corporate Sustainability Ranking Gets a Face Lift