The Magazine of Corporate Responsibility

Tag Archive for ‘Citigroup’

The Corporate Capture of the United States

Corporate governance activist Robert AG Monks argues that American corporations today are like the great European monarchies of long ago. “Corporations have effectively captured the United States: its judiciary, its political system, and its national wealth, without assuming any of the responsibilities of dominion,” he writes. “Evidence is everywhere.”

Why No Financial Crisis Prosecutions? ‘It’s Just too Hard’

Years after the financial crisis, there have still been no prosecutions of top executives at the major players in the financial crisis. Why’s that? Well, according to a now-departed Justice Department official who used to be in charge of investigating such matters, the Justice Department has decided that holding top Wall Street executives criminally accountable is too difficult a task.

JP Morgan:Impact Investing Offers Trillion Dollar Opportunity

A study by analysts at J.P. Morgan concludes that impact investing – which is intended to generate social good as well as financial return – could represent a highly-profitable trillion dollar market over the next decade. “In fact, we believe that impact investing will reveal itself to be one of the most powerful changes within the asset management industry in the years to come,” the study says.

Why a Federal Judge Trashed the SEC’s Settlement With Citigroup

A federal judge in Manhattan rejected a proposed settlement between Citigroup and the U.S. Securities and Exchange Commission over a failed security that the bank sold to investors. “If the allegations of the Complaint are true, this is a very good deal for Citigroup,” said U.S. District Judge Jed Rakoff as he refused to sign off on the $285 million proposed settlement agreement.

What’s Happened to the Big Players in the Financial Crisis?

Widespread demonstrations in support of Occupy Wall Street have put the financial crisis back into the national spotlight lately. So here’s a quick refresher on what’s happened to some of the main players, whose behavior, whether merely reckless or downright deliberate, helped cause or worsen the meltdown.

UN Council Endorses Principles on Business and Human Rights

The UN’s endorsement of the Guiding Principles on Business and Human Rights marks not just a successful end to the mandate of UN Special Representative John Ruggie. It also signals a new beginning for business and human rights as companies around the world begin to implement the principles to ensure respect for human rights in all their operations.

Dodd-Frank Act: How Financial Reform May Be Going Wrong

Almost a year ago, President Barack Obama signed the Dodd-Frank Wall Street Reform Act into law. Now, some emerging roadblocks reinforce a fear that Dodd-Frank, which was intended to touch on almost every aspect of the American financial system, may never provide the sweeping reform it promised.

Wall Street Cash Bonuses Fell in 2010; Average $128,530

Cash bonuses paid to New York City securities industry employees declined by nearly 8 percent to $20.8 billion in 2010, as Wall Street firms shifted toward more deferred compensation and higher base salaries, according to an estimate released by the New York State Comptroller. For the average Wall Street worker, however, that still translated into a 2010 cash bonus of $128,530.

In Postcrisis Report, a Weak Light on Complex Transactions

Reporter Jesse Eisinger credits the Financial Crisis Inquiry Commission’s just released report for being full of fascinating information and detail. Its biggest failing, he suggests, “is its timidity in engaging the most important question looming over the crash: What did Wall Street know and when did it know it?”

The Year in Wall Street Investigations

It’s been over three years since credit markets started shaking with the early tremors of the subprime crisis, and two years since that spread into a marketwide collapse. Prosecutors, regulators, Congress and journalists have spent the year uncovering the financial shenanigans that brought the market to its knees. It’s been marked by a few blockbuster settlements and more revealing investigations — as well as by some noticeable inaction in the reckoning.