By Gabriel Black, 3 November 2015
The new judicial standard for insider trading cases established in a federal appeals court ruling in December amounts to a legal green light for illegal financial manipulation.
By Gabriel Black, 13 October 2015
The Supreme Court refused to hear a challenge to a recent ruling making the enforcement of insider trading laws virtually impossible.
By Brad Dixon, 9 October 2015
Prescription drugs cost up to 10 times more in the United States than they do in other countries, according to a new report.
By Tom Hall, 9 October 2015
The oil giant will pay a fraction of the maximum possible fine for the worst environmental catastrophe in American history, while not a single top executive will spend a day in jail.
By Evan Blake, 6 October 2015
The company that owns the El Faro has admitted that it ordered the voyage into the storm, while seeking to place the blame for the tragedy on the crew themselves.
By Brad Dixon, 6 October 2015
Valeant Pharmaceuticals’ strategy is to buy drugs from other companies and then jack up the prices to enrich the company’s shareholders.
By Peter Schwarz, 29 September 2015
The leadership of the Volkswagen group, the German government and the EU Commission knew about the manipulation of emissions readings in diesel vehicles for years.
By Peter Schwarz, 26 September 2015
The systematic fraud at VW is an expression of the irrationality of the economic and social system in which the corporation operates.
By Nick Barrickman, 24 September 2015
Shkreli’s actions represent nothing more than an unabashed and especially brazen form of everyday business practice under capitalism.
By Patrick Martin, 19 September 2015
The slap on the wrist this week for General Motors, for the deaths of at least 124 people, is another demonstration that capitalism has one law for working people and another for the ruling elite.
“I believe GM murdered my daughter”
By Shannon Jones, 18 September 2015
The World Socialist Web Site spoke with Leo and Mary Ruddy, parents of Kelly Erin Ruddy who died in the crash of her Cobalt in January 2010
By Sven Heymann, 14 August 2015
Thousands of people who seek refuge in Germany from poverty, war and dictatorship find catastrophic conditions upon their arrival.
By Shannon Jones, 28 July 2015
The $105 million penalty is a derisory amount, a small fraction of the automaker’s annual revenue and profits.
By Sven Heymanns, 28 July 2015
Anshu Jain, who recently resigned as co-chair of Deutsche Bank, was involved much more deeply in the manipulation of Libor than previously known.
By Samuel Davidson, 6 July 2015
Pittsburgh-based coal and natural gas giant Consol Energy is the latest in a series of private companies to cut health benefits for its retired workforce.
By David Brown, 3 July 2015
The agreement is the culmination of the Obama administration’s efforts to shield BP from responsibility for the worst environmental disaster in US history.
By Maria Kovalenko, 23 June 2015
The Communications Workers of America and the International Brotherhood of Electrical Workers are preparing to hand over more concessions on pensions and health benefits.
By Andre Damon, 15 May 2015
The effect of guilty pleas for crimes involving massive manipulation of financial markets will be essentially zero, beyond the immediate costs the fines levied on the institutions.
By Andre Damon, 18 April 2015
Bernanke’s new job constitutes little more than a kickback for services rendered to Wall Street.
By Barry Grey, 8 April 2015
In America, “justice” for the working class and poor is remorseless, brutal and final.
By Clement Daly, 26 March 2015
It is nearly five years since the April 2010 explosion at Upper Big Branch killed 29 West Virginia miners in the worst US mine disaster in nearly four decades.
By Philip Guelpa, 3 March 2015
The Christie administration has reportedly reached an out-of-court settlement with ExxonMobil for a fraction of the estimated cleanup cost.
By Andre Damon, 11 February 2015
The British, American and other governments buried evidence that Europe’s largest bank was running a massive tax fraud service.
By Andre Damon, 4 February 2015
The settlement amounts to yet another slap on the wrist for companies whose fraudulent activities contributed to the 2008 financial collapse.
By Tom Hall, 17 January 2015
BP’s maximum fine for the 2010 Gulf of Mexico oil spill will be $13.7 billion, far lower than the $18 billion fine called for by prosecutors.
By Tom Hall, 3 November 2014
Millions of gallons of oil released during the 2010 BP oil spill fell to the seafloor of the Gulf of Mexico, according to a study released last week.
By Shannon Jones, 28 October 2014
US federal safety regulators have limited the recall of vehicles equipped with defective airbags to a restricted geographical area.
By Shannon Jones, 23 October 2014
Reports indicate that Honda and other automakers knew that airbags on their vehicles could explode, posing a risk of death or injury to occupants, but dragged out a recall.
By Shannon Jones, 17 October 2014
So far, there have been 178 death claims filed, far in excess of the 13 fatalities acknowledged by GM in vehicles it has recalled for faulty ignitions.
By Tom Hall, 24 September 2014
Prosecutors in the first federal felony case against corporate executives for food poisoning did not press charges for the nine deaths caused by the salmonella outbreak.
By Shannon Jones, 29 August 2014
To date there have been 107 death claims relating to a deadly ignition defect that can cause airbags not to deploy.
By Andre Damon, 23 August 2014
The Obama administration’s latest settlement with Bank of America imposes a wrist-slap fine and shields bankers from prosecution.
By Gabriel Black, 22 August 2014
The actual financial hit of BoA is far less than the $16.7 billion price tag touted by the Obama administration.
By Gabriel Black, 22 July 2014
By denying victims and their families access to the courts, the company stands to avoid billions of dollars in damages.
By Gabriel Black, 17 July 2014
Documents obtained by the New York Times show that GM withheld information from the National Highway Traffic Safety Administration about a fatal crash tied to a faulty ignition switch.
By Tom Hall, 12 July 2014
Nagin, infamous for his callous conduct during and after Hurricane Katrina, was sentenced to ten years in prison on 20 corruption counts.
“GM is alright with safety as long as it doesn’t interfere with sending parts out the door.”
By Jerry White, 3 July 2014
James L. Gibson, a 48-year-old worker for Quaker Chemical, was pronounced dead at Marion General Hospital about an hour after the blast.
By Gabriel Black, 2 July 2014
New documents released by Congress indicate high-ranking GM executives knew as early as 2005 about an ignition defect tied to fatal crashes.
By Shannon Jones, 1 July 2014
GM hopes to settle on the cheap its liabilities from a deadly ignition defect tied to numerous fatal crashes.
By Andre Damon, 21 June 2014
A former Goldman Sachs trader who helped the bank bet against toxic mortgage-backed securities it was palming off to investors claims he was underpaid for his efforts.
By Shannon Jones, 14 June 2014
The report commissioned by General Motors into the recall of vehicles with a deadly ignition defect paints a devastating picture of corporate indifference to public health and safety.
By Shannon Jones, 11 June 2014
Family members denounced the recent report commissioned by GM as a cover-up designed to shield top officials.
By Gabriel Black, 10 June 2014
A Federal appeals court overturned a judge’s 2011 decision against a sweetheart deal between the Securities and Exchange Commission (SEC) and Citibank.
By Jerry White, 6 June 2014
The internal investigation claims bureaucratic incompetence and communication glitches were behind the automaker’s failure to recall defective vehicles responsible for scores if not hundreds of fatal accidents.
By Shannon Jones, 30 May 2014
GM still insists only 13 deaths are tied to ignition defect despite evidence that the actual toll is far higher.
By Shannon Jones, 21 May 2014
The auto maker has recalled 13.6 million vehicles in 2014 in the wake of the exposure of its cover-up of a deadly ignition defect.
By Andre Damon, 20 May 2014
Last week the US Department of Transportation ended its investigation into General Motors over an ignition switch default, which led to the loss of at least 13 lives.
By Shannon Jones, 17 May 2014
The automaker is being fined a mere $35 million, less than one day’s revenue.
By Shannon Jones, 6 May 2014
The auto company is relying on the Obama administration’s bailout to free it of liability for dozens, if not hundreds, of deaths.
“There wasn’t anyone in senior management who didn’t know about this”
By Shannon Jones, 24 April 2014
GM denied any responsibility for the accident in which air bags failed to deploy, despite knowing about the deadly ignition defect.
GM safety violations linked to cost-cutting attacks on workers
By Jerry White, 23 April 2014
From 2002 to 2012, GM cut its hourly workforce by 12 percent each year.
By Matthew MacEgan, 23 April 2014
General Motors has filed a suit in federal court to enforce a bar on lawsuits resulting from defective cars sold prior to its bankruptcy in 2009.
By Jerry White, 22 April 2014
GM officials opted to issue “technical service bulletins” to car dealerships instead of removing potentially deadly vehicles from the road.
By Shannon Jones, 19 April 2014
The cars have defective ignitions that have been tied to fatal crashes in which airbags failed to deploy.
By Gabriel Black, 18 April 2014
Henrique de Castro, the former chief operating officer of Yahoo, will receive a $58 million severance package after 15 months on the job, on top of his salary and starting bonus.
By Shannon Jones, 17 April 2014
The company is asking a bankruptcy judge in New York to block lawsuits from accidents that occurred prior to July 2009.
By Barry Grey, 12 April 2014
GM said it knew of several hundred complaints of keys coming out of the slot of the ignition lock cylinder in Cobalts and other small models while the engine was running.
By Shannon Jones, 1 April 2014
Both corporate management and government regulators turned a blind eye for years to mounting reports of death and injury caused by a defective ignition system.
Jamie Dimon continues to escape prosecution
By Andre Damon, 27 March 2014
A federal jury on Monday convicted five former employees of Bernard Madoff for helping him run the biggest Ponzi scheme in US history.
By Andre Damon, 22 March 2014
Robert D. Marcus the chief executive of Time Warner Cable, is set to receive an $80 million payout if the company goes through with its planned acquisition by Comcast
By Nick Barrickman, 19 March 2014
Last week, Jeffrey E. Thompson, a regional powerbroker and government contractor in Washington, DC, pleaded guilty to felony charges.
By Shannon Jones, 17 March 2014
A new study of crash data shows that 303 fatalities may be linked to an ignition problem with several GM models.
By Tom Hall, 17 March 2014
The EPA announced last week that it would allow BP to compete for new federal oil contracts, lifting a ban instituted in response to the Deepwater Horizon oil spill.
By Shannon Jones, 12 March 2014
Documents show the National Highway Traffic Safety Administration knew of ignition defects in several GM models for years but took no action.
By Patrick Martin, 22 February 2014
The CEO of Bank of America received a raise greater than the lifetime pay for the average American worker.
By Gabriel Black, 15 February 2014
The complaint alleges that the Obama administration illegally sought to bypass judicial review to ensure a favorable deal for the bank.
Detroit’s bankruptcy, the tip of the iceberg
By Nancy Hanover, 27 January 2014
A massive giveaway—“corporate welfare,” both locally and nationally—is bankrupting municipalities across the US.
By Andre Damon, 27 January 2014
JPMorgan Chase CEO Jamie Dimon has been awarded $20 million in pay for 2013, an increase of 74 percent, following a year in which the bank paid out $20 billion in legal settlements.
By Andre Damon, 19 November 2013
The most remarkable aspect of the bull market is that it occurs in the context of stagnant economic growth or recession in the US and Europe.
By Andre Damon, 9 November 2013
SAC Capital Advisors, one of the most profitable hedge funds in history, has pleaded guilty in a massive insider trading case, but its owner faces no criminal charges and retains his vast fortune.
By Andre Damon, 6 November 2013
US Prosecutors announced Monday that Hedge fund SAC Capital would plead guilty to five counts of insider trading.
By Barry Grey, 21 October 2013
The American financial elite, like the aristocracies of old, is immune from the laws that apply to the lower orders.
By Barry Grey, 28 September 2013
The fact that the highest US law enforcement official holds an unannounced meeting with the head of a bank under investigation by his department says a great deal about the role of the government in shielding bankers.
By Tom Hall, 23 September 2013
Halliburton has pled guilty to destroying evidence related to the 2010 BP oil spill, paying a paltry $200,000 in fines.
By Andre Damon, 20 September 2013
JPMorgan Chase, the largest US bank, settled charges related to its multi-billion-dollar trading loss Thursday with four regulators, paying a total of $920 million in fines.
By Andre Damon, 15 August 2013
US prosecutors have charged two low-level JPMorgan Chase traders in connection with last year’s $6.2 billion trading loss.
By Dorian Griscom, 30 July 2013
The evidence indicates that SAC's massive profits were generated on the basis of fraud and illegal insider trading.
By Andre Damon, 27 July 2013
Halliburton, the oil field services contractor, agreed to plead guilty to destroying evidence related to its complicity in causing the 2010 Deepwater Horizon disaster.
By Gabriel Black, 20 July 2013
The US Commodity Futures Trading Commission has filed a civil lawsuit against Jon Corzine, the ex-chief of MF Global, for “failing to properly supervise” employees who used nearly a billion dollars from customers’ accounts to cover the firm’s bad debts.
By Zac Corrigan, 31 May 2013
Lisa Jackson, who was the head of the US Environmental Protection Agency (EPA) during Obama's first term, has been hired by Apple to manage the company's environmental problems.
By Andre Damon, 22 May 2013
Apple CEO Tim Cook used his appearance before the Senate Permanent Subcommittee on Investigations to call for a sharp reduction in corporate taxes.
By Andre Damon, 10 May 2013
The Justice Department announced Wednesday that it has reached a deal with former Enron executive Jeffrey Skilling that would result in a 10-year sentence reduction.
By Barry Grey, 18 March 2013
The financial malefactors have been rewarded with ever greater public funds to subsidize record profits, executive bonuses and stock prices
By Barry Grey, 16 March 2013
The report demonstrates that nothing has changed on Wall Street since the financial meltdown that was triggered by rampant speculation and illegality on the part of the banks.
By Henry Allan, 13 February 2013
Chevron was fined $963,200 by Cal/OSHA for state safety standard violations related to the August 6, 2012, fire at its Richmond, California, refinery.
By Nick Beams, 8 February 2013
Calls for greater regulation of the banks ignore the incestuous relationships between the finance houses and the regulators that are supposed to be overseeing them.
By Andre Damon, 1 February 2013
In the fifth year of the economic depression, and amid signs of the worst global slowdown since 2008, world stock markets are booming the fastest since the late 1990s.
By Naomi Spencer, 25 January 2013
Although the company was aware that 40 percent of metal hip replacements would fail in five years, it sold the devices anyway.
By Andre Damon, 22 December 2012
Not only has the Libor swindle exposed the criminality of the banks, it has laid bare the nexus of corruption and complicity involving governments and financial regulators the world over.
By Barry Grey, 14 December 2012
The financial robber barons of today are a law unto themselves.
By Bryan Dyne, 17 November 2012
BP has reached a settlement on all criminal claims with the US Department of Justice and on all securities claims with the Securities and Exchange Commission relating to the explosion of the Deepwater Horizon oil rig.
By Barry Grey, 27 October 2012
Not a single high-level banker has been prosecuted, let alone jailed, since the Wall Street crash of September 2008.
By A. Woodson, 18 October 2012
A Federal District Court judge in Manhattan has upheld a $4.8 million fine against Morgan Stanley for creating a derivatives deal.
By Barry Grey, 21 August 2012
In the figure of former MF Global CEO Jon Corzine, key aspects of the criminalization of the US ruling elite and the thoroughgoing corruption of its political system come together.
By Oliver Richards, 23 July 2012
The California Independent Systems Operator (CalISO) has alleged that JPMorgan Chase & Co. manipulated the state’s energy market, resulting in at least $73 million in improper payments.
By Christopher Marsden, 6 July 2012
The declaration by chairman Andrew Tyrie that some of what Barclays chief executive Bob Diamond said in testimony to the parliamentary Treasury Committee seemed “implausible” ranks as a masterpiece of understatement.
By Barry Grey, 6 July 2012
Rotting in its own criminality, the capitalist financial system produces ever more powerful arguments for its expropriation and reconstitution under public ownership and democratic control.
By David Walsh, 16 June 2012
The members of the Senate Banking Committee treated JPMorgan CEO Jamie Dimon with awe and reverence.
By Barry Grey, 16 March 2012
On Monday, the settlement between five major US banks and the federal and state governments of foreclosure-related fraud charges was filed in federal district court in Washington DC.
By Andre Damon and Barry Grey, 15 March 2012
Greg Smith, an executive director at Goldman Sachs, announced his resignation Wednesday in an op-ed piece public in the New York Times, denouncing the bank's “toxic” culture of avarice and fraud.