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Tag Archives: Corruption

Steinhoff Committed $7.4 Billion in Fraud (at least). Here’s How

It’s not often that we get to see the details of how companies commit $7.4 billion worth of fraud.  Steinhoff International Holdings, a former empire of retailers and other companies in Europe, Africa, Australasia, and the US – including the now bankrupt Mattress Firm – collapsed in December 2017 when it announced that it had found “accounting irregularities,” without mentioning amounts or methods. It then hired PricewaterhouseCoopers (PwC) to investigate. Now the company has released...

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FANGMAN Come Re-Unglued. Debacles Sink Goldman Sachs, Apple, and — Oh Gosh, Not Again — GE

Fears that the bull market died sent people and algos scrambling out of the way. There were company-specific debacles that sank some of the gorillas, such as Goldman Sachs, Apple, and – oh gosh, not again – GE; and there was the general issue of fears circulating that the bull market has died, with people and algos trying to scramble out of the way: The Dow dropped 602 points, or 2.3%, to 25,387. The S&P 500 dropped nearly 2% to 2,726. And the Nasdaq dropped 2.8% to 7,201. Goldman...

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Whiff of Panic After Mexico Voted to Scrap Mega-Airport & Corruption Project

Now everything is up in the air, so to speak. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The results are finally in from one of the most controversial voting exercises ever held in Mexico. The people — albeit a tiny fraction of the whole electorate — have voted to scrap a new $13-billion airport for the capital that is almost one-third finished, at least $4 billion over budget, and mired in allegations of corruption and lack of transparency, dealing a hefty blow...

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New Market Rigging Scandal Tangles Up Already Teetering Construction Giants in Europe

Italian and Spanish construction companies with global projects on the brink or over the brink. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The golden age is long over for Europe’s construction companies. In the wake of the longest recession of the postwar era, their two largest sources of finance — governments and banks — are either unable or unwilling to spend or lend, leaving many once-thriving companies on the brink. Last July, the Spanish building firm Isolux...

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Gangs of Oil Thieves Expand Their Business Model

Systematic “Petro-Plunder,” as we’ve come to call it, eats into Mexico’s energy sector. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. In the early hours of Wednesday, September 12, a massive leak of highly flammable liquefied petroleum gas (LPG) escaped into the quiet air of Villa Frontera, a suburb on the northern edge of Mexico’s fourth largest city, Puebla. Authorities evacuated thousands of local residents. The apparent cause of the leak was a botched pipeline...

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What to Do with $13-Bn Airport Project Steeped in Corruption & Cost Overruns? Reality Check for Mexico’s President-Elect

A classic lose-lose scenario for taxpayers that’s making the world’s richest even richer. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. Mexico’s President Elect Andres Manuel Lopez Obrador (AMLO) doesn’t take office until December, but he’s already got a multi-billion dollar dilemma on his hands: what to do with the country’s largest infrastructure project, already steeped in scandals and corruption, which, if completed, will become one of the world’s biggest (and...

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Nafta is Dead. Long Live Nafta

The biggest problem with Nafta that hurt US workers, Mexican workers, and the Mexican economy, though it hugely benefited profit margins of global automakers and Corporate America, remains unaddressed: Wage repression in Mexico, including via “protection contracts” as condition for building a plant. The deal was announced with fanfare at a press conference in the Oval Office this morning: The US and Mexico had reached a new deal that would govern their totally out-of-whack trade...

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Already Troubled Pemex & Mexico’s Oil Industry Wake Up in a New World

Tectonic shifts and clouds of uncertainty after Sunday’s election. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. Since the election on July 1 of veteran leftist politician Andres Manuel Lopez Obrador (AMLO for short), a dark cloud of uncertainty has gathered over the future of Mexico’s oil industry, which was already in dire enough straits. After decades of chronic mismanagement, unfettered corruption, and declining oil reserves, Mexico’s state-owned oil empire,...

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Citibank, Deutsche Bank, ANZ to Fight Possible “Criminal Cartel” Charges in Australia

There’s unconfirmed speculation JPMorgan may have been granted immunity as the whistleblower. By Charles Benavidez, Safehaven.com: Amid an ongoing investigation in Australian banks, insurers, financial service providers and pensions funds for everything from rate-rigging to mistreating customers and questionable consumer lending practices, two major global banks are now facing criminal charges in the country. Prosecutors are now expected to lays “criminal cartel” charges against...

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Business Elite, Banks Panic after Presidential Front-Runner Threatens to Scupper Mexico’s Largest Infrastructure Project

A project of “mind-watering” magnitude in money and corruption. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The Mexican peso suffered its biggest rout in four months on Thursday, likely due to the realization dawning on market participants that the veteran populist Andres Manuel Lopez Obrador (or AMLO) may  win the presidential elections on July 1. AMLO has led all the polls in Mexico for well over a year and is still 15 points ahead of his closest rival. And now...

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