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Tag Archives: Corruption

Corruption in the Time of Coronavirus

Now even the fig leaf is gone.  By Karen Parker Feld, The Irreverent Economist at Paladin Advisors: On March 23, the Fed announced its largest-ever intervention in the financial markets. Bazooka is too timid a word to describe it. More like a neutron bomb. Our central bank, supposed defender of the currency and the stability of markets, can now purchase an unlimited amount of US Treasury and agency mortgage-backed securities (now running at the unheard-of rate of $625 billion per...

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Reflections on Guatemala

I first journeyed to Guatemala 20 years ago, hosted by Universidad Francisco Marroquín.  Two weeks ago, I returned for a delightful extended visit, accompanied by my Spanish-speaking elder sons and former EconLog blogger Jim Schneider.  I spent over a week doing guest lectures at UFM, then gave Friday’s keynote talk for the Reason Foundation’s Reason in Guatemala conference.  During our trip, we were also able to visit the awesome Mayan ruins of Tikal and Yaxha.  Here...

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Ex-CEO of Pemex Arrested for “Looting Mexico”

Now attention is switching to former President of Mexico Peña Nieto. By Nick Corbishley, for WOLF STREET: Emilio Lozoya, former CEO of state oil company Pemex who went on the run last May after being accused of serious financial irregularities during his tenure, was arrested in an upscale suburb of the Southern Spanish port city of Malaga on Wednesday. Lozoya is accused of taking part in an elaborate scheme designed to systematically “plunder” Mexico’s finances, according to the...

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Nationalism and corruption

There’s been a great deal of focus on the Trump administration’s attempt to pressure Ukraine into investigating Hunter Biden. As an aside, I don’t believe Trump pressured Ukraine to investigate Biden, I suspect he pressured Ukraine to announce that they planned to investigate Biden, which is a very different proposition (and far worse). Elsewhere, the administration has backed away from a longstanding US policy of discouraging corruption in Eastern Europe: America’s...

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About those Republican judges

Defenders of President Trump will often acknowledge his faults, but then point to his selection of judges. I’ve never been impressed by that argument, as I prefer good judges to “conservative” judges. Most of all, I prefer judges that do not protect corrupt officials that appointed them. And Trump seems to be falling short on even that basic requirement. After the Warren Harding scandals, Congress passed a law giving lawmakers the authority to investigate anyone’s tax...

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Cesspool of Corruption Odebrecht Files for Bankruptcy, Largest Ever in Latin American History

The Brazilian conglomerate’s rot was uncovered by Operation Car Wash that resulted in the imprisonment of political and business figures across Latin America, including Brazil’s former richest man, Eike Batista. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. After years of graft probes that have tarnished governments throughout Latin America and left a trail of economic destruction in their wake, Brazilian conglomerate Odebrecht SA announced on Monday it was filing...

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“Largest Foreign Bribery Case in History” Claims New Scalp: Former Pemex CEO

His lawyer suggests if the price is too high, he may be willing to take his friend, former president of Mexico, down with him. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. Emilio Lozoya, a former chief executive of state oil company Petróleos Mexicanos (Pemex), was issued with an arrest warrant on Wednesday for financial irregularities, in particular his alleged dealings with scandal-plagued Brazilian construction firm Odebrecht. Lozoya, formerly a one-time senior...

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Pemex, World’s Most Indebted Oil Company, Gets Government Bailout as Suppliers Gripe About Unpaid Bills

“Once. Only this year. Later on, that’s their problem”: Finance Minister. $3.4 billion in fuel was stolen in 2018, including by insiders. Crackdown now underway. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. After years of falling production, compounding losses, and plunging credit ratings, Pemex, the world’s most indebted oil company, is not in a fit enough shape to issue new debt. That’s the dire assessment of the Mexican government, which on Friday announced that...

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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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