When a corporation is investigated for malfeasance -- cheating or hurting customers or workers, say -- the DoJ sometimes allows it to enter in a deferred prosecution agreement (DPAs) or a non-prosecution agreement (NPAs): the company admits wrongdoing, pays a fine, and promises not to do it again; after 2-3 years of good conduct, the charges are dropped.
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To date, Volkswagen has bought back about 350,000 diesel vehicles in the wake of the massive environmental fraud they committed around emissions testing. Here's one of 37 VW graveyards. Read the rest
U.K. and U.S. authorities fined Deutsche Bank of Germany $629 million for helping crooked Russian plutocrats move $10 billion out of Russia.
From April 2012 to October 2014, mirror trades were used by Deutsche Bank customers to transfer more than $6 billion from Russia, through the German lender’s arm in the U.K., to overseas bank accounts including in Cyprus, Estonia, and Latvia, the FCA said. Another nearly $4 billion in suspicious "one-sided trades" were also carried out.
The mirror trades allowed clients to buy local blue-chip shares for rubles, while the same stocks would be sold in London for dollars, in order to obtain the U.S. currency. Although such trades can be legal, there was a lack of controls in place at Deutsche Bank to prevent money laundering and other offenses.
A couple of weeks ago Western Union was fined $586 million for colluding with organized crime. The CEOs of both companies kept their jobs.
By Christoph F. Siekermann - Fotografiert am 17. September 2005, CC BY-SA 3.0, Link Read the rest
Nick Bilton's analysis of his Theranos exposé shows how bad actors like Elizabeth Holmes can misuse employees and government regulators, but he is especially critical of access journalism practiced in the business trades. It's a great read for anyone who writes as part of their job. Read the rest
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