Wednesday, July 4, 2012

Corporate Fraud is EVERYWHERE you look.‏

Everywhere you look there is dishonesty and fraud.  Not a day goes by without another Corporate Titan being mired in fraud.  Yesterday it was phamacutical company Glaxo Smith Kline lying and cheating their way at the expense of consumers.   Today it is Barclays lying and cheating their way at the expense of consumers.  YOU CAN’T TRUST ANY OF THEM.  The bigger they are the less trust they should receive.

CEO Robert Diamond resigned Tuesday amid intense political and investor pressure over the British bank's involvement in rigging the benchmark, used to set interest rates on an estimated $800 trillion of borrowings and derivatives. Jerry del Missier, who was named chief operating officer last month, also stepped down.

the bank agreed last week to pay $453 million to settle a U.K. and U.S. probe that showed traders had blatantly sought to manipulate the London interbank offered rate, or Libor, to disguise the high cost of the bank's own funding and to pad the profits of certain traders

Other banks that have disclosed they are being investigated include Citigroup Inc., Deutsche Bank AG,HSBC Holdings PLC, J.P. Morgan Chase& Co. and Royal Bank of Scotland GroupPLC.

He also sparked the ire of politicians and regulators with his brazen style that saw him defend banker pay and fend off a tax and insurance misselling scandal.

British drugmaker GlaxoSmithKline will pay $3 billion in fines — the largest health care fraud settlement in U.S. history — for criminal and civil violations involving 10 drugs that are taken by millions of people.

This is the latest in a string of settlements related to drug companies putting profits ahead of patients. In recent years, the government has cracked down on drugmakers' tactics, which include marketing medicines for unapproved uses. While doctors are allowed to prescribe medicines for any use, drugmakers cannot promote them in any way that is not approved by the U.S. Food and Drug Administration.

Glaxo is scheduled to plead guilty to the criminal charges and have the settlement approved at a hearing Thursday in U.S. District Court in Boston. In addition to the $3 billion penalty — which includes a $1 billion criminal fine and forfeiture and $2 billion to resolve civil claims — Glaxo agreed to be monitored by the government for five years to ensure that it complies with marketing and other rules.

The government is going to monitor??? Why would that be needed?  Deregulate everything.  We can all trust corporate America to do the right thing.  Corporations are run by adults and adults can be trusted.   Where is the deregulate crowd when you need them.

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