Companies benefit from certain internal environmental and social checks and balances, particularly when it comes to preventing a tumble in their share price.
Nigeria’s President Muhammadu Buhari at the US-Africa Business Forum in New York in 2016.
EPA/Drew Angerer
Convicting individuals of wrongdoing is important but only a culture change in the financial sector will stop future crimes.
Electricity privatisation has delivered big nest eggs for various state governments – but the NSW government’s $A13 billion privatisation price tag risks being undermined by an election pledge and the recent UBS controversy.
Dmitry Melnikov from www.shutterstock.com
Electricity privatisations have been like golden geese, providing A$37 billion to Australian state governments since 1992. But the price for NSW’s privatisation risks being undercut by two key events.
NSW Treasurer Andrew Constance with the 2014 budget. An economic analysis has found electricity revenues have been crucial to keeping the NSW budget in surplus in recent years.
Paul Miller/AAP
We found that without state-owned electricity revenues, the NSW Coalition government would have struggled to avoid recording deficits in every budget since its election in 2011.
Small beer? Bank fines and the culture they punish.
Steve James
The biggest open secret in the financial world has been confirmed. Regulators in the UK, the US and Switzerland have announced massive fines for some of the world’s largest banks for a manipulation of…
Why is the City keeping its suffering under wraps?
Robin Hawkes
Roger McCormick, London School of Economics and Political Science y Chris Stears, School of Advanced Study, University of London
The major international banks are being lumbered with more and higher fines as the fallout from the financial crisis continues. Our research as part of the Conduct Costs Project at the CCP Research Foundation…
Under fire for manipulating the LIBOR rate, investment Bank UBS also tried to manipulate Australia’s local bill swap rate, say US regulators.
Many months after the event, the Australian financial press has woken up to the fact that there was a financial scandal happening elsewhere. Worse still, it may also have happened here. The tabloid-like…
RBS joins the list of banks implicated in the ever-widening LIBOR scandal.
Flickr\ell brown
In his recent interview with Oprah Winfrey, Lance Armstrong belatedly admitted to taking illicit drugs throughout his career. But in doing so, he also shed light on a corrupt culture within the sport involving…
Failures of compliance and culture have been attributed to the RBS’ misconduct in the LIBOR manipulation scandal.
AAP
The fallout from the London Interbank Offered Rate (LIBOR) scandal continues apace with the announcement on Wednesday that the Royal Bank of Scotland (RBS) had reached a $US612 million settlement with…