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Business
U.S. government funded companies doing business in Iran
An investigation by The New York Times reveals that “the federal government has awarded more than $107 billion in contract payments, grants and other benefits over the past decade to foreign and multinational American companies while they were doing business in Iran, despite Washington’s efforts to discourage investment there.”
Read MoreSecretive corporate culture contributed to Toyota’s woes
A report by Kate Linebaugh, Dionne Searcey and Norihiko Shirouzu of The Wall Street Journal reveals that a “secretive corporate culture” at Toyota kept the company from reporting and addressing safety issues in a timely manner with the National Highway Traffic Safety Administration. “Its silence with U.S. regulators, and other newly uncovered details from the…
Read MoreChange in ownership allowed controversial gun store to remain open
For two years, Milwaukee Journal Sentinel reporter John Diedrich has been seeking documents from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) on a local gun store that has been the subject of controversy. Despite heavy redactions by the agency, and differing responses to various FOIA requests, Diedrich was able to confirm the ATF…
Read MoreRegulations crippling commercial fishing industry
A Life at Sea/A Life at Risk, a six-part series by The Press of Atlantic City (N.J.), examined the crushing impact of federal and state fishing regulations on New Jersey’s $1 billion a year commercial fishing industry. “The regulations use size limits, gear restrictions, seasons, quotas and other methods to reduce the catch. A new…
Read MoreMineral rights royalties poorly monitored in Virginia
A series by the Bristol (Va.) Herald Courier exposed problems with Virginia’s mineral rights leasing program. Landowners have been forced to lease their mineral rights to private companies with the promise of royalties in return. “But instead of reaching the pockets of mineral owners, the money is funneled into an opaque state-run escrow fund, where…
Read MoreBig Pharma’s Crime Spree
Pfizer and Lilly lead a parade of U.S. companies that have paid $7 billion in penalties after promoting drugs for uses not approved by the FDA, according to a report by David Evans for the December issue of Bloomberg Markets. This unlawful behavior may not end until prosecutors force a drug company into bankruptcy.
Read MoreThe Rise and Fall of Denny Hecker series
A special report by the Pioneer-Press (St. Paul, Minn.) explores the dealings of failed businessman Denny Hecker. Hecker’s business empire collapsed over the last year, and he filed for bankruptcy. Hecker is $767 million in debt. Many claim he “used his businesses as a personal piggy bank, siphoning money from his dealerships and rental-car companies…
Read MoreBehind Glock’s profits
Paul Barrett, Brian Grow and Jack Ewing of BusinessWeek investigated several rumors and allegations surrounding Glock, one of the leading arms manufacturers in the U.S. The accusations include a complicated network of shell companies, illegal campaign contributions and a close look at the attempted murder of the company’s founder, Gaston Glock.
Read MoreDelays on loan modifications leave many vulnerable to foreclosure
Many homeowners have struggled to obtain loan modifications through Litton Loan Servicing, according to a report by Mc Nelly Torres for ConsumerAffairs.com. Dozens of complaints against Litton have been filed with ConsumerAffairs.com. Months-long delays on promised modifications have left many customers vulnerable to or victims of foreclosure. Litton settled a class action suit last spring “alleging…
Read MoreLax board, hazardous lending lead to bank’s failure
Hazardous lending practices approved by the directors of Cape Fear Bank appear to have contributed to the bank’s failure, according to a report by Stella M. Hopkins of The Charlotte (N.C.) Observer. John Davie Waggett, a successful pharmacist, tried his hand at real estate development securing over $18 million in loans. The largest lender was…
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