Federal authorities have opened a criminal investigation into the massive data breach at Equifax, which potentially exposed the personal information of up to 143 million Americans, including their Social Security and driver’s license numbers. Federal prosecutors are examining the nearly $1.8 million in sales of Equifax stock by Chief Financial Officer John Gamble, Joseph Loughran, president of the credit-reporting giant's U.S. Information Solutions division, and Rodolfo Ploder, president of the firm's Workforce Solutions Unit, Bloomberg News reported, citing unidentified people familiar with the investigation.
Toys “R” Us announced late Monday night that it filed for Chapter 11 bankruptcy, though the company’s leadership assured customers its 1,600 stores around the world would continue to operate normally. The company, once America’s powerhouse of toys, has been struggling for years even as the toy industry grew. Instead, it plans to restructure the $5 billion of long-term debt with which the company is saddled in hopes of keeping it afloat in a marketplace that has vastly changed with increased competition from both big box stores such as Walmart and Target, and online retailers such as Amazon.
Credit Suisse is taking a roughly $79.5 million hit to settle charges by Massachusetts Mutual Life Insurance about its residential mortgage-backed securities (RMBS) business, the Swiss bank said late on Thursday. The new pre-tax charge will be taken in the Zurich-based bank’s third-quarter results and is in addition to its existing legal reserves set aside for the case.
Philip Morris on Wednesday announces its support for the establishment of the Foundation for a Smoke-Free World. The Foundation will fund research and encourage innovative measures to reduce the harm caused by smoking. It will evaluate the impact that smoke-free alternatives can have on smokers and public health, assess the effect of reduced cigarette consumption on the industry value chain, and measure overall progress towards a smoke-free world.
President Donald Trump said on Wednesday that taxes on rich Americans might rise, as he pursues a tax code overhaul and reaches out to both Democrats and Republicans in a push to win support for a plan still far from complete. Trump met with the two top congressional Democrats over dinner at the White House in a search for common ground that could make it easier to get a tax-cut package through Congress.
Swiss Life referred on Thursday it has been contacted by the U.S. Department of Justice regarding its cross-border business with American clients. The firm said its business with US clients via its Swiss Life Liechtenstein and Swiss Life Singapore units amounts to approximately 250 million Swiss francs ($260 million).
This Newsletter has repeatedly brought the attention of readers to the situation of the US dollar and the extreme indebtedness of Washington, which now practically has a national debt of 20 trillion without calculating all the other liabilities. Proposing a defense budget of almost 700 billion to maintain over 800 bases globally is going to help lead to national bankruptcy.
The U.S. Justice Department on Monday charged Deutsche Bank’s former head of subprime mortgage trading with civil fraud in connection with conduct dating back to the 2007-2009 financial crisis. According to an announcement from the Department of Justice, Paul Mangione, the former Deutsche Bank head of subprime trading, allegedly “engaged in a fraudulent scheme to misrepresent the characteristics of loans backing two residential mortgage-backed securities that Deutsche Bank sold to investors that resulted in hundreds of millions of dollars in losses.”
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