Novartis bribery probe: ten Greek ex-ministers allegedly involved

Two former Greek prime ministers and eight former ministers have been implicated in an alleged corruption scandal involving Swiss pharmaceutical giant Novartis, a judicial source said on Monday.

Greek anti-corruption prosecutors have asked parliament to hand over any files relating to the alleged bribery in light of the suspected involvement of the former ministers, who were in office between 2006 and 2015 – before the current government came to power – the source said. read more »

Senate spotlights virtual currencies as bitcoin price swings

Digital currencies such as bitcoin were in the spotlight again on Tuesday as lawmakers in the U.S. Senate questioned top markets watchdogs over how to better regulate the highly volatile and risky emerging asset class.

Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, chairman of the Securities and Exchange Commission (SEC), gave testimony to the Senate Banking Committee amid growing global unease about the risks virtual currencies pose to investors and the financial system.

The hearing follows a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin. read more »

How Wells Fargo and Federal Reserve Struck Deal to Hold Bank’s Board Accountable

On a Thursday evening in mid-January, a group of top Wells Fargo executives sat down for dinner in an upscale surf-and-turf restaurant near the White House. At nearby tables, power brokers ate seafood on ice and sipped cocktails out of copper mugs.

The Wells Fargo executives — including the chief executive, Timothy J. Sloan, and the finance chief, John R. Shrewsberry — enjoyed their crab legs, but they were in Washington on unpleasant business. The Federal Reserve planned to impose tough sanctions on the San Francisco-based bank for years of misconduct and the shoddy governance that allowed it.

The executives’ mission, according to three people directly involved in the negotiations, was to avoid further shaking investor confidence in the bank and its management team.

Officials at the central bank had a different goal, according to people familiar with their thinking. They wanted to send a message to the Wells board that it would be held responsible for the company’s behavior. read more »

Shkreli Is Still Worth $27 Million, U.S. Says He Should Pay Up

Martin Shkreli is still worth millions of dollars and his fears that the U.S. is going to grab his share of a pharmaceutical company are "premature," prosecutors say.

The U.S. wants the former drug company executive and hedge-fund operator to forfeit $7.4 million after his August conviction of securities fraud. Prosecutors cite his stake in Vyera Pharmaceuticals, formerly called Turing Pharmaceuticals, as well as $5 million in a personal trading account, a Picasso and a one-of-a-kind special edition album by the Wu-Tang Clan. His net worth is more than $27.1 million, prosecutor say. read more »