Posts tagged corruption
Posts tagged corruption
(Photo: Gary Cameron / Reuters)
Former Illinois Congressman Jesse Jackson, Jr., pleaded guilty in federal court Wednesday morning to misusing more than $750,000 in campaign cash on private expenses — including a Rolex, furs, and other luxury goods.
The art world has officially forgotten the recession.
Last night, Sotheby’s set a new record with a total of $375 million in total sales during its contemporary art sale.
The tally shattered the old sales record of $362 million set in May of 2008, before the financial world collapsed.
Leading the sale was Mark Rothko’s “No.1 (Royal Red and Blue), which sold for $75.1 million – far surpassing its top estimate of $50 million. Other big-ticket sellers included a Jackson Pollack for $40.4 million, a Francis Bacon for $29.7 million and a Warhol for $15.2 million.
Read More: http://www.cnbc.com/id/49825391?__source=yahoo|headline|other|text|&par=yahoo
Federal prosecutors and financial regulators on Wednesday reasserted their intention to enforce the law that bans the bribery of foreign officials by U.S. companies, despite a clamorous campaign by the U.S. Chamber of Commerce and other business groups to relax the rules.
The chamber had argued that Congress should rewrite the Foreign Corrupt Practices Act, a law passed more than three decades ago that has been used as a model for recent legislation in a number of other countries. One main argument of the chamber was that the law, as enforced, lacks clarity as to whom exactly U.S. companies are allowed to bribe, and whom they aren’t.
The Justice Department and Securities and Exchange Commission responded on Wednesday with a 120-page guide to the FCPA that spells out what can get a company in trouble — and dispels the misrepresentations perpetuated by the chamber’s lobbying campaign.
For instance, while explaining that the FCPA “does apply broadly to bribes paid to help obtain or retain business, which can include payments made to secure a wide variety of unfair business advantages,” the guide explicitly states that companies will not get in trouble just for dispensing “[i]tems of nominal value, such as cab fare, reasonable meals and entertainment expenses, or company promotional items.”
What sorts of cases will DOJ or the SEC pursue?
Craig Nelsen, who claims his waffle store was bankrupted because Groupon was too slow in sending him money from the daily deals he offered, just posted an epic rant about the experience in the comments section of the article we wrote about him earlier today.
It’s the story of how he created Back Alley Waffles, and the role he believes Groupon played in its death.
He has some nasty things to say about Groupon users, too. He claims they were impatient and left comments on Yelp that hurt his business if they didn’t get their waffles fast enough.
This, without editing, is what he wrote:
I started serving waffles in my art gallery as a way to bring attention to my art and, hopefully, save my struggling gallery. The original idea was to give waffles away free every Friday night as a kind of delicious gimmick to get people there.
That grew into Back Alley Waffles.
So, almost by accident, I found myself trying to open a restaurant with no money. YOU try that some time.
When it wasn’t, they would Yelp us.
Sheri S from Washington, DC yelped, “So, we arrived around 1:00 pm, an hour before the place closes and the cook says he just served the last batch of waffles and smoothies to the previous customers. Mind you, there are only four menu items: buttermilk waffles, smoothies, chai tea and coffee. How is it possible that you run out of ingredients? ”
It was Groupon that broke our backs. As we waited and waited for our money (how can it take ten days to “process” a check? I can write one in twenty seconds flat.) that thousand dollars loomed larger and larger until, finally it snuffed us out. Yes, we were under-capitalized. Yes, it was my fault for signing up with Groupon in the first place. But Groupon sucks.
Read More: Yahoo Finance News