Corporations & Industry
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Buffett's Berkshire Hires Four Senior AIG Executives
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| WSJ | Warren Buffett's Berkshire Hathaway Inc. BRKB -0.34% has hired four senior executives from American International Group Inc., AIG -3.33% attracting people with experience insuring large and unusual risks to help it expand its commercial-insurance operations. The defectors include Peter Eastwood, the head of AIG's U.S. property-casualty operations; David Bresnahan, president of AIG's Lexington unit; Sanjay Godhwani, president for Latin America and the Caribbean for AIG's property-casualty operations; and David Fields, another top property-casualty executive.
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SEC Revolving Door Fuels Wall Street's Too Big To Fail Problem
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| Huffington Post | The steady flow of officials from the Securities and Exchange Commission into top corporate jobs feeds a regulatory culture of weak law enforcement and preferential treatment for big banks, according to a new report from the Project on Government Oversight. The group, a non-partisan investigative watchdog, said information it obtained through a Freedom of Information Act request shows 419 former SEC employees filed at least 1,949 disclosure statements revealing that they planned to represent a private-sector client with SEC business from 2001 to 2010. SEC employees are only required to file disclosure statements for the first two years after leaving the agency.
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New York Stock Exchange sold to derivatives company in $8bn takeover
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| Guardian | Sale of nearly 200-year-old institution to Intercontinental Exchange comes amid historic shift to electronic trading. IntercontinentalExchange agreed a $8bn deal to buy New York Stock Exchange owner NYSE Euronext on Thursday. The New York Stock Exchange called time on two centuries of independence on Thursday, agreeing to an $8.2bn takeover that will hand control of the icon of American capitalism to an Atlanta-based energy trader.
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US pension insurer runs record $34bn deficit
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| Presstv.ir | The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history. The Pension Benefit Guaranty Corp. said last week that its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.
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Corporations & Industry ::
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Romney's first project with Bain in 1977: Help propel Monsanto
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| NaturalNews.com | One year before Mitt Romney began working on the Bain & Company project to rebuild "Monsanto" and cast their new image and focus on agriculture biotechnology, Congress passed a bill banning PCB (polychlorinated biphenyl), an odorless, tasteless, clear liquid known to cause cancer that was the "bread and butter" of Monsanto's profits. Monsanto was already branded and plagued with the label of having created the "Agent Orange" contaminated dioxins used in Vietnam.
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Corporations & Industry ::
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Drug giants fined $11bn for criminal wrongdoing
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| The Independent | The global pharmaceutical industry has racked up fines of more than $11bn in the past three years for criminal wrongdoing, including withholding safety data and promoting drugs for use beyond their licensed conditions. In all, 26 companies, including eight of the 10 top players in the global industry, have been found to be acting dishonestly. The scale of the wrongdoing, revealed for the first time, has undermined public and professional trust in the industry and is holding back clinical progress, according to two papers published in today's New England Journal of Medicine. Leading lawyers have warned that the multibillion-dollar fines are not enough to change the industry's behaviour.
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Click here to find out more! Microsoft finds malware on new computers in China
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| MyFowNY.com |A customer in Shenzhen, China, took a new laptop out of its box and booted it up for the first time. But as the screen lit up, the computer began taking on a life of its own. The machine, triggered by a virus hidden in its hard drive, began searching across the Internet for another computer. The laptop, supposedly in pristine, super-fast, direct-from-the-factory condition, had instantly become part of an illegal, global network capable of attacking websites, looting bank accounts and stealing personal data.
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Corporations & Industry ::
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25 Cutting Edge Firms Funded By The CIA
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| Business Insider | It's no secret the Central Intelligence Agency has an investment firm that funds startups that could have a big impact for the Agency. If there is a company out there doing intelligence research, it's likely that In-Q-Tel, the CIA's personal investor, either looked them up or made a check out to them.
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