Citigroup, at # 14....
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Citigroup, at #14, has
many discredits to its credit. It has earned brickbats for predatory lending practices, secret illegal liaisons with the investment bankers, as well as failure to observe anti-money laundering practices in Japan. It had to pay $2.65 billion to settle a class action suit brought on behalf of the defrauded purchasers of WorldCom securities in the year 2004.
And the last, AIG, ranked 20th, was none the less. It was under investigation in 2005 for accounting fraud after a scandal in insurance and mutual funds. The settlement with the SEC was to the tune of $126 million. The collective revenues of the aforesaid Corporations for the year 2005 were almost $2 trillion. Even a fraction of this is enough to change the face of this world where millions are starved of social basics and justice.
In such a scenario, the skewed ambitions of these firms, their unmitigated and unflinching greed for enriching just their top-lines, is nothing but repulsively obscene.
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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri
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Citigroup, at #14, has
many discredits to its credit. It has earned brickbats for predatory lending practices, secret illegal liaisons with the investment bankers, as well as failure to observe anti-money laundering practices in Japan. It had to pay $2.65 billion to settle a class action suit brought on behalf of the defrauded purchasers of WorldCom securities in the year 2004.And the last, AIG, ranked 20th, was none the less. It was under investigation in 2005 for accounting fraud after a scandal in insurance and mutual funds. The settlement with the SEC was to the tune of $126 million. The collective revenues of the aforesaid Corporations for the year 2005 were almost $2 trillion. Even a fraction of this is enough to change the face of this world where millions are starved of social basics and justice.
In such a scenario, the skewed ambitions of these firms, their unmitigated and unflinching greed for enriching just their top-lines, is nothing but repulsively obscene.
For More IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri
For more IIPM info, Visit below....
About IIPM ! IIPM Programmes !
posted by IIPM: A Leader in Academic Excellence @ 4:34 PM
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