Apple, Microsoft and Tesla Accused of Aiding Child Labor in the Congo

THE WRAP

Alphabet and Dell are also accused of “knowingly benefiting” from the “cruel and brutal use of young children” in the African country’s cobalt mines read more »

How McKinsey Makes Its Own Rules

NEW YORK TIMES

It’s not easy being McKinsey & Company these days.

On the occasions when McKinsey’s work has been scrutinized of late, it hasn’t reflected well on the firm. Reporting by The New York Times, ProPublica and others over the past 18 months has raised serious questions about how it does business at home and abroad: corruption allegations against companies McKinsey partnered with in South Africa and Mongolia; a federal criminal investigation into the firm’s bankruptcy practice in the United States; attempts to deny that it helped put into effect controversial Trump administration immigration policies; and evidence that McKinsey cherry-picked nonviolent inmates for a pilot project and made it seem that an attempt to curb violence at New York City’s Rikers Island jail complex was working (it wasn’t). McKinsey has denied wrongdoing in each of these instances. read more »

SEC Charges Former Goldman Sachs Executive With FCPA Violations

SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission today announced charges against former Goldman Sachs Group Inc. executive Tim Leissner for engaging in a corruption scheme, by which he obtained millions of dollars by paying unlawful bribes to various government officials to secure lucrative contracts for Goldman Sachs. Leissner has agreed to a settlement of the alleged violations of the ox (FCPA) that includes a permanent bar from the securities industry.

According to the SEC's order, beginning in 2012, Leissner, as participating managing director of Goldman Sachs, used a third party intermediary to bribe high-ranking government officials in Malaysia and the Emirate of Abu Dhabi.  The order finds that these bribes enabled Goldman Sachs to obtain lucrative business from 1Malaysia Development Berhard (1MDB), a Malaysian government owned investment fund, including underwriting $6.5 billion in bond offerings. The order further finds that Leissner personally received more than $43 million in illicit payments for his role in facilitating the bribe scheme. read more »

Drug empire behind OxyContin, widely blamed for U.S. opioid crisis, now selling overdose cure

CHICAGO TRIBUNE

The gleaming white booth towered over the medical conference in Italy in October, advertising a new brand of antidote for opioid overdoses. “Be prepared. Get naloxone. Save a life,” the slogan on its walls said.

Some conference attendees were stunned when they saw the company logo: Mundipharma, the international affiliate of Purdue Pharma — the maker of the blockbuster opioid, OxyContin, widely blamed for unleashing the American overdose epidemic.

Here they were cashing in on a cure. read more »

Purdue Pharma Payments to Sackler Family Soared Amid Opioid Crisis

NEW YORK TIMES

A new audit finds that the family directed $10.7 billion from the drugmaker to family-controlled trusts and holding companies, as legal pressure tightened around Purdue. read more »

Big banks settle Fannie Mae, Freddie Mac bond rigging litigation in U.S

REUTERS

Thirteen prominent banks and financial services companies agreed to pay $337 million to resolve claims by investors that they conspired to rig prices of bonds issued by mortgage companies Fannie Mae and Freddie Mac for a decade. read more »