Silicon Valley Bank executives, including CEO Greg Becker, sold $84 million in stock over two years, with $3.6 million sold just two weeks before the bank’s failure. The Justice Department and SEC launched investigations into these insider stock sales, which were executed under 10b5-1 trading …
The U.S. Bureau of Industry and Security added Frontier Services Group (FSG) to the Entity List on June 14, 2023, designating the company as acting “contrary to the national security or foreign policy interests of the United States” for providing training and support to China’s …
BuzzFeed News and the International Consortium of Investigative Journalists published the FinCEN Files, revealing more than $2 trillion in suspicious banking transactions reported to the U.S. Financial Crimes Enforcement Network between 1999 and 2017. The files contained over 2,100 Suspicious …
Deutsche Bank agreed to pay $150 million in penalties for its failure to properly monitor Jeffrey Epstein’s banking activities. The bank processed hundreds of transactions for Epstein even after his 2008 conviction, including payments to potential co-conspirators and alleged victims. …
The Paycheck Protection Program launched with $800 billion in forgivable loans to support small businesses during COVID-19, but rushed implementation with minimal verification created “the biggest fraud in a generation.” SBA Inspector General estimates $200+ billion in fraudulent loans - …
Dream Center Education Holdings (DCEH), a California-based religious nonprofit with no prior experience operating colleges, entered receivership on January 18, 2019, less than two years after acquiring the Art Institutes, Argosy University, South University, and Western State College of Law from the …
A fatal aviation disaster revealing critical design flaws in Boeing’s 737 MAX aircraft. The crash of Lion Air Flight 610 exposed systemic issues in aircraft design, maintenance, and pilot training, resulting from a malfunctioning Maneuvering Characteristics Augmentation System (MCAS). …
Facebook suspends Cambridge Analytica and parent company SCL from its platform following explosive revelations by whistleblower Christopher Wylie about systematic data harvesting affecting 87 million users. The suspension comes only after The Guardian and New York Times publish comprehensive exposés …
On March 15, 2016, the Centers for Disease Control and Prevention released its first-ever “Guideline for Prescribing Opioids for Chronic Pain”—twenty years after Purdue Pharma launched OxyContin with aggressive marketing based on false addiction claims, and nine years after …
The Centers for Disease Control and Prevention began investigating a multistate fungal meningitis outbreak in September 2012 that ultimately killed 64 people and sickened 798 individuals across multiple states who received contaminated methylprednisolone steroid injections from the New England …
On July 30, 2012, the Senate Health, Education, Labor, and Pensions (HELP) Committee released the Harkin Report, a devastating two-year investigation documenting systematic fraud, abuse, and taxpayer exploitation in the for-profit college industry. The 2,000-page report, based on subpoenaed …
Bank of America announces a nationwide halt to foreclosures after revelations that employees signed thousands of foreclosure affidavits without reviewing the underlying documents, a practice dubbed “robo-signing.” The scandal exposes systematic fraud in the foreclosure process, with …
On April 5, 2010, the FDA approved Purdue Pharma’s reformulated OxyContin designed to make it more difficult to crush, snort, or inject—14 years after the original drug’s launch and three years after the company’s guilty plea to criminal misbranding. Purdue ceased shipping the old …
The U.S. government authorized an $85 billion bailout of American International Group (AIG), with Goldman Sachs receiving $12.9 billion—the largest individual payout. Treasury Secretary Henry Paulson, a former Goldman Sachs CEO, played a central role in the decision, despite significant conflicts of …
On September 9, 2008, Iowa Attorney General Tom Miller filed a criminal complaint against Agriprocessors Inc. and five company officials for 9,311 child labor law violations that occurred from September 9, 2007, through May 12, 2008, at the company’s Postville meatpacking plant. The magnitude …
On April 13, 2008, Google completed its $3.1 billion acquisition of DoubleClick, the dominant online advertising server and ad exchange operator. The merger, approved by the Federal Trade Commission in December 2007, combined Google’s search advertising dominance with DoubleClick’s …
The Honest Leadership and Open Government Act took full effect after President Bush signed it into law, implementing new ethics rules designed to slow the revolving door between Congress and lobbying firms. The law extended cooling-off periods from one to two years for senators and established a …
New Century Financial Corporation, the nation’s second-largest subprime mortgage lender, files for bankruptcy protection after its stock loses 90 percent of its value in weeks, marking the beginning of the subprime mortgage crisis. The company had originated $60 billion in subprime loans in …
Silverado Savings and Loan collapses with losses exceeding $1 billion to taxpayers, exposing serious conflicts of interest involving Neil Bush, son of Vice President-elect George H.W. Bush. Neil Bush served on Silverado’s board of directors from 1985-1988, during which he approved over $130 …
President Ronald Reagan signs the Immigration Reform and Control Act (IRCA), also known as the Simpson-Mazzoli Act, enacting the first federal law to impose sanctions on employers who knowingly hire undocumented workers while simultaneously granting amnesty to approximately 3 million undocumented …
Atlantic Richfield Company (ARCO) closed the Berkeley Pit copper mine on Earth Day 1982 and immediately shut off the pumps that had kept groundwater out of the massive excavation, beginning the pit’s transformation into one of the most toxic bodies of water in North America. The corporate …
Investment trusts reached peak popularity and systemic danger by selling at premiums higher than underlying stock values while creating complex pyramids of cross-ownership and hidden leverage. These 1929 equivalents of closed-end mutual funds bought stock on margin with funds loaned not by banks but …
The Federal Reserve Board issues a public warning that banks should not make loans for stock market speculation, expressing concern about the use of Federal Reserve credit to finance the securities boom. The announcement signals regulatory awareness that margin lending and speculative excess pose …
The Florida land boom reaches its speculative peak in 1925, with real estate transactions totaling an estimated $7 billion (equivalent to over $120 billion today) in a single year. Developers like Carl Fisher (Miami Beach), George Merrick (Coral Gables), and Addison Mizner (Boca Raton) orchestrate …
American agriculture enters a decade-long depression beginning in summer 1920 as commodity prices collapse following the end of wartime demand. Wheat prices fall from $2.50 per bushel to under $1.00; cotton drops from 35 cents per pound to 13 cents; corn collapses from $1.50 to 42 cents. Meanwhile, …
On July 2, 1890, President Benjamin Harrison signed the Sherman Antitrust Act into law after it passed the Senate 51-1 (April 8) and the House 242-0 (June 20), creating America’s first federal anti-monopoly legislation—but the law was deliberately vague, weakly worded, and systematically …