Word: millioned
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...from $12.95 a pop for individual investors, and, more importantly, streamlined the fee so that it applied across the board regardless of how frequently someone trades, how many assets the investor holds, or how many shares a person buys. In the past, customers with more than $1 million in assets and those who completed more than 120 trades a year got the lower rate, while less wealthy, less active clients were hit with higher fees. Also, under the new rules, anyone trading blocks of more than 1,000 shares will no longer be hit with additional fees...
Starting Sept. 29, the company recalled 4.9 million cars because of a floor mat that could come loose and jam down the gas pedal. Last month Toyota issued a recall of 2.3 million vehicles (most of which were in the earlier group) because of a fault with the pedal mechanism itself. Toyota has told drivers to remove the mats; its fix for the sticky pedal requires a free half-hour shop repair. The DOT has urged owners of recalled models to use caution and get to a dealer. Still unknown: whether an electronic problem is also a culprit in sudden...
...report says that Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea's president, relied on American lawyers, bankers and real estate agents to bring a total of $110 million in suspected dirty money into the U.S. via a complex system of shell accounts. The report also described how Omar Bongo, who ruled Gabon for nearly 42 years until his death last June, transferred $18 million into a U.S. account with the help of an American lobbyist. Similarly, the ex-wife of former Nigerian Vice President Atiku Abubakar is alleged to have helped shift $40 million into U.S. banks...
...funds, not terrorism. And that's clear outside the U.S., as well. In France, Transparency International has brought a case against three African leaders - Congo's Denis Sassou Nguesso, Equatorial Guinea's Obiang and Bongo's estate in Gabon - claiming they allegedly used public funds to purchase around $200 million in French properties for themselves. A group of Cameroonian nationals based in France has also lodged a lawsuit in Paris accusing Cameroon President Paul Biya of buying French homes worth hundreds of millions of dollars with taxpayer funds. The three surviving leaders have rejected all accusations of corruption levied against...
...However, prosecutors in cases like these still face significant legal hurdles in trying to reclaim public assets suspected of being stolen by political leaders. Last month, a Swiss court ordered $4.6 million in frozen accounts to be returned to former Haitian dictator Jean-Claude Duvalier after his family appealed a lower court's decision to turn the money over to charities, arguing the statute of limitations on any purported wrong-doing had expired. Moreover, despite a 2005 U.N. convention setting legal requirements for fighting corruption, Valerian says many Western countries have been slow to apply the measures and tend...