Executives of three US banks are being grilled by senators over accusations the banks engaged in unfair trading practices relating to several commodities. A two-year report found that Goldman Sachs, Morgan Stanley and JP Morgan Chase bought up large stockpiles of commodities like aluminum and copper.
The CEO of the U.S. division of the big international bank HSBC is apologizing for lax controls that lawmakers say allowed Mexican drug cartels to launder billions of dollars through the US operation and many other illicit transactions for years.
The chairman of an inquiry into the causes of United States' financial meltdown has attacked the role of Goldman Sachs. Senator Carl Levin spoke of the reckless greed that infected Wall Street's financial community.
Investment bank Goldman Sachs executives boasted about the money the bank was making while the US housing market was collapsing in 2007, released company e-mails show.
The behaviour of two credit rating agencies in the run-up to the financial crisis has been criticised by US senators following an investigation.