Banking

9:05am

Tue November 20, 2012
The Two-Way

Former UBS Trader Who Lost Billions Is Convicted

Former UBS trader Kweku Adoboli on Sept. 18, 2012.
Sang Tan AP

Kweku Adoboli will spend seven years in prison for his unauthorized trades at UBS. A British court convicted him on two counts of fraud for losing $2.3 billion dollars in his risky bets over several years, ending in 2011.

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4:58am

Mon November 19, 2012
Business

Visa Card Worth Its Weight In Gold

Originally published on Tue November 20, 2012 8:38 am

Transcript

RENEE MONTAGNE, HOST:

Good morning. I'm Renee Montagne with a credit card that's worth its weight in gold. For those who want to buy bling with bling, a bank in Kazakhstan plans to offer a Visa card made of gold, plus a couple of dozen diamonds and mother of pearl. It will require $100,000 upfront and an annual fee of $2,000, but there are no late fees and you get a free iPhone. It won't be the first bejeweled card, just the first made of pure gold. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.

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1:37am

Fri November 16, 2012
Planet Money

It's Legal To Sell Marijuana In Washington. But Try Telling That To A Bank.

Originally published on Mon November 19, 2012 12:03 pm

David McNew Getty Images

Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.

I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.

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3:06am

Thu November 1, 2012
Business

Help Wanted In Switzerland: Hunting Tax Cheats

Originally published on Thu November 1, 2012 4:41 am

Transcript

RENEE MONTAGNE, HOST:

And while we're on the subject of tax evasion, our last word in business today is: Help wanted.

Switzerland is looking for more staff to handle a flood of new requests from other countries that are looking for tax cheats.

STEVE INSKEEP, HOST:

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3:44pm

Wed October 24, 2012
The Two-Way

Rajat Gupta, Former Goldman Sachs Director, Sentenced To Two Years

Rajat Gupta as he arrived at the federal courthouse in Manhattan in June.
Emmanuel Dunand AFP/Getty Images

Rajat Gupta, who was once a director at Goldman Sachs and Procter & Gamble, has been sentenced to two years in prison, after a federal jury convicted him of insider trading.

Gupta was convicted of leaking information to Galleon Rajaratnam, the billionaire co-founder of Galleon Group who was found guilty of fraud and conspiracy.

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