The auditing firm Ernst & Young is the latest to feel the heat from the Madoff scandal. Last week the firm lost its case in a suit alleging that it had been negligent in its auditing of a feeder fund that helped contribute to Madoff’s scheme to defraud investors. Their liability is a stinging $200 m and tops Citco’s settlement earlier this year of $125m. Meanwhile, more money will be allocated to victims of the fraud, as prosecutions and suits gradually wind up and officials continue to search for more missing funds.
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Today, rather than being the world’s poster child for a fair and equitable economy, the U.S. — home of the American Dream — is one of the least equitable among Western nations. But why should business leaders care about the lack of upward mobility in America? As a successful businessman, Jeff Greene, founder of the Greene Institute, gives three reasons why.
What will it take to build a thriving social enterprise sector that can lead the way to the next economy? Don Shaffer, president and CEO of RSF Social Finance, suggests a new, bold funding model.
The seafood industry has one of the most complicated supply chains in the world, often with five to seven companies involved from catch to plate, each keeping records on paper in far-flung locations. In these murky waters a new wave of entrepreneurs sees opportunities to make the seafood industry more transparent to consumers, businesses and governments striving for sustainability.
California’s Air Resources Board recently released a draft of its Short-Lived Climate Pollutant Reduction Strategy and is now accepting comments. While business-as-usual manure management practices need to change, there are alternatives to those proposed in the strategy — ideas that build off of existing incentives, rather than making them obsolete.
As banks continue to restrict access to capital, sites like Kiva will continue to serve as disruptive options to traditional financing for small business owners.
Last week, Ceres released an illuminating analysis of how some major companies are responding to shareholder engagement on environmental, social and governance (ESG) issues. It shows that many long-term investors are fighting for sustainability — and companies are, for the most part, responding in kind.
Did you know that Patagonia, Seventh Generation and Clif Bar each invest millions in social enterprises through their investment management funds? I didn’t, until SOCAP 2015 this month in San Francisco.
The Federal Reserve has a very clear mission that includes three basic objectives: maximize employment, keep prices stable and keep interest rates reasonable. The Federal Reserve is also responsible for “containing systemic risk that may arise in financial markets.” Given the objectives mentioned, take a moment to strategize on how you might convince the Federal Reserve to take a more active role in addressing climate change.
A few months ago, it seemed inevitable that the world’s most pristine ocean would be drilled. Today, after a massive, months-long grassroots and social media mobilization, the Arctic will be preserved, from now to the foreseeable future.
Now you can look at companies through an objective lens that compares their climate impact relative to others in their same line of business. Companies at the top of that list are not only behaving responsibly, but are also consistently outperforming their peers when it comes to financial returns.
It’s in vogue these days for a corporation to say it stands behind climate change action. It’s another thing however, say the authors of the new website, InfluenceMap, to find one that really does support steps that offer change. The website dug deep when it looked at 100 global corporations and their public (and not so public) stance on climate change. The results were quite revealing.
Jennifer Pryce, president and CEO of the Calvert Foundation, announced a new impact investing platform at SOCAP 2015 in San Francisco last week.
The B Corp movement focuses on embedding a social purpose within a company’s DNA. As this movement gathers momentum, it highlights the need for an open debate on the purpose of the corporation. What does it mean to be a responsible corporation? What is special about B Corps?