The Wall Street Journal's China bureau was the subject of a Department of Justice inquiry into allegations that the bureau had been bribing Chinese officials in exchange for information. Investigation by the parent company turned up no evidence to uphold the claim.
Robert Siegel talks to Corey Flintoff about reaction in Russia to a European Union plan to seize close to 10 percent of large deposits in Cypriot banks and close to 7 percent of all other deposits. Many Russian oligarchs park their money in banks in Cyprus because of the favorable terms and banking regulations there.
Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.
A Cypriot banking crisis has the potential to disrupt global financial systems, which are still trying to recover from the crisis of 2008-2009. The proposed tax on deposits in Cyprus could shake the trust in banks in Europe, and that could end up threatening the tenuous U.S. economic recovery.
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