Every year, banks handle tens of millions of transactions. Some of them involve drug money, or deals with companies doing secret business with countries like Iran and Syria, in defiance of trade sanctions.
But if the Justice Department has its way, banks will be forced to change — to spot illegal transactions and blow the whistle before any money changes hands.
Federal prosecutors have already collected more than $4.5 billion from some of the world's biggest financial institutions — banks charged with looking the other way when dirty money passed through their accounts.
Gul Mohammed Khan has lost three sons in sectarian violence during the last two years, in Karachi, Pakistan. He stands here with some of his grandchildren who have lost their fathers. When he looks at his grandchildren, he says, he sees his sons.
Credit Dina Temple-Raston/NPR
Men mourn over the deaths of their family members during their funeral procession in Karachi, Pakistan last week. Police said gunmen have wounded a prominent Sunni cleric and killed his guards and his driver in an apparently sectarian attack in southern Pakistan.
Credit Fareed Khan / AP
Rescuers carry a sheet to collect body parts near the scene of a bomb explosion in Karachi on Saturday that killed at least six people and . wounded 48. The sandals in the foreground are displayed for sale.
The sad truth about Karachi in 2012 was that whatever your religion, business affiliation, or political party, someone was willing to kill you for it.
The murder rate in Pakistan's largest city and commercial hub hit an all time high last year. Over 2,500 people died in violent crimes in Karachi in 2012, a 50 percent increase over the year before.
Most of the deaths were attributable to sectarian killings and score settling. Shia Muslims took on the brunt of the violence. But Sunni Muslims were killed in reprisal attacks that added to the tally.
It's been a banner year for solar energy. The United States is on track to install a record number of solar power systems — thanks in large part to low-cost solar panels from China. That's been challenging for American manufacturers, and federal officials have put trade tariffs on Chinese panels.
Things look busy at the SunPower solar manufacturing plant in Silicon Valley. Workers are screwing frames onto shiny, 6-foot solar panels as they come off the line.
Originally published on Wed January 2, 2013 11:16 am
The White House released this statement from President Obama at 2:30 a.m. on Tuesday:
Leaders from both parties in the Senate came together to reach an agreement that passed with overwhelming bipartisan support today that protects 98 percent of Americans and 97 percent of small business owners from a middle class tax hike. While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay.