Gibson Guitar is trending after the instrument maker admitted to importing endangered exotic wood. Despite the company's violation of environmental laws, federal prosecutors will drop charges against Gibson. Gibson agreed to pay a $300,000 fine as well as donate $50,000 to the National Fish and Wildlife Foundation. The company also forfeits what is estimated to be $262,000 worth of wood that has been seized by federal agents. The settlement comes after federal agents raided Gibson facilities in Memphis and Nashville. Affidavits supporting the raids allege that the company falsified labels of imported wood to avoid import laws. CEO Henry Juszkiewicz said in a statement that Gibson "was inappropriately targeted."
Standard Chartered is another popular search. The New York State Department of Financial Services has threatened to take away the company's state banking license over its ties to Iran. The bank regular said Standard Chartered hid over 60,000 secret transactions with Iran worth $250 billion, violating U.S. law. Standard Chartered allegedly exposed the U.S. banking system to corrupt individuals and groups like terrorists and drug traffickers, according to the department. Standard Chartered said in a statement that it complied with U.S. regulations and shared an analysis with U.S. agencies to prove it did so.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.