Unfortunately, the vast majority of “Ponzi” scheme victims receive nominal restitution if at all. That said, do the victims bear some ethical responsibility as it relates to their participation in the fraud? Certainly, many will recall the memorable…
According to William H. Watkins, the Civil War was the result of competing views of the economic destiny of America. He says, “Reconciliation between the systems of slavery in the South and emerging industrialization in the North was not possible through negotiation” (13). An industrial America rose out of the horrors of war. “The victory of the North created the conditions needed for northern industrialists to expand without political opposition from Southern planters [and politicians]. The ‘robber baron’ capitalists now found a huge national market in which to expand their fledging oil, steel, textile, and railroad industries.…
In the nineteenth-century, the United States transformed from small urban towns to large industrial cities. During those years, the expansion of manufacture opened jobs which resulted in a massive increase in population and urban growth. This large-scale rapid growth of American industrialization has greatly influenced the evolution in transportation, the improvements in technology, and the advancement of industrial leaders. Evidently, American entrepreneurs greatly influenced the historical time of the Gilded Age with their powerful and professional business maintenance. The term “robber barons” came from a group of men who criticized the corrupt and inappropriate methods used by businessmen such as J.J. Hill, John D. Rockefeller, and Andrew…
To this day, one of the most well known American swindlers and criminals of the administrative field is Bernard Madoff. The opportunist made it seem as though he was a caring nice individual that could be trusted, but the real truth was that he was a crazed and greedy criminal. It came as a shock to most people when he confessed to the crimes he had committed because he was a master at hiding the person he truly was. The people he worked so closely with believed in him and trusted him whole heartedly and he betrayed them by masterminding one of the largest investment frauds to ever be committed by one person.…
In the early Great Depression years, powerful members of gangs, such as Al Capone, John Dillinger, Bonnie and Clyde, and more much became infamous for their mischievous robberies, income tax evasion, auto theft, etc. In addition, organized crime has extremely increased. More than 12,000 murders were happening every year in America by 1926 (American Gangster). People also became more violent as they were fighting over alcohol. While other people in the public started to become more engaged in all of the protests and violent mobs.…
One example of dishonesty that was present during the 1920’s was the character Daisy. Daisy pretended to be stupid in order to make the men around her believe that she was not aware of what was going on. This is shown when upon numerous occasions Daisy acted like she was unaware of Toms several affairs. She knew what was going on with her husband but was unwilling to let him know her full knowledge of his infidelity in order to remain wealthy. Her dishonesty about her knowledge led people to believe that she was a simpleminded women, when in reality she was an intelligent person who used people to get what she wanted.…
The New Era was a great time of business. The 1920’s saw an economy prosper due to consumerism, leisure expansion, and the establishment of a middle class. In contrast, just prior to the 1920’s America was still in the industrial age, where the unemployment rate peaked at 20 percent, and bankruptcy rates were threatening farmers by increasing tenfold. The reading states that before President Harding’s death, he was able to implement high tariffs protecting business in America, supporting costs for agriculture, and undoing wartime government control above an industry in favor of unregulated private business. Coolidge not only carried on Harding’s policies of promoting business and limiting government, but he extended them.…
Through the years, elections have become more and more important. Voting is where how some of our most important decisions are made. We decide on our elected officials both local, state, and federal. We can also vote for some laws to go into effect in our neighborhood. We believe our government to be honest and fair.…
The scene is 1920 and prohibition just went into effect, police and protesters are storming the streets searching for every last drop of alcohol, in another town illegal bootleggers, such as the mafia, are gathering up 100 gallons of illegal whiskey to sell to the public at the highest cost its ever been. These were the kind of scenes that played out in towns all over America, in the height of the Prohibition era, the steaks were high, but the payout of illegal booze was higher. Its a far cry from what it was, but the crime didn't stop, if anything it turned crime into a business. Just like the infamous mafia groups in the heart of the prohibition era in the 1920's, drug cartels today supply the the demand for illegal substances all over the world. The induction…
Despite the 1920s being known as one of the greatest eras of all time due to its luxurious lifestyles and inordinate parties that seemed to start when the sun disappeared and didn't end until the sun once more appeared again, nevertheless, the 1920s was also a time where corruption in government, gang violence and crimes against U.S. law an insurmountable rise that had its disastrous consequences. At the time, President Warren G. Harding was a president that was adored by many, but shortly after his unexpected death, scandals such as the Harding Administration Scandal and the Teapot Scandal came to light and ruined the reputation of this once adored president. Another form of corruption seen at the time was the famously known World Series fixing…
Possibly the biggest economic policy accomplishment the government has made under president Obama is the establishment of the Consumer Financial Protection Bureau. The agency was founded in 2011, and has helped millions of Americans recover money from the banks that victimized them. Right now the organization is under threat of being closed down by Republicans. If the CFPB is closed down consumer stand to lose possibly their biggest Ally in the financial world. If this does happen it will not be without opposition from progressives.…
In the case of Bayou Hedge Fund fraud case, Israel and Marino had made promise to the investors who invested $300 million initial funds in Bayou Group to have a return of $7.1 billion. However, they were suffering from the stress given by the investors when the fund started experiencing losses. Israel found the easiest way to solve the problem he encountered at that time compared to the alternation of their strategy or winding up the business. Hence, he decided to cheat by setting up a new corporation to audit the accounts of Bayou Group.…
“Brain Trust” was a group of advisers assembled by Roosevelt. Thanks to them, Roosevelt was able to send the bills faster to Congress. 15 Acts were passed in hopes of resolving any more economic issue and to keep with up with legislation that were considered unfair. The First New Deal is a combination of both the group Brain Trust and Acts Passed to solve the economic crisis.…
It is intriguing to see that it took years and years for the investors to come to a realization of their funds being illicitly used. This case raises controversial questions against the supposed lenient Canadian laws surrounding white-collar and corporate crime. Moreover, proceeding highlights the ways in which people are Ponzi schemed and allows citizens to clearly see the possible existing frauds out there. Analyzing this case will allow a better understanding of the causes and the ways to prevention of white-collar crime in relation to my research topic…
Last December one man was charged for an elaborate pump-and-dump scheme that pocketed him over thirteen million dollars. All three of these examples occurred in 2015 and prove that the pump-and-dump scheme is becoming a frequent arrangement for people who hope to illegally make quick money. Forbes published an article on how to spot…