What surprised me most was the amount of money that corporate was able to obtain before the whistles were finally blown. Likewise, I was surprised to learn after all that I’ve heard, that Madoff’s sons were the ones who turned him in after his confession to them.
I am slightly familiar with Bernie Madoff although my knowledge could not provide the class with more than the video offered. However, I’m t more familiar with the term Ponzi scheme. For a brief and desperate period in my life, I worked for a business called the Rainbow Corporation. While this company didn’t violate laws it was set up alongside the same guidelines that made the Ponzi scheme fertile.
I was and am always leery now of peddled promises of green pastures from hawkers …show more content…
All I have to do is sign on to craigslist and I’m surrounded with falsehoods. I walk down the street and it’s hard to separate the poor from the capitalist. In the past I have experienced fraud from fake job offers offering to send fictitious checks to be used for equipment that was supposedly necessary for the job. I advise that everyone stay away from posts that sound to good to be true. While my experience wasn’t as grandiose as the examples covered in the article, I still feel it is important to remember that scams can come in all shapes and forms. I had to file a claim and switch accounts to ensure that my information and accounts were not compromised. This scam’s success hinged on the processing period of a the check in which the fraudulent party would seek to withdraw the funds from an account before the bank was aware of the checks inauthenticity. Luckily, for me that my bank saw red flags and protected my account by holding the check before providing access to the funds. Nevertheless it still was a blow to my account history to have that transaction posted and the company underwent no immediate repercussions.
I think the government should be able to monitor the actions of private firms to make sure that people aren’t being taken advantage of or that our countries financial system isn’t compromised and so I think a set of laws that guarantees this is crucial.
I have always considered the Enron story interesting. It reminds me of the movie,
I am slightly familiar with Bernie Madoff although my knowledge could not provide the class with more than the video offered. However, I’m t more familiar with the term Ponzi scheme. For a brief and desperate period in my life, I worked for a business called the Rainbow Corporation. While this company didn’t violate laws it was set up alongside the same guidelines that made the Ponzi scheme fertile.
I was and am always leery now of peddled promises of green pastures from hawkers …show more content…
All I have to do is sign on to craigslist and I’m surrounded with falsehoods. I walk down the street and it’s hard to separate the poor from the capitalist. In the past I have experienced fraud from fake job offers offering to send fictitious checks to be used for equipment that was supposedly necessary for the job. I advise that everyone stay away from posts that sound to good to be true. While my experience wasn’t as grandiose as the examples covered in the article, I still feel it is important to remember that scams can come in all shapes and forms. I had to file a claim and switch accounts to ensure that my information and accounts were not compromised. This scam’s success hinged on the processing period of a the check in which the fraudulent party would seek to withdraw the funds from an account before the bank was aware of the checks inauthenticity. Luckily, for me that my bank saw red flags and protected my account by holding the check before providing access to the funds. Nevertheless it still was a blow to my account history to have that transaction posted and the company underwent no immediate repercussions.
I think the government should be able to monitor the actions of private firms to make sure that people aren’t being taken advantage of or that our countries financial system isn’t compromised and so I think a set of laws that guarantees this is crucial.
I have always considered the Enron story interesting. It reminds me of the movie,