For example, revert to the reaction of the United States government during the financial shock in 2008. The financial shock of 2008, the greatest challenge faced by the United States since the Great depression, was a huge upset that affected millions of families around the world. Caused by the unsustainable housing boom matched with easy availability of mortgages along with the high risks financial institutions were taking, the nation’s financial system fell apart. At its apex in September of 2008, the Bush administration was forced to step in and attempt to bring this economic crisis to an end. In order to stabilize the economy, the Bush Administration passed a law creating the Troubled Asset Relief Program (TARP).…
The Dodd-Frank Wall Street Reform and Consumer Protection Act was formed after the catastrophic collapse of the financial system during 2008 to 2009. The act re-established the financial system's credibility by improving its accountability and transparency ending the concept of bailouts. It serves as a safeguard put in place by the government to prevent a future collapse. As always in politics parties take opposite sides on issues and with this act the same can be said. Due to the opposition between parties the act was turned into an extremely complex piece of litigation.…
associate screening, insider employee theft, and failure to update information security methods (Matwyshyn, 2009, p. 584). A breach incident is the unauthorized access to confidential or sensitive information which can result in the compromise or probable compromise of this data. This Information which could be confidential, protected, or sensitive can include personal identity information, health information, intellectual property or professional trade secrets of an organization, and financial data of the organization, customers or individuals. As the use of technology to collect, filter, process, and distribute data becomes more increased so do breaches. Data breaches are increasing among businesses and individuals with considerable financial…
Question Presented Does Leahy’s firing constitute retaliation for purposes of the Dodd-Frank act.? Short Answer Yes, given of the leniency of the common law test and the lack of escalating warnings from her employer, Leahy is likely to sustain a claim of retaliation against Monster Crush under the Dodd-Frank act. Discussion The relevant part of the Dodd-Frank Act reads: “No employer may discharge… a whistleblower in the terms and conditions of employment because of any lawful act by the whistleblower… in providing information to the [SEC] in accordance with the section.”…
Introduction “The Dodd Frank Wall Street Reform and consumer protection act’ or commonly called Dodd –Frank is a compilation of federal regulations, affecting for the most part financial institutions and their customers, that the Obama administration passed in 2010 in an attempt to prevent the recurrence of events that caused the financial crisis of 2008. The purpose of this sweeping regulation is to lower risk in various parts of the U.S. financial system. The Law is named after U.S. Senator Christopher J. Dodd and U.S. Representative Barney Frank because of their roles throughout the process. Dodd-Frank law has undoubtedly changed the way Hedge fund operates. Seven major elements have to be improved by hedge fund in this new regulation…
I agree with your post. As well as you I believe that most of the financial crisis have a lot to do with unethical behavior. Starting from the politians that allow the big financial intuitions to play with the money of the consumer. One of the biggest problem during the 2008 crisis was that the banks were giving loan to basically anyone that had an income, but with a high interest rate causing these people to make impossible for them to keep up with the monthly payments.…
What is The Sarbanes-Oxley Act (SOX)? It may be one of the most pivotal financial acts to have come about in recent history. It is a law that was enacted in 2002 and signed by President George W. Bush (U.S Securities and Exchange Commission 2013). The Securities and Exchange Commission (SEC) enforce this law to regulate changes in financial practices and corporate governance.…
Yes, I believe so. The Sarbanes Oxley (SOX) act was passed in 2002 in order to reduce the opportunity for conflict of interest in certain instances where an organization may provide both financial auditing and consulting to the same business (Ferrell, Fradedrich & Ferrell, 2013). Where Enron had a major ethical breach was in that Arthur Anderson provided both services and failed to offer sound financial information when it was needed. The Sarbanes – Oxley Act was intended to protect investors through forcing a higher level of accuracy in financial disclosure while providing penalties for failing to do so (Kecskes, 2016). There has been evidence shown to indicate the Sarbanes Oxley act has reduced fraud on a similar scale where a whistleblower…
There are much more requirements than there were before the act was passes, these requirements make it nearly impossible for a corporation to falsify documents, or to try to blame others. CEO’s and CFO’s are now able to be held accountable for their actions in unethical behavior if they are found to be involved. Knowing that there are more in depth questions asked, more attestations that have to be made, and more consequences definitely leaves less room for employees or CEO’s to try to get away with unethical behavior. Of course, not everyone follows the rules because there was still financial trouble back in 2008 but I do believe that if the rules were enforced every time to every person that it would have an even bigger impact. Making exceptions to the rules and provisions only hinders the process in my opinion.…
These are troubled times. The stock market crash is still affecting the American economy, even now, three years later. In fact, the situation is only getting worse. Stock value keeps falling: it is twenty percent what it was worth before the crash in 1929 ("About the Great Depression”). Banks are failing, and fear of their failure is causing the people to withdrawal their fund, which then causes the actual collapse of the financial institution.…
The Affordable Care Act (ACA) is good for what ails you. When the citizens of the state and country have access to care, with use of insurance coverage, the health of the nation is improved. This is because sick people are less likely to delay treatment and more likely to seek primary care when they can afford and/or have coverage. Tennessee like all other states had an opportunity to provide an exchange to their residents.…
Many people blame the 2008 financial crisis on the financial industry. Is that true? Does the financial industry really responsible for the 2008 financial crisis? I argue no. I believe that it was caused by something larger.…
Is Brexit the Lehman Moment for the $100 Trillion Global Bond Bubble? Is Brexit the Lehman Moment for the $100 Trillion Global Bond Bubble? Most economies have barely recovered from the 2008 subprime mortgage fiasco that was caused by sloppy lending practices at banks, overextended them and compromised essential liquidity to pay their own debts. Investopedia.com reports that Lehman Borothers, the fourth-largest investment bank in the United States, was forced to declare bankruptcy with $619 billion in debt versus $639 billion in assets in 2008.…
In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the Obama Administration. The act, named after sponsors U.S. Senator Chris Dodd and U.S. Representative Barney Frank, is intended to decrease risks in the U.S. financial system.. The act established a new regulatory agency, the Consumer Financial Protection Bureau, with the responsibility of overseeing the banking industry to protect consumers, and tasked existing regulatory agencies with more stringent requirements for oversight of financial institutions. (Maxfield,…
The economy went into a doomed era in 2008. Gigantic banks on Wall Street, which people often referred them as the heart of economy fell. The fraud emerged years later, when the banks were selling the synthetic CDOs. This became a chain reaction that links one another and put the world into deep recession. Too Big to Fail and The Big Short contributed to the ongoing narration of the 2008 financial crisis in a cinematic format, which also journalism, television, advertising and public relations took parts.…