Accounting scandals

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    Scrushy, the Chief Executive Officer of HealthSouth, sold $100 million in stock few days before the corporation published a huge loss. HealthSouth was sued by the U.S. Securities and Exchange Commission (SEC) because accounting fraud of the corporation allegedly overstating profits by $1.4 billion. (Aguilera, 2015) In 1996, Scrushy had directed the firm’s accountants and executives which misstated company revenue for the purpose of satisfied shareholders’ expectations…

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    A better documented scandal is the Teapot Dome scandal. In this scandal, hundreds of thousands of unsecured loans were given. During the presidency of Warren Hardin in 1920, congress gave the secretary of the Navy the power of leasing government owned oil reserves to private companies. In 1921, this power was taken from the Secretary of the Navy and given to the Department of the Interior. This department was led by a close friend of Harding. The head of the Department of the Interior was Albert…

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    the government has been put in place for, and this is one of the times that they have not promptly caught the problem. Countless companies and corporations throughout the centuries have in some way tried to get away with breaking the law due to accounting fraud. Wells Fargo, although caught in the act, could have been stopped and the issue prevented if more watchful eyes were kept. Both the customers themselves and the account fraud finders could have put a stop to this unlawful situation.…

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    Ge Accounting Violations

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    statements. The transactions occur were not in compliance with Generally Accepted Accounting Principles (GAAP). Furthermore, the four accounting violations occur in 2002 and continued through 2003. The SEC identified risks that uncovered four separate accounting violations, and GE corrected the last of the violations in 2008. The violations are as follows:  Beginning in January 2003, an improper application of the accounting standards to GE's commercial paper funding program to avoid…

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    Dominican Republic Crisis

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    referring to it as the hole generated by Baninter. High executives of this bank were laundering money and setting an important part of the income that it perceived in deposits into an external system or a parallel bank that they had created. The scandal was huge and the damage to the economy was even bigger, this was all that could be seen or heard in the media all over the island. This was the biggest event since Dominican dictator Rafael Leonidas Trujillo "paid" the external debt in 1940,…

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    John Perkins was a former member of the international banking community, very well respected. In his new book The New Confessions of an Economic Hit Man, he describes how he was a highly paid professional, his functions of being an (EHM), he helped the United States cheat poor countries around the globe. He convinced the political and economic leaders to invest in foreign aid by lending them money that could make it difficult for them to repay and allow them to take over their economies. The…

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    Banc De Binary Case Study

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    BANC DE BINARY SCANDAL: FILE A CIVIL CLAIM NOW! Banc de Binary, one of the biggest global providers of online trading in binary options renounced its authorisation Furthermore, the company was a sponsor of Liverpool FC offering to the club £1.5 million. The company provided its services via the domain eu.bancdebinary.com. Basically, the public could create an online account and trade binary options through the aforementioned website. The Israeli-owned and Cyprus registered company is accused of…

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    certainty, and can directly affect the view that investors have on a company. Earnings management (EM) helps make meeting these expectations more manageable. However, there are a multitude of problems associated with earnings management. Exercising accounting discretions in relation to EM can be motivated by agency concerns, shareholder perception, stock price motivation, or possibly existing debt covenants. However, the problem arises when the you cross the invisible line of…

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    TWhy do you think that people would steal art? To get money, to help a friend, to just get attention? Everyone has there reasons that we might never know. That is one of the challenges authorities have, trying to figure out why people steal the ear that they steal. Another major challenge is having to locate the art and the people who stole it. The masterpiece Rembrandt's Christ in the Storm on the Sea of Galilee was stolen. It had a five million dollar reward for whoever could find it. At the…

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    Predictable Surprises

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    Defined as “a predictable surprise as an event or set of events that take an individual or group by surprise, despite prior awareness of all the information necessary to anticipate the events and their consequences...” by the authors Max Bazerman and Michael Watkins, the book Predictable Surprises sheds light on the question that surrounds many events in our live; the question of “could we have prevented this from happening?” In three parts, the book goes over how we can go through the motions…

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