Enron scandal

The United States Congress is the ground for policymaking in our nation. I chose to write about corruption in Congress, because the 535 members of the House and the Senate have the power to place limitations on levying taxes, and solving problems that cause America to be so divided. The legislative branch is able to control almost every aspect of American life in some way. A Princeton University study comparing 1,779 outcomes to what the public actually wanted found that groups representing…

WorldCom had recently been caught up in an accounting scandal, forcing the SEC to take a closer look into many large corporations’ accounting procedures. One of these corporations was Qwest Communications. While looking into Qwest, the SEC determined that Qwest had been improperly following the accounting guidelines and had inflated their revenue by billions. In 2004, the SEC charged Qwest Communications International Inc. with securities fraud and other violations of the federal securities…

From 2008 through 2012, 481 FDIC insured banks were either liquidated or merged with healthier institutions. Credit Unions saw 136 involuntary liquidations or assisted mergers at the hands of the National Credit Union Share Insurance Fund. In 2009, Credit Unions saw their delinquency for mortgage loans peak at 1.61 percent compared to 8.86 percent at the banks. Many of the largest corporate credit unions in the United States invested in troubled mortgage-backed securities which resulted in…

o With no increase in revenue as the market interest rate went up due to the swapping interest rate deal, so did the debt. Jefferson Country’s lawyers wanted to sue the banks for issuing more than $3 billion in debt that ruined by an inducement scandal. o The county agreed to close the lawsuit in exchange to the $3 billion principal reduced to $1.98 billion and…

As the amount technology available continued to spread at an almost exponential rate, the size of computers, which once took up an entire room, and their price were reduced down to more manageable sizes. As a result, computers become a commonplace piece of equipment found in many workplaces and family living rooms. However, as the year 2000 drew near, people began to fear that drastic changes would occur in their lives because of a simple bug called the Year 2000, or simply, Y2K. People’s fears…

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…

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…

Good Business Practice In both the case of Worldcom and Enron both companies met the knowledge and intention portions of defining fraud. Fraud by definition is: “Wrongful or criminal deception intended to result in financial or personal gain.” Yet, finding a clear definition for what constitutes “good business…

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…

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…