The Bernard Madoff “Ponzi Scheme” scandal was the biggest and lasted the longest financial fraud in the history of the US. Bernard Madoff was a financial adviser, and also the former chairman of the NADAQ. He established his investment firm named “Bernard L. Madoff Investment Securities LLC” in 1960. The Madoff Fraud is a typical “Ponzi Scheme”, in order to attract investors to give money to him, he convinced people to hand over their life saving, and promised them high returns rate, and then he used these money to make payments to those earlier investors. He took the investors for a $65 billion over the course of nearly two decades. In the end, Bernard was sentenced to maximum 150 years prison life and a forfeiture of $170 billion.…
Morgan,Rockefeller and Carnegie were robber barons They were considered cruel and ruthless. Carnegie made his employees work long hours and gave them little pay he even tried to stop unions in his company. Employees pointed out that Rockefeller could have paid his workers a fairer wage and settled for being a half billionaire. Morgan criticized for creating monopolies by making it difficult for any business to compete against his.…
In the case of Bernard Madoff, an overview was provided that describes the fraud of the century. As a result of the Ponzi scheme, social attitudes toward the investment industry were lukewarm. I will describe the highlights of the case.…
Lester Gillis was burn in Chicago on December 6, 1908. During his early teens he worked on the streets with a gang of friends, doing minor crimes. By the age of 14 he was a car thief and had gotten his nickname baby face by the members of his gang. Nelson's early career included working for a chop shop stealing parts, running stills, and bootlegging. He also did multiple armed robberies.…
The late 19th century industrial leaders have often been called "industrial statesmen" for the great economic power they brought to America. However, they have also been called "robber barons” since they built this great wealth by abusing the system, their employees, and destroying their competitors. These kings of industry displayed characteristics of both industrial statesmen and robber barons. But which would better describe them? They had their faults, but overall these leaders should be respected for all they have done.…
What is an entrepreneur? An entrepreneur is a risk-taking businessperson or somebody who initiates or finances new commercial enterprises. Is it so that there are two types of them? In my opinion, I believe that the two types do exist. According to the Book, “The Myth of the Robber Barons”, there are successful entrepreneurs: market entrepreneur and political entrepreneur.…
The time period from 1870 until 1900 has been called the Gilded Age. This name coined by Mark Twain speaks volumes to what was occurring at the time. The big businesses were rising and along with them technological progress and a lower cost of living; this is the gold plating. Also during this time, corruption was running rampant and poor workers were exploited in order to produce more for their robber baron bosses; this is the gold layer peeled back. Big businesses played a massive role in the economy and politics during the gilded age, as the trusts made the U.S. into a manufacturing powerhouse and they corrupted politicians into not acting on injustices, leading to varying responses from the people such as unionizing, protesting, or rioting.…
In the 1880’s, American industry grew due to many factors including “the emergence of a talented and often ruthless group of entrepreneurs” (Brinkley 396). According to those in favor of these entrepreneurs, these men worked hard, innovated technology and strategized competitively to transform the American economy; these “Captains of Industry,” such as Andrew Carnegie, Cornelius Vanderbilt, J Pierpoint Morgan and John D. Rockefeller, used their wealth to help their communities and should be honored for their philanthropy. An advocate for these entrepreneurs is John S. Gordon. As a specialist of business and financial history, Gordon claims…
I thought that people like Andrew Carnegie, John D. Rockefeller, and J.p Morgan were all robber barons. Because they would employ people and put them in these unsafe, and unsanitary conditions. Also they made education for immigrants coming in difficult because even though they built libraries and hospitals would the immigrants would be illiterate and not be able to pay for hospital bills. Lastly theses men were robber barons because they were using vertical integration and horizontal integration to take over small businesses and to raise prices on railroads.…
A thief grew up in the small town of Torrance, California. Running from trouble at a young age assisted his success as a famous runner later in life. An eighth place finisher in the 1936 Berlin Olympics showed his changing lifestyle and cast him into the spotlight. Upon the arrival of WWII he enlisted in the Army Air Corps. While on a rescue mission, his plane plunged into the serene waters of the Pacific. After forty-seven days at sea, he was thrown into the depths of a POW camp. Over the next two years,…
Bernie Madoff superficially demonstrated contradicting immoral character and virtuous ethical values, causing widespread loss of financial assets to credulous victims. As such he gained such a good reputation in the industry that many of his investors had their life savings invested with him.…
Born in St. Paul, Minnesota on the 21st of August in 1893, he became a criminal at a young age. Deciding to “escape”, George Moran went to Chicago and joined the North Side Gang under Dean O’Banion. After Dean O’Banion’s death, George Moran played a large role in the mob violence of Chicago, killing many members of Al Capone’s South Side Gang. Under Moran’s rule, the North Side Gang ambushed all the alcohol supplies from the South Side Gang that they could get their hands on. During an under-the-table alcohol deal between a “neutral” source, George “Bugs” Moran sighted a suspicious car before the deal had started, and left the scene. That was the move that saved George Moran’s life. After he left, his North Side Gang members were all shot repeatedly and killed. The South Side Gang had set up the fake deal to get rid of the North Side Gang once and for all, and named it the “St. Valentine’s Day Massacre”. George “Bugs” Moran survived until the end of the prohibition. He laid low, just barely keeping his empire running. After everything had died down, and the Mafia was on its knees, Moran had to go back to his crimes before the mob: robbery, extortion, and fraud. In 1939, he was arrested for conspiring to make $62,000 worth of American Express Checks. He escaped on bond, but was later recaptured in 1943. By the mid 1940s, he was more broke than he ever was, and had to resort to robberies again. After an…
As we discovered in Project 1, Little Louie, Billy Bad Boy committed a string of crimes, initially resulting in an attempt to rob Commercial Corruption, a local bank. The two alleged criminals were apprehended by the police and informed of their rights. Here, I will identify the specific role that each played with the particular crime, the elements that lead to this conclusion, and the potential defenses the defending party might assert and any inconsistencies that might arise with these defenses.…
Facts: On February 21, 1968, a man named Willie Shard reported to the Chicago police that the previous day two men had robbed him on a Chicago street of a wallet containing, among other things, traveler's checks and a Social Security card. On February 22, two police officers stopped the petitioner and a companion, Ralph Bean, on West Madison Street in Chicago. When asked for identification, the petitioner produced a wallet that contained three traveler's checks and a Social Security card, all bearing the name of Willie Shard. Papers with Shard's name on them were also found in Bean's possession. When asked to explain his possession of Shard's property, the petitioner first said that the traveler's checks were "play money," and then told the officers that he had won them in a crap game. The officers then arrested the petitioner and Bean and took them to a police station.…
There are many different types of crooks but I and my cousin are grand theft auto type of robbers. We may not steal, jewelry or chains or food because all we do is steal cars. Through are entire years of stealing we have never not once got caught stealing any car and of are all time record we have stolen maybe 16 cars. When it was grandpa’s birthday he was so happy he of course he asks us where you got the car from we said we got it cheap from one of our…