issue at hand. In 1983‚ two businessmen‚ Murray Waldron and William Rector laid out a plan to start a discount long-distance provider called Long-Distance Discount Service (LDDS). The company began in Jackson‚ Mississippi. In 1985‚ LDDS selected Bernard Ebber‚ who was an early investor‚ to become chief executive officer. LDDS went public in August 1989 when it acquired Advantage Companies‚ Inc. LDDS name was changed to LDDS WorldCom in 1995‚ which later became known as just WorldCom. During the
Premium Accounting scandals Fraud
stakeholders. Acting to benefit the interests of a majority is at the core of the consequentialist theory of utilitarianism‚ a philosophy carefully examined throughout the semester. Its merits and faults can be analysed through scrutinising the actions of Bernard Madoff‚ whose firm operated a scam claimed to be the largest financial fraud in the history of the United States. His deception provides insight into the implications of enacting a purely egoist business model and the repercussions of an absence of
Premium Bernard Madoff Ethics Ponzi scheme
Ayusarita Satriani 311368 – IUP BUSINESS UGM Financial Management ENRON Resources: http://en.wikipedia.org/wiki/Enron_scandal ; http://news.bbc.co.uk/2/hi/business/1780075.stm; http://finance.laws.com/enron-scandal-summary Enron is an energy company that successfully grew from nowhere to be America’s seventh largest company‚ which has 21‚000 staff in more than 40 countries in 15 years. It was one of the world’s leading electricity‚ natural gas‚ communications‚ and pulp and paper companies
Premium Bernard Madoff Fraud Ponzi scheme
cinematographer is that the breakdown of Kane’s first marriage broke down and used the cutting technique to show different periods of his first marriage‚ it showed his marriage breakdown into two minutes with different time periods of his first marriage. Bernard Herrmann scored Citizen Kane and he scored during the breakfast montage where he began with a graceful waltz that got darker throughout the montage as Kane’s personality became obscure and the breakup
Premium Citizen Kane Orson Welles Cinematography
"The Jewbird" is a short story by the Jewish-American writer Bernard Malamud. The protagonist is a crow named Schwartz‚ who identifies himself as a Jewbird. Fleeing persecution by antisemitic birds‚ Schwartz tries to find a home with a New York City Jewish family. Despite being generous and respectful to the family‚ the father first persecutes‚ and then attempts to kill Schwartz. The story has been interpreted as an allegory about Jewish self-hatred.[1] The Story was first published in The Reporter
Premium Bernard Malamud New York City Short story
the wrong things because they have a thoughtlessness attitude‚ and their inconsequential feelings of others. People display evilness in modern society and examples include the Newtown shooting‚ the suicide of Tyler Clementi and the Ponzi scheme Bernard Madoff started. School shootings are occurring far too often in the United States of America. Many incidents have been occurring as well in Newton Connecticut an incident recently occurred which was an act of pure evilness. “Police
Premium Ponzi scheme Bernard Madoff Charles Ponzi
Bernard Madoff is a modern day Visigoth for several reasons. He is one of the largest white collar criminals of all time. In fact‚ he has committed one of the most elaborate Ponzi schemes‚ which is considered to be the largest financial fraud in history. For those who do not know what a Ponzi scheme is – it is a fraudulent investment that pays returns to its investors from their own money‚ or the money of other investors‚ rather than through profits of the organization. The scheme entices investors
Premium Ponzi scheme Bernard Madoff Stock exchange
Robin Wake 10/24/12 Choice Theories Madoff was a master thief and financier. In 2008‚ he revealed that the asset management arm of his firm‚ Bernard L. Madoff Investment Securities‚ was "just one big lie". In what he described as a Ponzi scheme‚ he took his investors for $65 billion over the course of two decades. The scheme wasn’t revealed until Madoff himself confessed his crimes (How Ponzi Schemes Work). I believe this is based on the rational choice theory. For example‚ a drug addict may
Premium Ponzi scheme Bernard Madoff Rational choice theory
Haiti devastated by massive earthquake "All of a sudden everything was falling apart... there was no place to hide" A massive 7.0-magnitude earthquake has struck the Caribbean nation of Haiti. The extent of the devastation is still unclear but there are fears thousands of people may have died. Haiti’s worst quake in two centuries hit south of the capital Port-au-Prince on Tuesday‚ wrecking the presidential palace‚ UN HQ and other buildings. A "large number" of UN personnel were reported missing
Premium United Nations Barack Obama Haiti
References: Altman‚ A. (2009). A Brief History Of: Ponzi Schemes. Time‚ 173(2)‚ 18-18. Retrieved July 23‚ 2009‚ from Academic Search Daily News. (2008). Leon Bernard Madoff biography – fraud reach 50‚000 billion dollars. Retrieved July 31‚ 2009‚ from http://www.dailynews.rs/2008/12/leon-bernard-madoff-biography-fraud-reach-50000-billion-dollars/ McDermid‚ B. (2009). Bernie Madoff. New Internationalist‚ 32. Retrieved August 1‚ 2009‚ from http://www.newint.org/columns/worldbeaters/2009/07/01/bernie-madoff/
Premium Ethics Bernard Madoff Ponzi scheme