Copyright Financial Times Information Limited Jul 9‚ 2002 Ron Beaumont‚ chief operating officer of WorldCom‚ is one of several senior executives who should have been aware of discrepancies in the telecommunications company’s books before the near-$4bn fraud was revealed last month‚ according to people close to the company. The fraud that was allegedly engineered by Scott Sullivan‚ the chief financial officer who was fired the day the scandal was announced‚ led to a massive overstatement of WorldCom’s
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In her 1964 book Virtue of Selfishness‚ Ayn Rand mentioned that her ideal form of capitalism is one which is “a full‚ pure‚ uncontrolled‚ unregulated laissez-faire capitalism—with a separation of state and economics.” Indeed‚ this Objectivism viewpoint has been used by many conservative policy makers‚ such as Malcolm Fraiser ‚ the former Prime Minister of Australia‚ and esteemed economists such as Alan Greenspan and Martin Anderson to craft policies that reduces the intervention of the government
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Bernie Madoff By Michael Dickson 1/24/2009 In our countries history there have been many people that have done a lot of unethical things when it comes to finances. Back in 1920 a man named Charles Ponzi began advertising that he could make a 50% return for investors in only 45 days. Many people believed in this and began to mortgageoff their homes and all of their lives savings. As all of the information became public that he had a criminal history people began to question his judgment
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I. Executive Summary There is plenty of blame to go around the “Madoff Scandal”; there are multiple theories how Bernie Madoff was able to pull such a cunning scheme for so long‚ but the question is‚ amidst all the finger pointing who is really to be held responsible for it? Upon reading the article‚ I cannot help but feel the same uneasiness in the situation Madoff is facing with the dilemma the Philippines is struggling with right now – the Napoles scam. He was caught up in a huge tangle of problems
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White collar crimes are a full range of fraud crimes and is mostly used for financial gain (Find Law 2017). The most common types of white collar crimes that is common is fraud‚ embezzlement‚ tax evasion‚ and laundering (Find Law 2017). Political crime is crimes that injure the state‚ state government‚ and the political system (The Lectric Library 2017). Some of example of political crimes are treason‚ and terrorism (The Lectric Library 2017). Organized crime is crimes in distinct categories that
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1. What is the ethical issue involved in the Madoff case? The Madoff case if filled with numerous ethical issues. The case is considered to be the largest scam in our nation’s history. The Madoff case is a great example of how someone who did not care about his profession‚ as well as the all the personal relationships he had cultivated over the years. Bernie Madoff was involved in a scheme called a Ponzi scheme. Madoff would take money from new investors to pay off the current investor’s
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Terrorism “Most Muslims are not fundamentalists‚ and more fundamentalists are not terrorists‚ but more present day terrorists are Muslims and proudly identify themselves as such.” writes Bernard Lewis in ‘The Crisis of Islam’. But Dr. Martin Luther King logically said‚ “Injustice anywhere is a threat to justice everywhere.” Terrorism has no absolute and globally accepted definition and its interpretation can easily be used or abused to suite particular needs. The adage that “one man’s terrorist
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"’Too awful.’ Bernard hypocritically agreed‚ wishing‚ as he spoke the words‚ that could have as many girls as Helmholtz did‚ and with as little trouble. He was seized with a sudden need to boast. I’m taking Lenina Crowne to New Mexico with me‚’ he said in a tone as casual as he could make it."’As seen from this quote Bernard’s only grudge against the New World is his loneliness‚ awkwardness and his weak physique and personality. Given a chance he would enjoy the New World to the fullest as he does
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Chapter 7 in Bernard Haykel’s Saudi Arabia in Transition‚ the author addresses the subject of survival and life span of the Saudi regime by focusing on the instances in which oil is appealed in both the culture and politics of Saudi Arabia. A large portion of studies treat oil from a political point of view‚ the way the administration is structured followed by how income gathering allows the state to buy social peace through either winning over a large group or the creation of a generous system of
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I believe that corporate employees working within the confines and rules of the organization‚ have all the tools required to act ethically. When an individual is asked to do something that they may even suspect would be detrimental to their livelihood‚ then they have all the rights given to them to not follow through with that action. In the case of Betty Vinson of WorldCom‚ while she had the clear understanding that her actions were wrong‚ she clearly kept personal financial safety ahead of her
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