staggering. Only 10 billion tons of waste are disposed of properly every year in the US. The Love Canal scandal is a prime example of a company producing toxic waste and disposing of it in an unsafe manner. This paper will give an overview of the Love Canal scandal‚ the cost‚ and the governments’ response. The Hooker Chemical Corporation was one of the major players in the Love Canal scandal‚ and their role was the polluter. Following is some background information on the Hooker Chemical Corporation
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Accounting Fraud: A White Collar Crime Accounting Fraud: A White Collar Crime The CEO and CFO of a Swiss security systems company named Tyco‚ stole 150 million dollars from their company before being caught in 2002. At the height of the scandal‚ the CEO threw a 2 million dollar birthday party for his wife on a private island with guest performer Jimmy Buffet. After being caught‚ the CEO and CFO were sentenced to 8-25 years in prison and Tyco had to repay its investors 2.92 billion dollars (The
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the relationship between the United States and the Soviet Union. Richard Nixon was very famous for what he did‚ but on June 17‚ 1972 all of his fame changed. The Watergate incident was one of the most tragic events in the United States because the scandal involved a president‚ participating in a cover up. Richard Nixon was positive‚ but also negative to the United States because of the Watergate break-in. President Nixon did demonstrate good leadership‚ but at the sametime he displayed a careless example
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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used creative accounting to portray that the company’s profit were increasing when it fact it was making losses during the period 2000 – 2002 Creative accounting can be refers to accounting practices that seem to follow the applicable accounting standards but differ from the essence of those standards. It use the accounting methods to hide some elements of company’s financial dealings in order to make the company appears more successful that it is in reality. Creative accounting also can be describe
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Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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Societe Generale is a French bank founded in 1864 by a group of manufacturers and financiers. This bank was designed to encourage the growth of trade and industry in France. Its headquarters are in Paris and Nanterre‚ France. Currently Societe Generale has three main divisions that they focus on- these include: Retail banking and specialized financial services Corporate and Investment Banking Global Investment management and services Among these‚ their services also include specialized financing
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Enron’s Questionable Transactions 1. Which segment of its operations got Enron into difficulties? * The fact that Kopper was appointed to Fastow and he was an employee at Enron was the first thing that got them into trouble. Another reason was that over 11 million was invested and it ended up not being invested at all. I believe these two situations ended up being the start of Enron’s problems. Enron also was not reporting the revenue for service correctly and his stock was paid
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1. What explains the high level of corruption at Siemens? How did managers engaged in corruption rationalize it? In Germany‚ bribery was legal before 1999‚ now was illegal. However‚ Siemens continued bribery‚ they sent the money to the bank in Switzerland that was difficult to trace. Also‚ they hired a lot of “consultant” to help them accomplish corrupt business. Managers rationalized that bribes were looked like a “cost of doing business” and “useful money”. They believed this way could keep the
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In 1969‚ a sixteen year old student named Michael Kittredge made a candle out of melted crayons‚ a piece of string‚ and an empty milk carton to give to his mother as a gift on Christmas day. A neighbor loved the candle so much that she convinced Michael to sell her the candle. When Michael sold the candle‚ he had enough money to purchase additional supplies to make two more candles‚ and the rest was history. Today‚ Yankee Candle is the largest candle manufacturer in the world. The company produces
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