LESSONS LEARNT The study of history and the eventual collapse of Lehman Brothers‚ will help us learn some mistakes made by Lehman Brothers. This might enable us to be very keen in future. We should be watchful not to repeat because it may lead to other problems such as global crisis. If we are keen we might understand that this was the largest failure of an investment bank since Drixel Burnham Lambert collapsed amid fraud allegations 18 years pror. Managerial oversight and accountability Claims
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filed for bankruptcy‚ shortly after being audited. Accounting firms providing the service have received large sums of money in audit and non-audit fees. These events have raised questions regarding the effectiveness and credibility of an Audit. The collapse Enron in November 2001‚ followed by the demise of Anderson was evidence of systematic risk in the US. The Ensuring crisis of confidence in financial reporting and auditing spread to other countries. The Accountancy Foundation Review Board which was
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Chilean Mine Collapse Communications Concerning communications with families and fellow employees of the 33 men trapped in the mine collapse‚ many considerations need to be made. Care needs to be taken when relaying such news. In this event‚ there are many unknowns‚ such as the cause‚ the future of the operation‚ and primarily the condition of the men inside. The needs of the parties involved‚ families‚ friends‚ and co-workers will differ to some extent and therefore‚ the approach will change
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movement to torsional movement of the bridge. R.F 3. As the resonance of the wind was equal to the resonance of the bridge‚ the bridge began to oscillate. Which was also one of the main reason for the collapse. (Billah & Scanlan ‚ 1990) 4. Also contributing to the collapse of the bridge was torsional motion which induced "vortex shedding" in the bridge’s main span. Vortex shedding occurred in the Bridge as follows R.F: 4.1 Since there was nothing through which the wind could pass straight
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2001: New York City Collapse Diligent and rushed and fearful. Smoke coats the air. Rude honks dominates the ears. Cars stutter to a reluctant halt. Firemen and police rush about the road‚ everywhere and nowhere at the same time. Tons of rubble are scattered upon the pavement‚ but the bystanders hardly notice the ground. In New York‚ two attacks made the world shiver in fear. Dark skin and turbans suddenly seemed antagonistic as nineteen hijackers collapsed tall buildings‚ the people inside
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The Extensive property damage arose as rioters started to demand that Spain stop giving help to the Cuban rebels. Then on January 25 - The US Navy battleship the USS Maine stops at Havana Harbor from sailing from Key West‚ Florida. President McKinley said the ship is on a visit‚ but really the ship was there as strength of American property and that lives are not threatened should rioting occur. On Feb‚ 15 The USS Maine blew up resulting in 274 out of the ship’s 354 crew died. American press and
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Chilean Copper Mine Collapse On August 5‚ 2010 at San Jose mine in northern Chile a cave collapsed trapping 33 miners more than 2000-feet underground (Weik‚ n.d.). This should have been just another day‚ a normal 12-hour shift at work‚ but it instead it turned into a 69 day nightmare. Minors did not know it would be the last time for nearly two months they would see the light of day. Miners‚ much like fire fighters and policemen‚ know there is a risk in the work they do. Their families also know
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April 21‚ 2003 The Enron Collapse Was Enron’s collapse due to a failure in the standard setting process? Why or why not? The Enron collapse was by no means due to a failure in the standard setting process instead‚ the collapse resulted from Enron’s fast growing rate and its highly “creative” management team who at one point just lost control of the business. The company stopped doing what it was known for doing best‚ energy generations‚ and began exploring and operating in a new and unknown
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Why did the Tsarist regime collapse in 1917? ‘By the beginning of 1917‚ tsarism was rotting from within.’(1) Romanov’s had ruled Russia since 1613 but people were unhappy and the Tsarist regime was due to collapse for and it was inevitable that it would happen soon‚ it finally did under Tsar Nicholas II in 1917. There were many factors as to why the Tsarist regime collapsed some of the most important were Tsar’s personality‚ political opposition ‚peasants and workers and The World War I. One of
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The Great Depression: One of the Worst Economic Collapses Known to Mankind It is amazing how one small turn of events can affect the whole world‚ just like dominoes falling down. The Depression is a prime example of how little things can change almost anything. The main reason for that is because these little things build up‚ and eventually it will pop‚ similarly to what happened to the stock market in 1929. Although the United States of America has had previous stock market crashes‚ this stock
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