In recent years‚ companies have managed to turn their backs on employees and investors‚ all because they wanted to save money and do what’s best for the company and them without caring how it would affect the employees and investors. They became greedy and did whatever it took to get themselves rich by lying to investors with balance sheets that didn’t include money-losing assets and laying off employees leaving them jobless and feeling betrayed. Even though both employees and investors were betrayed
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Bankrupt Rapper Not Really Broke After All Curtis James Jackson III‚ better known as 50 Cent‚ has been in the news a lot over the last year because of is bankruptcy. When 50 Cent filed his Chapter 11 last June he claimed that he owed nearly $50 million‚ just enough to offset his assets but not enough to pay the $7 million judgment against him in favor of rival Rick Ross’s ex‚ Lastonia Leviston. He said he certainly could not afford the $17 million award to his ex-business partners who sued him
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Enron is a company that specializes in energy and power industry. They provide gas‚ oil‚ and electrical services worldwide. These comprise wholesale services‚ retail energy services‚ broadband services‚ and transportation services. They have reported revenues of $100.789billion‚ $40.112billion‚ and $31.260 billion for the years 2000‚ 1999‚ and 1998 respectively. This is a growth of 151.3% from year 1999 to 2000 and 28.3% from 1998 to 1999. This is unparalleled in the relatively stable energy business
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Worldcom was the second largest long distance phone company in the United States. The former CEO Bernard Ebbers was sentenced to twenty five years in prison due to increasing revenue the wrong way to increase earnings. This company had the largest bankruptcy filing in the United States. Today‚ the Worldcom accounting scandal is known as one of the worst corporate white collar crimes in history. What were some psychological factors that led to this crime? Financial Pressures from competitors
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A whistleblower is a person who tells the public or someone in authority about alleged dishonest or illegal activities. However‚ Sharron Watkins only blew the whistle internally and so did not do everything she was morally required do as Vice President of Corporate Development for Enron. 1. Sharron Watkins ignored the first signs of fraud in a selfish pursuit to develop her own career. When first warning signs of fraud happened in 1996 Watkins protested against them to higher management however
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The results of coal mining are destroying the environment. Regulators are trying their best to get coal mining companies to put money aside to clean up the devastating mess they have made‚ so that the tax payers do not have an outrageous $1 billion bill to pay. Many companies claim that their cleanup plans are well funded‚ but many believe this to be false because the demand for coal is low and many companies still remain bankrupt. The biggest problem is with the business Alpha Natural Resources
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Orange County Fire Authority is one of the biggest departments in southern California. It was founded as Orange County Fire Department in 1980 and declared bankruptcy in December 1994. Then three months later in March 1995‚ it reopened as Orange County Fire Authority with a new Fire Chief. It now has seventy-one fire stations‚ four helicopters‚ a wildland unit‚ and a hazmat unit. It has over one thousand full-time firefighters‚ two hundred reserve firefighters‚ covering twenty-three cities‚ and protecting
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In my heart I truly believe that Fastow is changing his view and trying to change his view on money the the wanter the power that comes with that. In the movie we see the over powered jerk of a guy that is patrolled to be Fastow. but after prison listening to his story an how he goes around to not only try and help the people that he destroyed but to tell kids to not make the same mistakes that he did. Shows to me that he understands what he did was wrong and that he wants to move on and do the right
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The central text for this project is the film Enron: The Smartest Guys in the Room by filmmaker Alex Gibney. This film investigates‚ documents and then exposes the many moves that led to the collapse of Enron. The director focuses on the chief leaders of the corporation as his principal characters in order to develop the story as a human tragedy. Throughout the course of the film‚ each leading character is revealed. All players were found to be distinct in their strategies and methods. However
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This proposal discusses the scandal that occurred with Wells Fargo Financial Services Company. Provides banking‚ investments‚ insurance‚ consumer and commercial finance along with mortgages. The scandal started to get investigated in 2011. The Wells Fargo account fraud scandal is a corruption scandal that was very controversial because there were literally millions of fraudulent bank accounts that were created on behalf of Wells Fargo employees. These accounts were created without the consent of
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