While I enjoyed reading the Enron Case Study by Sims and Brinkmann and found it to be extremely informative‚ the movie‚ Enron: The Smartest Guys in the Room‚ provided additional information‚ details‚ and context regarding the individuals‚ decisions‚ and factors that contributed to Enron’s downfall (McLean & Elkind‚ 2003). To begin with‚ the movie delved into Ken Lay and Jeff Skilling’s personal‚ educational‚ and professional background and provided context regarding how their backgrounds influenced
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During World War II‚ the greatest art thief in history to occur; Nazi’s looted 650‚000 works‚ worth billions‚ from Europe. About 2 years ago in November‚ German authorities found 1‚280 paintings‚ drawings‚ and prints in the Munich apartment of a haunted white haired recluse. The found paintings‚ drawings and prints are said to be worth more than a billion dollars. September 2010‚ Rolf Nikolaus Cornelius Gurlitt was traveling on the train from Zurich to Munich for business at an art gallery. Gurlitt
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In Brown v. Cerberus Capital Mgmt.‚ L.P.‚ No. 17-63‚ Doc. 49-1 (2d Cir. N.Y. July 11‚ 2017)‚ the United States Court of Appeals for the Second Circuit (the “Court of Appeals”) affirmed the District Court’s holding‚ which dismissed under Rule 12(b)(6) the former employees (“Plaintiffs”) of Covis Pharmaceuticals Inc. (“Defendants”) federal securities fraud claims. According to the factual allegations‚ Plaintiffs’ grievances arose out of a 2013 reorganization of the “Covis enterprise”. Plaintiffs
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April 12‚ 2010 Iggy’s Bread of the World c/o Igor and Ludmilla Ivanovic 130 Fawcett Street Cambridge‚ MA 02138-1112 Dear Mr. and Mrs. Ivanovic: I am glad to have the opportunity to work with you both on concerns regarding your company. I have read the background information about that you sent me and in regards to your COO Mr. Matthew McRae‚ I would like to make a few observations and recommendations. First‚ I would like to start with a quote from Mrs. Ivanovic from the material you
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2. What financial statement adjustments will Lucent have to make to correct the revenue recognition problems announced in late 2000? Lucent recognized revenue when persuasive evidence of an agreement exists‚ delivery has occurred‚ the fee is fixed and determinable‚ and collection of the resulting receivable‚ including receivables of customers to which Lucent has provided customers financing‚ is probable. For sales generated from long-term contacts‚ primarily those related to customized network
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Some of the reasons for the Red Cross ethical dilemmas come from their executive turnover rate. The frequent turnover rate of CEOs has greatly weakened the organization’s ability to put controls into place. The President and CEO during the 9/11 attack‚ Bernadine Hartley was forced to resign due to mismanagement of response time. President and CEO Mark Evans was fired after the handling of Hurricane Katrina. During a brief time in 2007 when Mark Everson was President and CEO‚ he resigned due to
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The effects that organizational structure and compensation had on the ethical behavior of American Red Cross Executives‚ is that ARC was being charged of overcompensation of executives‚ as well as corruption among its board of executives. The frequent executive turnover and missuses of funds has weakened the organization. The organization has had years and years of underinvestment in telecommunication and technology‚ which hinders the organization from handling issues in a timely manner. The
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1.Arthur Andersen contributed to the Enron disaster by shredding documents‚ which was obstruction of justice‚ by allowing the person in charge of the Enron account to overrule the quality control partner‚ by being revenue focused and by not standing up to its clients‚ and by not changing their internal control policies. 3. The prime motivation behind the decisions of Arthur Andersen’s audit partners on the Enron audits was not for the public interest but for profit and fear of losing clients.
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In 2003‚ the city of Bridgeport‚ CT was in for a big shock. The fourth largest city in the state of Connecticut just had its mayor‚ Joe Ganim‚ convicted of several crimes. He was considered a local hero‚ a man who helped raise the city out of poverty. Ganim decided to run for Mayor of Bridgeport in 1991‚ and ended up winning. According to Johnson‚ when Ganim was running in 1991‚ the city was in shambles; it had its financing being overseen by a state board‚ and the crime rate was on the rise (1991)
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Question 1: Summary: Margin Call The film begins as an established financial firm is busy downsizing. A group of external Human Resources personal is summon the various “victims” to inform them that they are to be retrenched. The Risk Management division head (Dale)‚ amongst various other employees‚ falls prey to the ruthless process of cutting down on employees. He is offered a six month severance pay as compensation. As he is leaving the building under security supervision‚ he hands a USB containing
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