point for a low 3-month fix can earn the trader over $2million dollars from an $80 billion deal. For a deal that is often settled‚ the derivative traders made their fair share of money by manipulating LIBOR. According to the Barclays and the LIBOR Scandal article‚ the derivative traders and the Desk was located on the same trading floor‚ which if you asked me‚ says a lot about Barclays internal control regarding LIBOR rate submissions in itself. The Desk benefitted from manipulating LIBOR in my opinion
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What Went Wrong: Case Study of a Selected Corporate Scandal “In Texas‚ Robert Allen Stanford appeared to be yet another flamboyant billionaire. But in the breezy Caribbean money haven of Antigua‚ he was lord of an influential financial fief‚ decorated with a knighthood‚ courted by government officials and basking in the spotlight of sports and charity events on which he generously showered his fortune.” This quote from an article in The New York Times portrays the life of Mr. Stanford‚ owner of
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Duke Lacrosse scandal‚ which decimated a top collegiate athletic program and cast a negative shadow over one of the top academic universities. Duke University had one of the top men’s lacrosse programs in the county‚ which had won numerous national championships. Unfortunately‚ the decisions and actions of some of the team members threatened to destroy the reputation of the lacrosse program and the entire university. The media and society have developed a large appetite for scandal that is still
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in the midst of the situation. People are often quick to judge others and label people who do not respond as “bad people.” However‚ there are other situations to consider. The Penn State University scandal‚ for example‚ hid the horrendous
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pressure and a lack of internal control‚ AIG have committed frauds resulting in several scandals. One of the accounting scandals was disclosed during 2005 which involved a material mis-statement due to false transactions during 2000. This scandal set to prelude leading the downfall of AIG in 2008. In this paper‚ I will analyze the cause‚ the transactions and finally effects of the scandal. The Accounting Scandal The Players The CEO of AIG was Maurice “Hank” Greenberg. Greenberg joined AIG in 1962
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The Lucent Accounting Scandal Abstract The case discusses the accounting frauds committed at the US-based telecommunications giant‚ Lucent Technologies Inc. (Lucent) during early 2000. It provides an insight into the ways by which the financial statements were manipulated at Lucent. It examines the loopholes in the financial management of the company and the price it had to pay for circumventing the provisions of law. The case examines the allegations against Lucent and its officers with reference
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BANK OF PUNJAB (BOP) SCANDAL OF 9 BILLION RUPEES LOAN TO HARIS STEEL The Bank of Punjab (BOP) hit by a massive scandal‚ a unique fraud that involves billions of rupees. The State Bank of Pakistan expressed its great concern over the Bank’s “system and controls”‚ terming them “quite weak” while the internal audit of the Bank has repeatedly cautioned the management on the huge facilities offered to certain companies. The recipients of the huge loans include owners of some companies that do
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Test 1 (29.10.2014): Case Volkswagen Scandal Unprecedented scandal was provoked by ordinary shares of Volkswagen in Frankfurt stock-exchange. 30.10.2008 German company Volkswagen has become in very short time the biggest company in the world (making the American oil giant Exxon-Mobil second in the list). It happened after 500% growth of VW ordinaries. On Friday October 24 market price of VW ordinary share was EUR 211‚ but at the end of the Tuesday October 28 trading
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Salacious Rock Star Scandal Background Details Whilst touring America for the second time around in 1969‚ the four members of Led Zeppelin were taking residence at Seattle’s Edgewater Inn‚ a common favourite within the musician crowd as guests could fish from their rooms. Richard Cole (tour manager) and Bonzo (the drummer‚ John Bonham) were fishing from Richard’s room and they were persistently being bothered by female groupies‚ but the two fishermen were too involved in their catches than the
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For as long as there have been companies and accounting standards there have been people who are trying to beat the system and divert some of the company’s profits and assets to their own pockets. In this report we will discuss an accounting scandal that surfaced in 2004 and it involved Hollinger International as well as Conrad Black who was the CEO at the time. History of Hollinger International Inc. The original Hollinger was discovered in 1909 by Benny Hollinger‚ it was a gold mine named Hollinger
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