Madoff’s niece became a rules compliance lawyer for the trading division of the company. In December of 2008, Madoff announced to his sons that he would be giving out several million dollars in bonuses. His sons inquired as to where the money was coming from. Madoff admitted to his sons that one branch of Madoff Securities was an elaborate Ponzi scheme. His sons turned him in and he was arrested the next day.
Nardelli was a successful executive at General Electric and appeared to be a great fit with Home Depot’s culture. However, Nardelli had his own strategies that would quickly boost Home Depot’s growth, but with a lot of negative results. Strategic Audit * Current Situation A. Current Performance * 2005Sales of $81.5 billion increased 11.5% from $73.1billion in 2004 (Wheelen, 20-27) * Total assets on January 29, 2006 was $44.482 billion (Wheelen, 20-30) * Opened its 2,000 store in 2005 (Wheelen, 20-1) * Employed over 345,000 associates in 2005 (Wheelen, 20-1) * Established 16 import distribution centers in the U.S. and
With five other media companies, the corporation becomes an original investor in The Golf Channel. Following a bid in 1994 for $2.1 billion, Comcast increased its ownership of QVC from 15.5% of stock to a majority, in a move to prevent QVC from merging with CBS. Comcast later sold its QVC shares in 2004 to Liberty Media for $7.9 billion. In October 1995, Comcast announced the purchase of the cable operation of E. W. Scripps Company for $1.575 billion in stock, a deal making Comcast the no. 3 cable company with 4.3 million customers.
- Securities fraud : Madoff was arrested by the Federal Bureau of Investigation (FBI) on December 11, 2008, on a criminal charge of securities fraud. Fraud occurs when a wrongdoer deceives another person out of money, property, or something else of value. Four elements are required to find a fraud: 1- The wrongdoer made a false representation of material fact. Madoff used Ponzi Schemes which is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from profit. The Ponzi scheme usually offers abnormally high short-term returns in order to entice new investors.
Four months later Enron filed for bankruptcy. C. Skilling had overstated Enron’s profit in calls to invertors and in press releases. D. Skilling hide more losses, he had arranged deals between Enron’s executives and third parties, which he falsely portrayed to Enron’s accountants and to the Securities and Exchange Commission as producing income. E. Skilling was convicted in a federal district court of various crimes, including conspiring to commit fraud to deprive Enron and its various holders of the “honest services” of its employees. F. He was sentenced to 292 months’ imprisonment and three years’ supervised release, and order to pay $45 million in restitution.
The Watergate Scandal The Watergate Scandal took place in the 1970ties is one of the biggest and most public political scandals in the U.S. history and it let to the resignation of the president at that time, Richard Nixon. The scandal was that Nixon denied any involvement in the Watergate brake in, but after some controversial tapes were released, it became clear Nixon was trying to hide his fault. The speech I have chosen is the one of his resignation. Summary of Scandal On June 16, 1972, a security guard at the Watergate Hotel in Washington, discovered a piece of tape on the lock of the door that led to the National Democratic Headquarters. This foiled break-in attempt at the Watergate scandal was part of a larger campaign by Nixon supporters to tarnish the reputation of Democratic candidates and the Democratic Party.
The central compliance issue that they are working to curtail is their many violations of the Servicemembers Civil Relief Act (SCRA). Since 2003, the company has undergone scrutiny about overcharging servicemembers and recently returned servicemembers from active duty, which caused many of the servicemembers to face the possibility of a bank foreclosure. When this issue was brought to the company’s attention, J.P Morgan Chase identified two problems. The first was the fact that four thousand-five hundred servicemembers were charged interest and fees that were way above the regulatory cap. Secondly, J.P Morgan Chase
These seven men were either directly or indirectly employees of President Nixon’s re-election committee and many persons, including the trial judge, John J. Sirica, suspected a conspiracy involving higher-level government officials. In March 1973, James McCord, one of the convicted burglars wrote a letter to Sirica charging a massive cover up of the burglary. His letter transformed the affair into a political scandal of unprecedented magnitude” (www.infoplease.com). This affair is known as “The Watergate Scandal.” The Watergate Scandal taught America many lessons, but the three most important lessons learned were elected officials abuse their power, the media is an intricate part of politics and elected
The Watergate Scandal HIS/145 * * * * * * * * * * * * * * * * The Watergate Scandal The Watergate scandal was one of the largest scandals that shook the nation in the 1970s. Watergate changed how the public in general perceived politics. This scandal began when the headquarters of the Democratic National Committee, located in a Washington office complex named the Watergate, was broken into on June 17, 1972. Upon further investigation of the break-in, it became evident that the five men arrested were part of the Plumbers’, former CIA and FBI agents that were a secret unit built and maintained by the White House. Watergate became a complex web of political
The largest case of online identity theft was about Albert Gonzalez (the mastermind) and other conspirators that made off with over 130 million credit and debit card numbers from late 2006 to early 2008. They gained access to the computer networks of Heartland Payment Systems, 7-Eleven Inc., Hannaford Brothers, T.J. Maxx, and Dave & Buster’s. Gonzalez cost companies, banks, and insurers almost $200 million dollars while he lived a lavishing life and was sentenced to 20 years which made his sentence the harshest ever for computer crime in an American court because it was one of the largest cyber thefts in US history, http://graphics8.nytimes.com/packages/pdf/technology/Gonzales_Indictment.pdf is the indictment. Abraham Abdallah was a Brooklyn busboy that used the Internet to obtain access to the private finances of more than 200 of the riches people in America that were listed in Forbes magazine by skillfully using computers in a Brooklyn library. He breached the bank, brokerage, and credit card accounts of tycoons and celebrities such as CNN founder Ted Turner, George Soros, and Warren Buffet.