The trial and subsequent conviction of Martha Stewart on March 6, 2004, was as a result of insider trading and her attempt to cover it up. On December 27, 2001, she received a call from her stock broker’s assistant in regards to 3,928 shares that she owned in a bio pharmaceutical company called ImClone systems. She was informed that the co-founder Sam Waksal and family were selling all of their shares which prompted her to sell hers also. ImClone’s resources had been allocated for a decade into the development of a colon cancer drug named Erbitux. After executives received word from a source within the FDA that it wouldn’t be approved, knowing that once this info was made public the stock price would drop, Waskal decided to sell.
Arguments for White The Court should use the “reasonably likely to deter” standard because it is consistent with the language and intent of the statute and that is the standard used by the EEOC. The language in the retaliation section of the statute is different than the language in the discrimination section, indicating that Congress intended for different standards to govern determinations regarding each section. If the Court uses too high a standard, then employees will not have the ability to make valid retaliation claims. Even if the Court uses the “materially adverse change” standard, the 37 days without pay was an adverse employment action. Many workers live pay check to pay check and going over a month without pay is devastating.
Discovery Bilbo continued with his obscure trading up until 1 April 2000, when he left Hobbiton to fly to Erebor. The bank’s auditors finally discovered the fraud around the same time that the Bank's chairman, Gandalf, received a confession note from him. After the collapse, several observers, including Bilbo himself, placed much of the blame on the bank's own deficient internal control and risk management practices. A number of people raised concerns over Bilbo's activities but were ignored. 2.2 Damages His activities had generated losses totalling 827 million clams, twice the bank's available trading capital.
Because accounting firms are charged with independently auditing and confirming the financial statements of public corporations, that also helps investors to make investment decisions. Arthur Andersen once exemplified the integrity and rock-solid character that was synonymous with the accounting profession. However, the bankruptcies of high-profile clients such as WorldCom and Enron and the string of accounting scandals that eventually cost investors nearly $300 billions of dollars and also caused hundreds of thousands of people their jobs. As a result of these scandals, the Chicago-based accounting firm closed its doors in 2002, after 90 years of business. 2- background, ethical issues involved BAPTIST FOUNDATION OF ARIZONA BAPTIST FOUNDATION OF ARIZONA become the largest bankruptcy of a nonprofit charity in U.S history, the Baptist Foundation of Arizona (BFA), where Andersen firm served as the charity auditor, the charity lost $570 millions of donor funds.
Financial abuse is when theft, deception, or mismanagement is seen within the elderly population. In the video “confronting elder abuse in America” there is a story told about Pat and Wilson Smith where they were a victim of financial abuse. Wilson met a woman and began to trust her, but she was using him to create accounts on various websites and opened bank accounts where she spent roughly $750,000 in his name. Wilson struggled with Alzheimer’s and was not aware of his abuse until his family recognized something was
Given his political ties to the directors of the Bank of England, the public looked to him to help persuade the bank to help in a time of need. As historian John Francis mentioned, the Bank of England was originally built to help Parliament in times of financial need. However, many did not appreciate the Bank of England when it indeed helped the country. Hesitant to get involved, the directors of the Bank of England needed to be persuaded to help in what they believed to be a lost cause. Moreover, the South Sea Company did the Bank of England zero favors when it beat the bank out for the rights to finance the public debt in the early part of
Further, Patricia ignored requests from board member Tom Perkins to deal with the unethical leaks internally, creating a perception of illegitimate political actions. In this case, Mrs. Dunn appears to use the political behavior “Make a quick showing” (Luthans 2015), which is understandable due to the damage created by the leaks. However, her actions caused the board to react much like they did with Carly Fiorina, where they formed an alliance and investigated the techniques used in her investigation. Ultimately, with the discovery of inappropriate investigative technique and the resignation of prominent board members, Dunn eventually stepped down from her
In article ‘No Logo’ Naomi Klein talks about closing down manufacture plants and the techniques that big companies use to maximise their profit. She makes several important points, which show us the reason why this is happening and what effects it has on people. The article shares her arguments and analysis of the situation, and this review will look at and evaluate them. The article was written in 2002 in New York, and the location is not accidental because in North America alone, Levi Strauss closed twenty-two plants leaving 13,000 people unemployed. “shut down twenty-two plants and lay off 13,000 North American workers between November 1997 and February 1999” Klein, N., (2002) No Logo.
According to Emory University, the 20th university in the world, they say, “Each year, 34,598 people die by suicide, an average of 94 completed suicides every day [...] One in 10 college students has made a plan for suicide.” This shows that stress can lead to suicide because people act differently because it can cause people to kill themselves. This means that 10% of all college students have made a plan to kill themselves. Therefore, stress is a huge deal as it can cause many health issues and death. Stress can cause headaches, low energy, insomnia, upset stomach, etc. In result, stress can cause you to have many health issues and can even cause
Major cause for perpetration of fraud is laxity in observance in laid-down system and procedures by supervising staff. Harris and William (2004), however, examined the reasons for ‘loan’ frauds in banks and highlighted on due persistent program. They concluded that lack of an effective internal audit staff in the company, frequent changes of management and directors, appointment of unqualified staffs in important audit or finance posts, customer’s reluctance to provide requested information or financial statements and false data provided by the customers are the main reasons for loan frauds. Beirstaker et al. (2005) in their study provided numerous fraud protection and detection techniques.