Summary Of The Sarbane-Oxley Act Of 2002
Before the Sarbane-Oxley Act of 2002 came into effect in the American economy, most investors and shareholders were left in the dark – most often at the mercy of big corporations whose accounting practices were largely unregulated. The act was a response to the infamous scandal of Enron, WorldCom, Tyco, and Adelphia – all of whom had unethical business practices that caused their shareholders to lose the astronomical amount of investment when their scandals made headlines. The Sarbane-Oxley Act (SOX) requires a business to implement a code of ethics for its employees, especially senior financial officers; it also requires a business rotate its financial auditors on a regular basis. (Orin, 2008) The implementation of a code of ethics aims to
Pros And Cons Of Price Anderson Act
308 Words | 2 PagesThe Price-Anderson Nuclear Industries Indemnity Act (Price-Anderson Act) was first signed into law on September 2, 1957. The act serves as an amendment to the 1946 Atomic Energy Act (AEA), intended to stimulate development of the private nuclear industry by establishing limits of liability and indemnifying the nuclear industry against liability from a nuclear incident. Additionally provides compensation coverage for the general public in case of an incident. (Hore, 2009). The Price-Anderson Act places an increasingly disproportionate liability on the taxpayer in the event of a nuclear incident, whether accidental, from negligent or malicious acts, effectively protecting the industry regardless of fault.
Regulatory Compromise Chapter 3 Summary
504 Words | 3 PagesThe Regulatory Compromise (Chapter three) starts off with discussing the influence that philanthropy had on politics around the time of the World Wars and depression of the early 20th century. One of the problems that existed at the time was the urge to influence laws with the power of philanthropy. An example of this is the court ruling against the validity of a gift for women’s rights because it was aimed to “directly and exclusively change the laws”. During this time, being philanthropic in order to gain political power, or change laws, was not accepted. There were certain rules against whether or not a charitable gift was even considered “charitable” depending on the purpose it was meant to serve.
The Glass-Steagall Banking Reform Act Of 1933
974 Words | 4 PagesThe year is 1929. The Stock Exchange is failing and panic rises in the American people. Left and right people are pulling every dollar and cent out of their bank accounts, as the banks begin to close one by one. Commercial and investment banks, whose affairs were intertwined with one another, collapse sending the economy into a downward spiral. This economic crisis needed to be reformed, and the Glass-Steagall Banking Reform Act was the light at the end of the tunnel.
Goldman Vs. Weinberger Case Summary
454 Words | 2 PagesGoldman v Weinberger is a case in which Goldman sued Weinberger because his freedom of religion was not exercised in the United States Air force. Goldman sued him because his religion called for him to wear a yarmulke to show that God was the highest form of life. For years he wore the accessory. He was later told to take off the accessory and he refused the proposal. A couple of days later “ In 1981 he was required to testify as a defense witness at a court-martial ” according to https://en.wikipedia.org/wiki/Goldman_v._Weinberger .
The Federal Anti-Kickback Statute
144 Words | 1 PagesOne of the well-known federal fraud and abuse statutes in the United States is the federal Anti-Kickback Statute, which greatly influences business relationships in the pharmaceutical, healthcare and medical device sectors. This statute is an Anti-Corruption law, which is designed to protect beneficiaries of the federal health care program from money influence on various referral decisions. Thus, this law helps in guarding against an increase in costs, overutilization and poor quality services. However, this law needs some modifications to become more efficient to all the U.S citizens. The lawmakers in the country should take the initiative of amending this bill so as to ensure that they adequately represent the interests of those people who
Federal Anti-Kickback Statute Essay
491 Words | 2 PagesThe Federal Anti-Kickback Statute The Federal Anti-Kickback Statute is a criminal law that prohibits the knowing and willful payment of direct or indirect “remuneration”, to induce or reward patient referrals or the generation of business that involves any service or items payable by the Federal health care programs (e.g., drugs, supplies, or health care services for Medicare or Medicaid patients).[1] Remuneration can incorporate anything of value and can be of any form other than cash, for example travel tours, expenses for lavish hotel stays or immoderate compensation for medical consultations or referrals. In some industries, it is allowed to give compensation or reward to those who refer business. But, in the health care, referral is a
Fair Standard Act (FLSA)
346 Words | 2 PagesAfter years of judicial opposition and close two years of congressional quarrel, on June 25, 1938, President Franklin D. Roosevelt signs the Fair Standard Act (FLSA). President Roosevelt describes the Act as “the most far-reaching, far-sighted program for the benefit of workers ever adopted in this or any other country." () Before the passage of the Fair Standard Act there were multiple efforts on the state level to restrict hours of work and set minimum wages. In 1840, the longer existing National Trade Union convinced President Van Buren to make an executive order restricting a 10 hour government work day. The National Labor Union made making the 8 hour work week a priority after the civil war had ended.
Summary Of The First Day By Edward P Jones
136 Words | 1 PagesFrom new and upcoming author, Edward P. Jones, comes his first short story The First Day. This story recounts the tale of a five-year-old girl and her illiterate mother who face the task of enrolling the young infant in elementary school. Despite her efforts, her mother’s lack of knowledge and poor financial state, hold back her daughter from attending her ideal school. Nevertheless, the young girl eventually finds an elementary school where she will attend.
Analysis Of The Mckinney Vento Act Of 1987
178 Words | 1 PagesThe topic of interest that will be presented in this paper will be that of Homelessness. Homelessness is a worldwide issue that affects the lives of many people. Although it is mostly found to be present in Third World countries, many citizens across the United States face it and are suffering from it as well. From families to veterans and even children Homelessness can happen to anyone as a result of many different events/for many different reasons. Through this topic we will be able to examine the McKinney Vento Act of 1987 and how it affects Homelessness in the U.S..
Pros And Cons Of The Disclosure Act Of 2010
1035 Words | 5 PagesThe Disclose Act of 2010, was one of the most polarizing pieces of legislation to be debated during the 111th Congress controlled by Democrats. Regardless of its polarizing nature, the act was able to pass the House, where it then was halted in the Senate due to the filibuster. The failure to pass S.3628 the Disclosure Act of 2010 in the Senate displays how much polarization can inhibit Congress, as well as the severity of the institutional frameworks that protect minority parties in the Senate. The Disclose Act of 2010 were pieces of legislation introduced by Democrats into both the House and Senate after the decision of Citizens United v. Federal Election Commission 558 U.S. 310, which ruled that “under the First Amendment corporate funding
Pros And Cons Of The SHARE Act
358 Words | 2 PagesThe Washington Post recently wrote a piece regarding the Sportsmen’s Heritage and Recreational Enhancement Act of 2017 (SHARE Act), in which it states that Congress is using this legislation to protect the rights of the sportsmen and women in America. According to the National Rifle Association (NRA), this piece is nothing more than fake news. As such, the NRA decided to clear up the misconceptions set forth by the Post. Fact or Fiction?
Compare And Contrast The Securities Exchange Act Of 1934 And Sec Rule 10b-5
749 Words | 3 PagesBy prohibiting the use of material non-public information by those in a position of trust or authority, these laws are designed to ensure that investors have access to the same information and can make informed decisions when investing in the stock market. The Sarbanes-Oxley Act was enacted in 2002 in response to a number of corporate accounting scandals that had rocked the U.S. economy. It is intended to protect investors from fraudulent activities by ensuring that publicly traded companies provide accurate and reliable financial information. Under the Sarbanes-Oxley Act, the CEO and CFO of a publicly traded company must certify the accuracy of the financial statements filed with the SEC.
The Glass-Steagall Act Analysis
688 Words | 3 PagesAn emergency legislative action that was taken to offset some of the detrimental economic factors during the Great Depression in 1933 as a result of the failure of around five thousand banks. The act was signed into law on June 16, 1933 by President Roosevelt. The two main purposes behind the legislation were to first, stop the run on banks and re-build confidence in people about the banking system again; and two, to demolish the link between investment and commercial banking, a factor that was largely thought to have contributed to the 1929 market crash. Therefore, the Glass-Steagall Act separated the two, commercial and investment banking and also prohibited these commercial banks from participating in any sort of investment business activities as well as stiffened the regulations on national banks overall.
The 2008 Companies Act And The King IV Code
768 Words | 4 PagesIntroduction This report aims to provide guidance on a board of directors restructuring for De Buys & Sons in accordance with Section 72 of the 2008 Companies Act and the King IV Code. The report identifies the flaws in the current board structure and suggests one that is more in line with ethical standards. To ensure that the business follows moral and ethical business practices, it also calls for the creation of a social and ethics committee. The recommendations made in this report will promote ethical conduct and corporate governance and ensure that the company complies with relevant legislation. Issues with the current board structure
Lehman Brothers: Financial Fraud In 2008
2178 Words | 9 PagesExecutive Summary Lehman Brothers were an investment bank involved in transactions worth billions of dollars and one of the most powerful investment banks in the world. Lehman Brothers collapsed in 2008 following bad investment in the sub-prime mortgage market and used bad accounting practices called Repo 105 transactions to try and cover up the bad assets. This report sets out the use of the fraud triangle when describing the actions which led to the collapse. The pressure applied on the bank, the opportunity due to the lack of regulation to carry out the actions and the ability of the bank to rationalise their decision making.
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