1) -During the Great Recession Wells Fargo targeted black people and convinced them to take out subprime loans. Such actions lead to the result of Wells Fargo being sued in 2010 for discrimination and a year later settling the suit paying more than 174 million.
In comparing to Black death and AIDS, both are epidemic disease, but the harmful consequences of the Black Death were in large scale in Societies and economies than AIDS. During the Black Death, food production collapsed because a huge number of farmers died which led to femine happen (Tignor). The famine caused the shortage of food and it helps to raise prices, work stoppages and unrest. On the other hand, AIDS was not that effective on economies like Black Death had. Even though, AIDS is a life threatening disease, but modern technology discovers the remedy of this disease which keep stabilize the AIDS in present day. And also, during the Black Death, many people migrated to another place for their safety, family broke up for avoiding victim
early stages of the scandal, the San Francisco based financial institution was investigated by the local Los Angeles City’s Attorney and California state officials. Preliminary investigations revealed the extent of the fraud and malpractice predated as far back as 2011. As a result, on September 8, 2016, federal investigators followed suit and the Consumer Financial Protection Bureau Agency opened an investigation against Wells Fargo and handed a $185 million penalty to settle the dispute. This settlement would become the largest fine levied in the agency’s history. Of the $185 million, $100 million comprised of fines from the Consumer Financial Protection Bureau (CFPB), $50 million originated from the Los Angeles City Attorney’s Office, and
In “Harrison Bergeron”, each person was not truly equal. For example, the ballerinas in the story were prettier than the maximum people, so they were required to wear masks. Hazel, the mother of Harrison, believed that the ballerinas were beautiful since her mask was extremely ugly. Diana Moon Glampers, the Handicap General, forces them to be like the public and will punish anyone who says different. Consequently a few people enjoy being the same, it is not easy, and following the Handicap General’s rules is challenging.
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.
Bank of America is an American financial services corporation and is the second largest bank holding organization by assets, in the United States. The headquarter of the financial organization is situated in Charlotte, North Carolina.
It is essential for individuals and those representing an organization to understand what is an ethical dilemma. Wells Fargo financial corporation was involved in a dramatic ethical issue due to millions of unauthorized bank account openings. As explained in The PLUS Ethical Decision-Making Model, “many organizations battle to develop a simple set of guidelines that make it easier for individual employees, regardless of position or level, to be confident that his/her decisions meet all of the competing standards for effective and ethical decision-making” (n.d). The Wells Fargo scandal is evident prove that employees lacked ethical judgment and management supervision. The seven ethical decision-making steps foster straightforward thinking that
Andrew Jackson believed the banks to be corrupt which is the reason that he declared war on them. The First Bank’s charter ended in 1811, so with the War of 1812 and no bank, the country suffered financially and many people were in debt. That’s why in 1816, another bank was chartered and it became known as the Second Bank of the United States. Eventually, the bank grew and had supreme economic power with over 35 million dollars in capital. Most of the money was put into it by investors whereas some was put into it by the government that owned one-fifth of the bank. The bank printed the country’s money, had offices across the nation, could provide loans, collected taxes, payed bills and was even able to move money around the world.
Summary judgment is appropriate when the moving party can show that there is no genuine issue of material fact and that the moving party is entitled to judgment as a matter of law. Cecil v. Cardinal Drilling Co., 244 Mont. 405, 409, 797 P.2d 232, 234 (1990); Mont. R. Civ. P. 56(c). A material fact involves the elements of the cause of action or defenses at issue to an extent that necessitates resolution of the issue by a trier of fact. Arnold v. Yellowstone Mountain Club, LLC, 2004 MT 284, ¶ 15, 323 Mont. 295, 100 P.3d 137. The moving party has the initial burden of proving no genuine issue of fact. Once this is met, the burden shifts to the opposing party to present material evidence that is not “mere conclusory or speculative,”
The Industrial Revolution was a prosperous time for the western civilizations beginning in 1760 and ending between 1840 and 1860. The invention of railroads began in England, but was brought to the United States in the early 1800’s. In 1815, Colonel John Stevens got the first railroad charter with New Jersey Railroad Company, although a single train track was not laid until 1832 (www.american-rails.com/railroad-history.html). Therefore, the Baltimore and Ohio Railroad Company built the first railroad in 1827. The machine was purchased from the Stephenson Works in England. The South Carolina Canal and Railroad Company went on to begin to construct railroads a few months after the Baltimore and Ohio Railroad Company. The South Carolina Company
BWO will likely be able to prove that Chigurh was terminated for a legitimate business reason either because he held a management position or for the financial factors associated with fulfilling the agreement with Wells.
The AIG Scandal 2005 started when AIG management was issuing a press release describing its third quarter earnings in 2000 to the public. The report showed that the premium of AIG was significantly increasing, while its loss reserves was decreasing by $59 million. However, according to many industry analysts, along with the positive earnings, AIG in fact should show an increase in its loss reserves as well. This caused the investors of AIG suspected that AIG was drawing down its loss reserves to boost its profits. The suspicious of the investors has unfortunately led to the falling of AIG stock price from $99.60 to $93.30 on New York Stock Exchange (NYSE).
In matters of confidentiality, Banking is risky due to the highly sensitive nature of information which is often exchanged, recorded and retained. The purpose of this article is to discuss the clash of confidentiality and disclosure in the banking sector across the globe.
I would frame the banking as an industry that is built on trust. Trust that is reaffirmed by the governments, and regulators. Banks have an imperative role in our economic growth, and development. Correspondingly, without the bank industry, there is no industry to replace them as the conduit for social and economic policy. Equally important, there is no industry to replace them as the key performer in creating our economies multiplier effect. Moreover, I would frame them as an industry that measures their success by ROA and ROE, metrics that is influenced by their ability to buy deposits and sell loans. I could give full SWOT analysis of the banking industry; however I would run out of room. Banks utmost strength is that bank lending has been a significant driver of GDP growth and employment. They are a conduit for social and economic policy. Comparatively, banks have extended in to other areas, which include insurance, loans, investments, real estate and other financial vehicles. Lastly, the final strength is that banks can create money, by using the reserve requirement to their advantage. However, if you have strengths you have weaknesses. One weakness is that, historically banks have lacked innovation. Coupled with customers no longer trusts banks, which equals low customer satisfaction and many banks have low brand recognition (CountyBank). However, Strengths and weakness do changed over time. Banks are finding new ways to create money, the government is forcing banks
WorldCom, once known as one of the most powerful telecommunication organizations of the world, is now studied as a case of a fraudulent company that carried out unethical financial activities to cover its weakening position in the market. After some aggressive investment decisions, the company started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities.