I. Executive Summary There is plenty of blame to go around the “Madoff Scandal”; there are multiple theories how Bernie Madoff was able to pull such a cunning scheme for so long‚ but the question is‚ amidst all the finger pointing who is really to be held responsible for it? Upon reading the article‚ I cannot help but feel the same uneasiness in the situation Madoff is facing with the dilemma the Philippines is struggling with right now – the Napoles scam. He was caught up in a huge tangle of problems
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MADOFF ANSWERS IN WORD FORMAT Question 1: Research recent developments involving this case? More than1‚000 civil lawsuits have been filed Statute of limitations is running out 15 people have been criminally charged 9 people have plead guilty $9.3 billion has been recovered JP Morgan offers to settle Ultimate sacrifice…family Question 2: Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff Securities. What audit procedures
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Bernard Lawrence Madoff‚ a former chairman of the NASDAQ Stock Market and founder of Bernard L. Madoff Investment Securities‚ was one of the few NASDAQ market-makers who competed with the New York Stock Exchange‚ by trading stocks listed on the Big Board. Through the Cincinnati exchange‚ the Madoff was a pioneer in electronic trading and publicly spoke of the need to use technology to transform the inefficient and sometimes shady over-the-counter stock market (Monica Gagnier‚ 2008). But Madoff became
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The issue of whether HSBC had an adequately incredible and essential effect in revealing Bernie Madoff is very controversial. However‚ after very careful consideration‚ I believe that HSBC’s role had a sufficiently great and important impact in uncovering Bernie Madoff. To begin‚ Bernard Madoff is significantly pessimistic about whatever is left of Wall Street‚ bringing up that the expansive banks dealt with his money‚ as well as promoted his assets. HSBC says it didn’t realize that extortion was
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Other than the reasoning of white collar crimes costing billions of dollars annually to our government‚ criminals of this sort usually don’t get caught right away‚ if at all. Without the proper punishment of these criminals they can just rob us of our money day by day. It can happen to any of us that are operating inside of a business. Many of these menaces in their corporation do their work in silence and under unanimous making it very complex to detain said person. While other types of criminals
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Business ethics and Madoff affair The Madoff affair has broken all what can have a relation with ethics. Studying the case of Bernard Madoff has shown that he is a very smart person‚ because he was able to make all kind of people invest‚ rich and poor‚ smart and stupid‚ individuals and companies…etc. Bernard Madoff has used many ways to convince people to invest. Ways that obliged him to break ethic rules. These ways are: * Injecting money in order to fund research projects against several
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Ayusarita Satriani 311368 – IUP BUSINESS UGM Financial Management ENRON Resources: http://en.wikipedia.org/wiki/Enron_scandal ; http://news.bbc.co.uk/2/hi/business/1780075.stm; http://finance.laws.com/enron-scandal-summary Enron is an energy company that successfully grew from nowhere to be America’s seventh largest company‚ which has 21‚000 staff in more than 40 countries in 15 years. It was one of the world’s leading electricity‚ natural gas‚ communications‚ and pulp and paper companies
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Bernie Madoff Case Study Tanya Seyfried GFN61090033-ACFA12 January 19‚ 2013 Bernie Madoff was a successful gentleman whose financial career spanned almost 50 years. Some of his achievements include serving as the chairman of the board of the NASDAQ stock exchange; a member of the Board of Directors on the Security Industry Association; and a former National Treasurer of the American Jewish Congress. (Hirt‚ Block‚ Danielsen 2011) His greatest achievement was
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Bernard L. Madoff Investment Securities LLC operates as a securities broker/dealer in the United States and internationally. It provides executions for broker-dealers‚ banks‚ and financial institutions. The company was founded in 1960 and is headquartered in New York‚ New York. As of December 15‚ 2008‚ Bernard L. Madoff Investment Securities LLC is in liquidation. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 Bernard Madoff was born on April 29‚ 1938‚ in
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There are several ethical issues surrounding the Madoff case‚ but the two that significantly caught my attention was white collared crimes and enhancing the wealth of the rich at the expense of working class individuals. According to the textbook‚ white-collar crime (WCC)‚ is a nonviolent crime orchestrated by highly educated people‚ resulting in deceit‚ concealment‚ subterfuge‚ and other fraudulent activity; consequently‚ WCC does more damage in monetary and emotional loss in one year than violent
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