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Introductory Comments on White Collar Crime White-collar crime is a relatively new concept, having first achieved recognition in 1939. Despite its short life, white-collar crime has quickly grown to its present status of being a major focus of almost every government ... more
We begin by asking "What actually went wrong at Baring?" And we will close by asking "What is going to happen in 2004, exactly 10 years after the Baring debacle?"
The 10-year cycle in defrauding the banks. Whatever happened at Baring in 1994 may be happening in 2004 in the world of Derivatives.
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Who Should You Contact for a Fraud Examination? What is a Certified Fraud Examiner? ... more
First it was the fraud at Enron in America followed by WorldCom financial fiasco. Recently in Asia it was the APP financial saga. Nearer home in a totally unrelated commercial crime perpetrated by some of OUB bank’s internal audit staff reflected bad light on the audit profession once again... For the man in the street, the question that
begs an answered is : “If you cannot even trust the auditors, who else
can you trust ?”
"...This new accounting standard establishes uniform hedge accounting criteria for all derivatives. Hedge accounting recognises ..." Read more on SAS 33
No financial institution is immune from these new legal requirements or exempt from enhanced scrutiny. Violations can yield severe consequences, including fines, forfeitures and prosecution. Reputational harm can be devastating. ... more
An officer of Commercial Affairs Department's Financial Investigation Division was quoted as saying "What was unique was that the masterminds were from the audit and inspection team - the people who are entrusted with ferreting out anything suspicious. And yet, they are the ones who masterminded this". So, what could not have happened had happened. ... more
1994 Metallgesellshaft loses $1.5 billion on oil futures. 1995 Barings Bank goes bust. 1997 Nobel Prize in Economics awarded to Robert Merton and Myron Scholes. 1998 Long Term Credit Management Bailout 1999 The Flaming Ferraris 2001 Enron goes Bankrupt 2002 AIB loses $750 million ...more
Read Fraud Cases ... more |
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