Bernard L. Madoff: The Largest Accounting Fraud in History

https://ilt.eff.org/index.php/Computer_Fraud_and_Abuse_Act_(CFAA). 24 April 2013. 27 January 2014. Fowler, Bree and Joe Mandack. http://news.yahoo.com/hackers-may-used-pa-company-hit-target-195942337.html.

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Overextended investors, suddenly finding themselves in heavily in debt, began selling their stocks. Many found that no one would buy anything at any price. Overnight, stock values fell from a peak value of 87 billion dollars to 55 billion dollars. The crash was felt far beyond the trading floors. Speculators who borrowed money from the banks to buy their stocks could not repay the loans because they could not sell stocks.

The Financial Crisis of 2008 was the worst financial crisis since the Great Depression, however a lot of American’s want tougher law of be enforced against executives and companies they think started the mess (Jost/Misconduct). Civil charges have been brought up against major banks for misleading investors, but a federal judge rejected a proposed settlement saying it was too lenient (Jost/Misconduct). The flood of subprime mortgages roiling the housing market in the U.S. is also causing the worldwide credit crisis (Jost/Crisis). Investment banks everywhere are taking billion-dollar losses, forcing them to revalue their belongings (Jost/crisis). This crisis started under the surface for many years then emerged into the public in March 2008 when cash-strapped Bears Steams were being forced to sale to JP Morgan Chase; they did this for a worthless $2 a share (Jost/Misconduct).

[ONLINE] Available at: http://www.jobs.ie/Profile.aspx?Id=nandos. [Accessed 22 February 14]. partex. 2014. partexbeverage.com/aboutus.html. [ONLINE] Available at:http://www.partexbeverage.com/aboutus.html.

The average cost for this is one point seven billion dollars in mishandled funds. This is the number one issue today in the work place. New York Times, Washington post, USA today, and Los Angeles times are some of the main attractions to these unlawful acts. When some of the most world renowned newspaper companies send these articles viral it hits companies and individual incredibly hard. New York daily news states that State Attorney Eric Scheiderman's opened a forty million dollar fraud case against multi-billionaire Donald Trump’s Trump University.

squarehospital. 2014. Career. [ONLINE] Available at: http://www.squarehospital.com/?q=jobs. [Accessed 03 May 14].

The best at acquisitions. And this is also what left them nowhere to go when credit crunch took centre stage. The acquisitions made life unbearable and walls started to close in on RBS. The acquisitions had left them stretched – 26 companies in the space of six years to be exact. In April 2008, RBS had already asked the investors to pump in £12 Billion after unveiling another £5.9bn of credit crunch write-downs.

P&G. Investor- Company Strategy 2014 [March 2014]. Available from: http://www.pginvestor.com/GenPage.aspx?IID=4004124&GKP=208821. 5. P&G.

Bernie Madoff of the Wall Street firm Bernard L. Madoff Investment Securities LLC is responsible for embezzling fifty billion dollars from his investors in the worlds largest ponzi scheme in history. The system that Bernie Madoff used for the Ponzi scheme was rather basic. It used one large hedge fund that many clients would put their money and Bernie would simply take money out to pay the returns to the clients. This scheme began in the late 50’s when Bernie began taking clients money with the promise of high returns and it all ended in November of 2008 when the money clients were requesting far out reached the amount in the hedge fund. In the end Investors lost over fifty billion dollars and Bernie Madoff ended up in jail with a life sentence.