Jack Abramoff was the central figure in has become the biggest congressional corruption scandal in United States history. In 2006, he pled guilty to fraud, conspiracy and tax evasion for his efforts to cheat Indian casino gambling interests out of roughly $85 million in fees. A couple of months later, he was sentenced to 70 months in prison for using a fake wire transfer in order to qualify for a $60 million loan in the purchase of SunCruz Casinos, a deal which resulted in the murder of former owner Konstantinos “Gus” Boulis. Most notably, then-Republican Ohio Representative Bob Ney was sentenced to a prison term for accepting bribes from Abramoff, helping the Democrats in their effort to gain a majority in Congress during the 2006 midterm elections. Abramoff offered jobs and other favors to well-placed congressional staffers and executive branch officials. He also pushed his own associates for government positions so they could help him later. He treated politicians and their staffers to lavish trips, meals, sporting events, and persuaded tribes to donate millions of dollars to political candidates and parties. Part of the deal under which Abramoff pleaded guilty required him to co-operate in a Department of Justice investigation into his dealings with members of Congress. This separate case is believed to be focusing on as many as 20 lawmakers and their aides.
Charles Keating Jr. was born December 4, 1923, in Cincinnati, Charles was a trained navy fighter pilot during WWII. Receiving a degree in law Keating began practicing law with his brother William Keating, where he was later discovered and hired as an executive by Carl Lindner Jr. Charles later married his wife in 1949 she bore six children. - Keating wasn’t the only Savings and Loan owner who was committing fraud, of the twenty percent that failed was triggered by fraud and/or insider trading. The failure of the Lincoln Savings and Loan and forced the country into a recession, $126 billion dollars of tax payers money was used for this bailout. All of this came to a climax during the first year George H.W. Bush was in the oval
At Wells Fargo, teamwork and sales are important skills needed in order to succeed as a teller. At Wells Fargo, I plan to incorporate a system where each teller gains the skills necessary so that each task runs efficiently. To begin, I will start observing each banker’s, and each teller’s normal routine. I will be listening carefully to the conversations the tellers, and bankers are having with customers. As an observer, I will be taking notes on what the employee’s strengths and weakness are when lobbying to a customer, and working with coworkers. I will continue this process for a week. Once the week is complete, I will have one on one meetings with each employee. After the employee’s one on one meeting is complete, a proposed course of
He left school at age thirteen to start his training for work. In the winter of 1838 he started to work with Hough and Gilchrist Grocers and worked with them for a year. He later went to work for the Roswell and Willett Hinman and worked with them for three years. In 1841, he became a freight agent and later became vice president and director of the New York Central Railroad Company. Like Henry Wells, he was a very successful businessman, yet managed to have a family to support. Fargo married Anna Hurd Fargo in 1840 whom had eight children, Georgina, Alma, Sarah, William, Hannah, Mary. Helen, and Edwin. In 1862 he became the 27th Mayor of Buffalo, New York and retired in 1866. On August 3rd, 1881, after battling with illness for several months, William Fargo passed away. He was buried in Forest Lawn Cemetery with only two of his eight children living. Nine years later, his long loved wife, Anna Hurd had
In determining the competitive intensity and attractiveness of the market, Porter’s five forces is a framework that would help analyze the manufacturing industry of Lincoln Electric and observe the external and internal environmental factors that influence business strategy development for companies within the industry. The five forces are assumed to determine competitive power in a business situation in which these five forces are Supplier Power, Bargaining Power, Competitive Rivalry, Threat of Substitution, and Threat of New Entry.
“Investors in the ABACUS 2007-AC1 CDO lost over $1 billion. Paulson & Co. opposite CDS positions yielded a profit of approximately $1 billion for Paulson.” (Securities and Exchange Commission v. Goldman Sachs & Co. and Fabrice Tourre, 2010). Goldman Sachs line of defense: “Goldman Sachs, itself, lost more than $90 million. Our fee was $15 million. We were subject to losses and we did not structure a portfolio that was designed to lose money.” (Destin, 2010, p. 1). However, these defenses were irrelevant and in 2010, “Goldman Sachs had agreed to pay $550 million to settle federal claims that it misled investors in a subprime mortgage product.” (Chan & Story, 2010, para.
In the Matt Taibi book, discussed how a family owned bank called Abacus Federal Saving Bank got prosecuted for the collapse of the world economy in 2008. However, big companies like Citi Bank, Wells Fargo, Chase never get prosecuted even though they all have been involved in countless scandals in crisis of ‘08. A disester caused by an epidemic of criminal fraud that crashed out 40 percent of the world’s wealth. These banks had been caught selling defective loans that had actualy cost victims huge amounts of money, and nobody from these giant companies was being arrested. These banks had already paid hundreds of millions of dollars in civil settlements for virtually every kind of fraud and manupulation. If the monopoly banks like Citi banks,
The need for regulation of the commercial banking industry is to make sure they follow all the laws and to reduce the risk of those banks failing. In 2007-2008 economy was in recession because of commercial banks. Those banks were giving loans to people who couldn't afford to take those loans. Commercial banks have broken laws many times and they are heavily regulated after 2007-2008. There are six types of regulations on commercial banks. Those are safety and soundness regulation, monetary policy regulation, credit allocation regulation, consumer protection regulation, investor protection regulation, and entry and chartering regulation.
First Citizens Bank has been in business for over 116 years. We are the largest family controlled bank in the country. During this time we’ve grown to $31 billion in assets. At First Citizens Bank we take a long term approach to serving our clients. We do this, by focusing on what’s important to you and your business. We make the time to get to know our clients and assist them in making sound financial decisions. Our hope is to be your partner for years and generations to
When J.P Morgan swooped in and bought up Bear Sterns and Washington Mutual, they also bought up their legal troubles. Bear Sterns was heavily involved in the business of packaging and reselling subprime mortgage backed securities, while Washington Mutual was one of the most active retail mortgage lenders. Bear Sterns claimed to be performing due diligence to assure its mortgage packing was sound, but its implementation was flawed and improperly gave way to originators demands. Washington Mutual was also responsible for allowing a number of mortgage loans that didn’t conform to underwriting standards into the securitizations. These poorly vetted mortgages were offloaded to Fannie Mae and Freddie Mac then, by extension, to the American Taxpayers.
Facts: Ivanna Deduct and SpartanRock Corp formed a Florida limited liability company, Investco, LLC at 2013. Ivanna contributed $100,000 cash, and SpartanRock, the parent of Best Buy, contributed $99,900,000 Best Buy’s customer receivables. These customers’ receivables were more than 180 days old that had not been collected, with an average outstanding balance of $161.81 on each account. Ivanna sold ninety-nine interests to individual investors for $1,000,000 each in exchange for Investco’s interest. The $1,000,000 contained $100,000 in cash and a promissory note to Investco for $900,000. Later, SpartanRock received a cash distribution of $5,000,000 and withdrew from Investco. At the same time, Ivanna also received a cash distribution of $5,000,000
Wells Fargo & Company (WFC) CEO asked me to analyze the possibility of acquiring a smaller business operation from another company. I used my financial tools to analyze the ending result of the project. What I found is that the project is not viable. If the project was to go through, we would lose out on $3,758,418.87 (NPV) at the end of the 4th year. That is a 4% lose on our investment. Our internal rate of return of this project of 8.47% is acceptable and the payback period for this project of 3.75 years is also acceptable. I believe that there are other projects that are more financially viable then acquiring this smaller business as we will lose 4% on our