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Financial statement fraud
Fraud essays introduction
Financial statement fraud
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The Columnists: Paragraph Scott Gilmore's “Me, The Other Scott, And payday-loans” is an educational paper based on Gilmore's experience with financial fraud, the stresses of Payday Loans and the stigma behind people who use payday- loans. Payday-loans can be a lifesaver in a pinch, but could metaphorically kill you in the long run. Additionally, payday-loans target the financially unstable and people in less appealing urban areas because they assume they are the ones who need the loans. In my opinion, it is unfair to label someone using payday-loans as poor. Gilmore supports this point as he states, “these are respectable people with jobs facing unexpected car repair, or running too short to buy back to school supplies”. The reality is not
Hooks pointed out that many of his professors insinuated that there were negative stereotypes of being poor. Moreover, that self-esteem is linked to financial wealth; women he met with were on government assistance, but chose to get further in debt to appear to have money, never wanting to be labeled poor. Hooks was raised to believe that morals and values made one rich; that one could have all the money in the world but still be poor because of their attitude. Who’s accountable for why people in our society are poor? It’s seems a vicious circle that is hard for poor kids to escape. Many people with low incomes are “intelligent, critical thinkers struggling to transform their circumstances” (Hooks, p. 488) There are many resources, such as theaters that are empty all day, to pay it forward and help the less fortunate gain skills from college students and professors sharing their knowledge. Barbara Ehrenreich’s “How I Discovered the Truth About Poverty” questions why negative stereotypes of untrustworthiness in poor people. Because of this mistrust, the introduction of drug testing for government aid was passed. Why are those negative connotations associated with poverty? “Poverty is not, after all, a cultural aberration or a character flaw. Poverty is a shortage of money.”
Prior to agreeing to a payday loan, it is important that you aware of and agree to all the terms. Even if you need the money badly, you need to know
Microcredit, as described by Isserles, is a development “scam” which destroys the lives of Third World peoples. To her, these small loans falsely identify women, and others, as being worthy of credit, but the agreement’s terms subjugate them to continued financial dependency on microcredit loans. The First world hails this program as a success because aid is just a handout while microloans are a way of creating self-reliance through the market. Isserles states that the market becomes the solution to the “temporary” state of poverty, and this idea is due to a disconnect between the First World and the Third World. Projects claim to support women through finance, yet they refuse to alter the labor and domestic conditions of women across the world.
When a child is growing up he is frequently asked what he is going to do for money when he gets older. The more this question is asked to them, the more they feel like they have to have money to be happy in life. After many tries of trying to make a stable life at a low paying job, a criminal life maybe more appealing to them at they may start living life under the gun. As stated by William Wilson in When Work Disappears, “Neighborhoods plagued by high levels of joblessness are more likely to experience low levels of social organization, they go hand in hand.” In Chicago for instance, in 1990 there was only one in three in the twelve ghetto communities that had held a job in a typical workweek of the year. When there are high rates of joblessness bigger problems surface such as violent crime, gang violence, and drug trafficking. (Wilson P356-362)
In order to make enough money to continue life, they have to pickpocket, steal, and fight. Their lack of wealth pushes them to further prove their demeaning label. Their name holds them down from succeeding. For example, Darrel Curtis. His aspiration was to go to college, and earn a degree, but because of his lack of wealth, two younger brothers to care for, and his appearance to society, he could not continue his education. In some ways, these people are lively, and heroic, but they are often ignored. 3 Greasers saved children from a church (one killed from sustained injuries, other committed suicide) and were seen on the front page of the press the next morning. They were noted not as heroic, but rather delinquents turned good. Nobody changes their whole attitude in a moment. No one “turns” heroic, you are born it. Sadly, their flames were suppressed by
Motivational slogans appear everywhere, it seems. Printed on water bottles, or painted in murals, or perhaps even sewn onto T-shirts, enthusiastic flags display themselves wherever the eye might look. One particular saying that has become quite popular reads, “live life to the fullest.” Average teenagers see it so often that they become callous to the truth of this simple, cliché saying. For God did indeed create humans to live their lives to the fullest and to enjoy their Creator's marvelous gift of life, and in doing so to give glory to Him who made all things. Unfortunately, the majority of the population rush through their nerve-wracked days; speeding from one thing to the next in order to climb higher on the social ladder as they disregard
Figure 2 comes from Kiva, the San Francisco-based microfinance institution, and is not a common image when analyzing the vast amount of material on and the practice of microcredit and microfinance, which almost exclusively focuses on women. As of May 2008, microcredit’s most popular form, the Grameen Bank has 1.5 million borrowers, 97% of which are female (Ahmed 2008:128). Harper suggests that the case for women relies on the fact that women tend to have less access to anything, and find it hard to resist the pressures of repayment are more likely to accept routine standardized conditions of borrowing and repayment, and are considered more predictable in terms of customer behaviour (Harper 2011:55). Perhaps this illustrates a far too simplistic view on gender patterns of microfinance, but it does not speak to the barriers that men have in attempting to gain access to MFIs, which are geared predominately towards women. The borrower is a Yemeni man in his late 20s that is asking for a loan to purchase construction materials to renovate his family home. The loan activity itself is arguably not an economic venture, but it is important nonetheless. Kiva attempts to do micro-lending a little bit differently, by allowing borrowers access to capital for a multitude of reasons and then categorizing the activities based on subject matter such as Adnan, Figure 2’s subject. Kiva also strongly emphasizes ‘the human connection factor,’ being able to see and get to know borrowers through personable profiles. Nonetheless, Kiva appears to generally operate as any other MFIs, with extensive coverage on the location and conditions of the borrower and rate of return. Now, because Adnan’s loan activity is not inherently economic, questions on repaymen...
By now, I have fully prosecuted my case against microfinance, and you’re probably wondering, “What did microfinance ever do to this guy?” Well, my answer would be, I have nothing against microfinance, it was an innovative idea that had the best of intentions, however, as I have argued, it just does not work. Personally, I have nothing to gain from writing this editorial against microfinance, but millions of impoverished people around the world do. Millions, who could use our billions in a much more effective way.
During the middle of the book, Ehrenreich writes, "Maybe, it occurs to me, that I 'm getting a tiny glimpse of what it would be like to be black (p. 100)." I found this interesting because African Americans continuously face inequality due to race, which correlates with the inequalities that lower classes in society face. Throughout Nickel and Dimed, Ehrenreich emphasizes that there are "hidden costs" to being poor, which includes those in poverty who cannot find a way out. The working poor, who Ehrenreich gets to know through work, live in hotels paying daily. These people in the book describe to Ehrenreich that that would rent an apartment, but they cannot afford the security deposit and starting costs. The working poor in the book also must buy unhealthy meals at fast-food restaurants because they cannot afford kitchen appliances or food to cook with. People suffering in poverty often believe they are stuck there and cannot get out, so they
“There is the constant pressure from our materialistic society to get nice cars, big TV’s, and brand-name clothes. So, what if we can’t afford the nicest cars and other items? We can now use financing and credit cards to get thrown deep into debt,” Michael*, a financial consultant from Northeastern Pennsylvania said.
Sanchez (year) states that many of the screening indicators for research are Eurocentric and “rooted in assumptions reflective of a white, middle-class perspective and do not take into account cultural differences” (Sanchez, year, p. 51) Many people of non-European cultures have experienced a more limited opportunity to access resources than many euro-Americans (Sanchez, year). Within the Mexican American culture, for example, many of the family interactions that are acceptable within that community may appear to be abusive if using the standard research criteria (Sanchez, year). Per Beach et al. (year), the prevalence rate for African Americans over the age of 60 experiencing financial exploitation was significantly higher than for younger non-African Americans. (p. 744) The rate among African Americans was four times that than for non-African Americans in overall financial exploitations. For African Americans, there was a greater risk for financial exploitation for those who lived with family members who were not a spouse or child. Living with adult children did not raise the risk for African American elders. This financial abuse was reported to have been done not by family, but by strangers (Beach,
Instant gratification is the desire to experience pleasure or fulfillment without delay (Vernimmen 20). Foregoing instant gratification and insisting on a savings plan is imperative to our societal expectations. Many people see credit as free money and get into debt because of their consuming passions. Consumer marketing has done a fine job of convincing us that we have to have the latest clothes, the best shoes and the newest gadgets. Creditors have exploited this desire through buy it now, pay later schemes (Morris 08). While some may dismiss these issues as someone else’s problems, overwhelmingly we have developed a societal issue where a substantial subsection of society is drowning in debt and not able to support themselves in retirement. In Alexander Daskaloff’s book: Credit Card Debt, an example of a should-be-retired financial executive is provided. “Because of a disappointing investment decision, he has accumulated a large amount of credit card debt. He currently owes $20,933 on six credit cards at an overwhelming 17.35% interest rate. Unfortunately, instead of saving for retirement, a substantial amount of his income is going toward his credit card debt. Because of high interest, he sees very little of the debt declining, which worries him as he approaches retirement.” (Daskaloff 7) Unfortunately this example has become entirely too common in our society. In a capitalist society, we have a responsibility to each other, if able, to take care of ourselves and plan for our own financial futures. In this example, it is particularly telling that the subject is a financial advisor. He understands the system and the pitfalls, yet was still trapped by the desire for instant gratification. Like so many, he over used his credit rather than planning and saving for retirement. Ultimately, we have a responsibility as
... productively. It has also changed the perception that poor people are not credit worthy. Records have shown that, instead, they are a good risk, with higher repayment rates than conventional borrowers. In some of the most successful microfinance institutions, repayment rates are as high as 98 per cent.
Yunus is a trailblazer of the micro-lending or microcredit concept. He argues that credit is a human right that e...
In particular, low-income people may have a lack of awareness about or distrust in banks and other financial institutions (Birkenmaier and Curley 2009). Therefore, communicating to them the advantages of using traditional banking versus using alternative banking services may help them to understand how to more effectively meet their banking needs (Robbins, 2013). Since many low income persons live paycheck to paycheck, acquiring a checking account could be an investment towards financial stability. Nearly 10 million households in the United States are unbanked and low income and minority families are disproportionately among the unbanked (U.S Department of the Treasury, 2008). Additionally, low-income families usually pay more for minimum financial services and have poor credit history, which prevents them from being able to rent affordable decent housing, or buying a reliable car on credit (Robbins, 2013; Jacob, 2000; Valley of Sun United Way,