By Jerry W Markham
This significant new reference for college students, college, and pros of yankee company governance, sleek monetary historical past, and securities legislation starts with an exam of the cave in of the Enron company and different monetary scandals that arose within the wake of the marketplace downturn of 2000. Jerry W. Markham, writer of the award-winning monetary heritage of the U.S. and previous SEC advice, presents context and research to the fashionable period of company curruption.
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Additional info for A Financial History of Modern US Corporate Scandals From Enron to Reform
Ponzi thought he could arbitrage the difference between the exchange rate set by the Rome treaty and the actual rate by buying the coupons with devalued Italian currency and then redeem them in the United States for a profit at the Rome treaty rate. The only problem was that the coupons were redeemable only in stamps that the Post Office refused to repurchase in cash. Ponzi was unable to solve that problem, but did not tell investors of that bar to his scheme. In fact, he was simply using the funds of new investors to pay off earlier ones, which encouraged others to invest, reaching a peak of $1 million per week, until the scheme finally collapsed.
Mark (the “Rocket”) O. Barton, an Atlanta, Georgia, day trader went berserk killing his family, nine other people, and wounding twelve others before killing himself after suffering losses of nearly $500,000 from day trading. Internet trading was responsible for 45 percent of the trading on Nasdaq in 2001 and the NYSE as well, but that volume was cut in half as the market declined. The day traders were competing with professional market makers in conducting quick in-and-out transactions. That competition was not always welcome.
The contracts were then sold to investors. Viatical contracts were not new to finance. Insurance policies on individuals who were dying or could no longer meet their premiums were sold at auction in London before our Civil War. Prospective purchasers sought to determine which of the insured marched before them was most likely to die first. ” To alleviate complaints, the Federal Reserve Board was allowed to create a guaranty program that permitted the bonus certificates to be discounted by the veterans for short-term loans in amounts of up to 90 percent of the ultimate value of the bonus.
A Financial History of Modern US Corporate Scandals From Enron to Reform by Jerry W Markham