Word: fraud
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Dates: during 2000-2009
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...sure as growth slides and employment numbers tumble, so cases of fraud rise during recessions. This time is no different. According to a report out May 20 from the Network, a U.S. firm that runs compliance and corporate-governance hotlines for about half the Fortune 500, fraud-related calls amounted to 21% of all reports in the first quarter of this year, up from 14% in the same period in 2007. While reports of problems such as harassment, discrimination or health and safety transgressions saw "no appreciable increase," according to Luis Ramos, CEO of the Network, the number of whistle...
...They conspire to put on the worst play they can find, a sentimental diatribe called Springtime for Hitler, written by a lederhosen-clad neo-Nazi pigeon keeper. Unfortunately for the unlikely heroes, Springtime for Hitler is a smash, and they wind up in the can for tax fraud. (Read "What's Wrong with This Spring's Broadway Plays...
Hmmm...a little financial fraud? It's not as if Harvard hasn't waded in those waters before...
...primary reason that news organizations gave the bank story so much space was that the public knew the tests were a fraud. Warren Buffett said so, along with a number of other financial analysts. Bank balance sheets are so complex that applying one set of measures for all of them is irresponsible reductionism, these analysts argued. The second part of the fraud was much more elaborate. The government, led by Henry Paulson, forced large banks to take TARP money that they did not need. He made sure that the taxpayers received preferred shares in the firms in exchange...
...reasons are well known. Debt-fueled and gluttonous, bankers around the world took wild risks that their bosses and regulators failed to stop. Throw in Bernard Madoff's massive fraud, and trust right now is as scarce as good credit. According to the Chicago Booth/Kellogg School Financial Trust Index, a new quarterly measure of Americans' confidence in financial institutions, faith in banks - on a scale of 1 to 5, where 1 denotes no trust and 5 complete confidence - fell from 2.95 to 2.8 in the first quarter of this year; trust in bankers slipped from 2.6 to 2.5. Things...