By Jerry W Markham
This significant new reference for college students, college, and pros of yankee company governance, sleek monetary background, and securities legislations starts off with an exam of the cave in of the Enron company and different monetary scandals that arose within the wake of the industry downturn of 2000. Jerry W. Markham, writer of the award-winning monetary heritage of the us and previous SEC assistance, offers context and research to the trendy period of company curruption.
Read Online or Download A Financial History of Modern US Corporate Scandals From Enron to Reform PDF
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Extra info for A Financial History of Modern US Corporate Scandals From Enron to Reform
The Fed had pursued a policy of low rates since the 1980s, provided there was no risk of inflation. Although there was no threat of inflation from the stock market bubble in the 1990s, Greenspan concluded that the bubble itself was sufficient reason for raising rates. He decided to choke the economy in order to burst the market bubble. Such action, his supporters claimed, would result in a “soft landing” for the economy. The Fed began that effort with a rate increase on June 30, 1999. That failed to slow the market, and more increases seemed to have little effect.
One chat room, Tokyo Joe’s Societe Anonyme, was shut down by the SEC for fraudulently touting stocks. Subscribers had paid $100 to $200 a month for the site’s stock tips, which were the product of Yun Soo Oh Park. He failed to disclose that he had already bought the stocks he was touting and was profiting by the price increases that resulted when subscribers responded to his recommendations. Abuses through the Internet included gambling through cybercasinos, unregistered offerings of stock, and unwarranted claims by brokers as to the performance of specific securities.
Madoff Investment Securities formed Primex Trading NA. It was an electronic trading system for stocks listed on the NYSE, AMEX, and Nasdaq. Primex priced stocks through an auction market. This system was available for broker-dealers, institutional investors, market makers, and exchange specialists. Primex was used to obtain securities at prices better than those posted prices in other markets. The first stocks to be traded on Primex were those in the Dow, followed by stocks in the Standard & Poor’s 100 Stock Index.