This paper discusses the mismanagement and criminal acts of the three companies, Tyco International Ltd., Bear Stearns and Fannie Mae.
Written in 2008; 825 words; 4 sources; APA; $ 29.95
Paper Summary:
This paper takes a look at the three specific companies of Tyco International Ltd., Bear Stearns and Fannie Mae, stating that all have committed criminal business acts due to the greed of their executives. In the case of Tyco, the company's three top executives, CEO Dennis Kozlowski, CFO Mark Swartz and Chief Legal Counsel Mark Belnick allegedly took loans without receiving approval, sold shares without telling investors, and fixed the company's books by inflating operating income, among other acts. The article next describes Bear Stern's mismanagement as "toxic waste", referring specifically to the largely failing hedge fund the company ran with investor and client money. Lastly, the paper discusses Fanny Mae's over six years of financial fraud. Again the paper concludes that head executive cashed in on millions of personal bonuses, leading the company to years of misstated earnings, merely because of their personal greed.
Outline:
Tyco International Ltd.
Toxic Waste ala Wall Street
Nothing Funny about Fannie Mae
From the Paper:
"Pure in simple, what Bear Stearns did was not prudent fiduciary and fiscal responsibility but bloated speculation born out of greed and wanting to make a "fast buck." People trusted them with money - some of them their life savings and hard earned cash - and when the truth of their financial mismanagement came to light, they had the gall to ask for more to bail them out from their own wrong doing. As a result of ethically and morally questionable financial mismanagement, Bear Stearns of Wall Street redefined the term toxic waste in money matters considering when they ask people for their money in the first place, they were selling them s--t and when the caca hit the fun, they hide behind obtuse and highly technical mumbo-jumbo that aims only to save their own hides at the cost of the investors. The way Bear Stearns acted is like a thief caught in one's home and the thief asking the victim for bail money."
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