Attorney Paul J. Fishman announced. David Findel, 45, of Monmouth County, N.J., was sentenced by U.S. District Judge Peter G. Sheridan in Trenton federal court. He had previously pleaded guilty to an information charging him with wire fraud. According to the information to which Findel pleaded guilty and statements made in Trenton federal court: Findel is the former CEO of Worldwide Financial Resources (“Worldwide”), which was in the business of originating residential home loans. Worldwide worked with borrowers to prepare mortgage applications and qualify the borrowers for home mortgages.
Executive Summary The USG Company was formed through consolidation of 35 gypsum companies in 1901. USG had a diverse group of building materials for residential construction, nonresidential construction, building repair and remodeling, and industrial processes. USG divided its operations into four divisions: gypsum, interior systems, wood fiber and other products. Since 1986, the building products industry had become a hotbed for takeover activity, and USG was not immune to this. Therefore, USG’s board decided to proceed with a leveraged recapitalization on May 2, 1988.
At the time of his plea, prosecutors said Grass admitted to a series of illegal activities, from backdating contracts and severance letters to misleading the company and federal investigators about a $2.6 million real estate deal. They said he also met with employees called to testify before the grand jury and encouraged them to lie. During Grass' time at the head of the Camp Hill-based company founded by his father, Alex Grass, its stock price soared as Rite Aid engaged in an aggressive expansion effort. But the grand jury said the boom years were accomplished by "massive accounting fraud, the deliberate falsification of financial statements, and intentionally false SEC filings." Less than a year after
Senator McCain on the other hand says that he would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America so that people are able to make their mortgage payments and retain their homes. He accuses Senator Obama and his friends in Washington of making risky loans and giving them to people who could never afford to pay back. He accuses Senator Obama to be the second highest recipient of Fannie Mae and Freddie Mac money in history. Senator McCain criticizes Senator Obama’s liberal big spending recording in the US Senate and his involvement in pork barrel projects. Senator McCain explains his record of bipartisanship and says that the situation today cries out for bipartisanship.
In 2008, the souring economy hit Whole Foods rather hard. Sales increases at Whole Foods stores open at least one year rose only 0.8 percent in 2008 versus 8.2 percent in the previous year. In August of 2008, Whole Foods announced that planned new store openings for 2009 would be reduced. Whole Foods had to back out of signed leases or revise the lease terms of 70 new stores that had been scheduled to open in 2009 and 2010. Whole Foods recently arranges to sell $425 million of preferred stock to private equity investors, which equated to an ownership interest of 17 percent in the event the private equity investors exercised rights to convert their preferred stock into common
Executive Summary Finansbank, a midsized Turkish bank that began with four branches in 1987 reached a critical mass in 2006 with 208 branches, established subsidiaries in four countries and several international business ventures. The bank was unable to expand due to capital requirements enforced by Turkish banking regulators causing founder Husnu Ozyegin to consider selling the bank. The bank had a market capitalization of roughly $5.5 billion in November 2005. National Bank of Greece (NBG) valued the bank at $5.5 billion in April 2006 and made an offer to pay a total of $2.774 billion in exchange for the entire ownership stake in Finansbank. Ozyegin could buy back the international subsidiaries for $580 million and agree to a non-compete clause for three years.
• This case has had international repercussions with aggrieved persons suing culpable entities (Kennedy, 2010). In Ireland, a class suit has been brought against AA (Alternative Advantage) plc and Thema International Fund plc, investments funds that handled business for Madoff, by clients whose investments were affected by the case. • The SEC has undertaken various reforms to prevent rogue businessmen from defrauding the public (SEC, 2010, September, 10). These include measures aimed at securing investors’ assets by facilitating surprise audits of investment funds to establish the veracity of various portfolios. Audit Procedures The primary reliable source relevant to auditing investments is Statement on Auditing Standards No.
Unfortunately, investors around the world expected that the value of Volkswagen would decline given the state of the world economy in 2008, and these Investors had short sold 12.8% of Volkswagen shares. In their frenzy to cover their short positions in the wake of Porsche’s announcement, the price of Volkswagen shares increased dramatically. Porsche made over $6B in the ruse while hedge funds lost an estimated $35B. In the second
Key people in this case are: Vice President Of Administration in North America: Christine Day Chief Executive Officer: Orin Smith (A Harvard MBA, joined 1990) Chairman and Chief Global Stratergist: Howard Schultz Key Issues * Starbucks failed to meet customer expectations and deliver satisfaction thereby losing customer loyalty. * Wether to invest an additional $40 million annually in the company’s 4,500 stores which would allow each store to add the equivalent of 20 hours of labor a week. * If invested, how will it impact the sales and profitability? * Customer snapshot being an imperfect tool to measure for measuring customer satisfaction. Value Proposition The idea was to create a chain of coffee houses that would become America’s third place.
Impact of Global Financial Crisis on Accounting Auditing I Dec 6, 2011 Towards the later part of 2006 and early 2007 the U.S entered a mortgage foreclosure crisis on behalf of the, current financial crisis, which was a result of increased borrowing and homeowners faulting on their mortgage payments. The faulty mortgage payments lead to numerous foreclosures that increased the number of houses on the market and the lack of buyers made the housing prices plummet. This lead to a panic on Wall Street, investors were no longer interested in risky investments and mortgage companies that sold risky loans were faced with closing their business. Some accounting implications that were raised throughout this crisis were the faulty accounting and poor judgment of the lenders and government-sponsored enterprises that were used to manipulate their investors. The American dream is to one day own a home, like many Americans, one has to borrow money to support this dream, which can be relatively expensive.