Mary Schapiro and SEC Management and leadership SEC • Criticism for failing to predict, control or even contain the GFC • Under its watch Bernard Madoff, managed to operate the largest Ponzi scheme and Lehman brothers collapsed, bringing down business confidence and reputations • Regulators and traders were investing in schemes they did not understand and whose behaviour they could not predict • The SEC was exposed as ill-equipped to deal with the chaos after the GFC • US govt handed the
July 2010 the SEC reached its largest-ever settlement with a financial institution when Goldman Sachs was fined US$550 million for committing fraud by misleading investors about mortgage securities before the US housing market collapsed in 2007. Schapiro says one of the most glaring lessons from the financial crisis was the lack of attention to risk at every level of an enterprise – starting with the board and senior management and flowing down to all levels of decision making. “There has to be ¬attention
urgency and momentum for the change, it is crucial to identify key people from different areas of the organization who would be willing and able to manage the change. It is important to get this group operating as a team early in the process. (a) Mary set up new senior
The Convergence of U.S. GAAP with IFRS: A Comparative Analysis of Principles-based and Rules-based Accounting Standards Dr. Oris Guillaume 1 and Dr. Denel Pierre 2 (Shorter University1, USA ; Argosy University2, USA) Abstract The Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) have been working jointly toward the convergence of the U.S. generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRS)
2011 World’s Most Ethical Companies The Ethisphere Institute, a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability, announced the official unveiling of the 2011 World’s Most Ethical Companies. This year’s honorees have gone above and beyond to prove business ethics are paramount to the success of a company’s brand and bottom line. In its fifth year, the World’s
Dodd-Frank: A Guide to Financial Reform Elizabeth Ables, Stefanie Gaines, Angela Howell, Samantha Johnston, and Christina Wright This paper is submitted in partial fulfillment of the requirements for Business Ethics and Legal Environment BUS 5933.49 Texas Woman’s University School of Management H. Guy Smith, J.D. December 8, 2012 Table of Contents The Great Recession of 2008 and the Dawn of Dodd-Frank …………………………… 3 The History of Financial Reform in the United States …………………………………..
For the exclusive use of D. DE ALEJANDRO 9-801-361 REV: SEPTEMBER 30, 2005 NANCY F. KOEHN Howard Schultz and Starbucks Coffee Company Prologue: International Expansion On August 2, 1996, Starbucks Coffee Company opened its first store outside North America. Like many of its U.S. and Canadian outlets, the new store was located in a busy district of a prominent city—Tokyo. Starbucks managers had devoted much time to selecting the site, designing the store’s layout and fixtures, training