The American International Group : A Leading International Insurance Organization

In this case, there are several conspirators who is involved in the fraud receiving punishment from either SEC or federal government. Robert Levin, the AMRE executive and major stockholder, and Dennie D.Brown, the company’s chief accounting officer, were subject to the punishment in the form of a huge amount of fine by the SEC and the federal government. This punishment came from reasons. After AMRE going public, the company have the obligation to publish its financial reports but its performance did not meet expectation. The investigation by SEC shows that Robert took the first step of this scam, fearing the sharp drop of AMRE’s stock price because of the poor performance of company. He abetted Brown, to practice three main schemes to present a false appearance of profitable and pleasant financial reports. Firstly, they instructed Walter W.Richardson, the company’s vice president of data processing, to enter fictitious unset leads in the lead bank and they originally deferred the advertising cost mutiplying “cost per lead” and “unset leads” amount, so that they deferred a portion of its advertising costs in an asset account. The capitalizing of advertising expenses allowed them to inflate the net income for the first quarter of fiscal 1988. Secondly, at the end of the third and fourth quarters of fiscal 1988, they added fictitious inventory to AMRE’s ending inventory records, and prepared bogus inventory count sheets for the auditors. Thirdly, they overstated the percentage

The bank at some point received negative attention for issuing credit to arms companies, including companies like Boeing, Lockheed Martin, General Dynamics, Textron, Colbun, BAE Systems and EADS. Some companies within the bank’s portfolio have also been involved in environmental and labor rights violations scandals, for instance Wal-Mart and Total USA. This negative attention may lead to loss of investor confidence in the bank.

Additionally, when America’s economy was melting in 2008, the Federal Reserve played a big role to stabilize it. Besides the Great Depression during the years 1929 through 1939 the worst economic time for the United States, 2008 was unmistakable one of the worst years of America’s economy history. When this economic recession was taking place, the Fed had to take action to avoid another depression and to stop a fall from the financial system. With the help of the Federal Reserve J.P. Morgan Chase and Co.’s they planned to help Bear Stearns (an investment bank) with financial assistance to help the government to buyout AIG, a well-known insurance company. This helped to produce a strategy targeting to stabilize the credit market and also the short-term interest rate from 45% to almost 0 from the benchmark (Coste). Thanks to the Federal Reserve and their well design plan to avoid another recession they prevented the economy of the world or better known as Macroeconomic system from falling and getting it

Enron had the largest bankruptcy in America’s history and it happened in less than a year because of scandals and manipulation Enron displayed with California’s energy supply. A few years ago, Enron was the world’s 7th largest corporation, valued at 70 billion dollars. At that time, Enron’s business model was full of energy and power. Ken Lay and Jeff Skilling had raised Enron to stand on a culture of greed, lies, and fraud, coupled with an unregulated accounting system, which caused Enron to go down. Lies were being told by top management to the government, its employees and investors. There was a rise in Enron 's share price because of pyramid scheme; their strategy consisted of claiming so much money to easily get away with their tricky ways. They deceived their investors so they could keep investing their money in the company.

This episode of American Greed presents the subtle yet very dangerous white collar criminals, whose tactics lead to financial losses with harrowing effects. The criminal in this particular case, Mr. Steven Palladino, manages an ice cream store in his neighborhood of West Roxbury and as such is a widely trusted man. The trust he obtains be founded from having been born and grown here as well as having his entire family as the mascots for his fraudulent enterprise. Having studied finance and finally making his way successfully through college to become a registered stock broker, he makes use of his social status to start in the pursuit of a Ponzi scheme under the appearance of Viking Financial. On the flip side, his investors seem to have unwavering trust in him despite the location of his office, a small

Date back to 1960, a Hungarian immigrant Larry Adler founded an insurance company named FAI Insurance. After he dead in November 1988, his son Rodney Adler was inherited the company become Executive Chief by the board of FAI Insurance. After struggling in the stock market crash 1987, in September 1998 HIH Insurance has takeover bid $280 million cash and shares of FAI Insurance without due diligence. After that, HIH sold out FAI’s assets, several companies and one hotel in New York about $450 million. At that time, Adler became a director of HIH. However, after a magnate loose in both London and US insurance, HIH almost collapse in March 2001. In that situation, HIH try to sell FAI business to get much-needed cash. It’s sold $320 million to

Merry Mosbacher currently works as the head of Edward Jones’ Insurance Marketing Department and has since 1994. Merry received her undergraduate degree in Economics from Knox University. She began her career at Edward Jones as a student intern while pursuing her MBA from Washington University in St. Louis. In 1982, she joined Edward Jones banking department full time and by 1994 she was responsible for the Insurance Marketing Department. During her early career, one of the most notable things she accomplished was in 1997 when she successfully worked with multiple insurance companies to design a pricing structure for the A-share annuity which is similar to that of a mutual fund. This change would help provide a lifetime of income strength. In

The word “fraud” was magnified in the business world around the end of 2001 and the beginning of 2002. No one had seen anything like it. Enron, one of the country’s largest energy companies, went bankrupt and took down with it Arthur Andersen, one of the five largest audit and accounting firms in the world. Enron was followed by other accounting scandals such as WorldCom, Tyco, Freddie Mac, and HealthSouth, yet Enron will always be remembered as one of the worst corporate accounting scandals of all time. Enron’s collapse was brought upon by the greed of its corporate hierarchy and how it preyed upon its faithful stockholders and employees who invested so much of their time and money into the company. Enron seemed to portray that the goal of corporate America was to drive up stock prices and get to the peak of the financial mountain by any means necessary. The “Conspiracy of Fools” is a tale of power, crony capitalism, and company greed that lead Enron down the dark road of corporate America.

BlueCross BlueShield Association (BCBSA) is an independent health insurance association which is founded in 1929. It is made up by 37 different health insurance organizations and companies in the United States. They directly or indirectly provide health insurance to over 100 million Americans. Under the Association, it has two famous products. One is Health Maintenance Organizations (HMOs), and the other is Preferred Provider Organization (PPOs). Most American who has health insurance from their employer are enrolled either an HMO or PPO. All of these managed care plans go through the health plan’s network, which contract with doctors, health care providers, clinics, and hospital.

Viewing this article through the lens of the platonic framework is significant because it allows one to judge the acts of the Obama administration versus the acts of Wall Street executives in the aftermath of the previous recession. While the executives that are committing the injustice would be the most evil here for not only committing the unjust acts but for also not seeking their punishment and blaming it on low-level management, the administration is worse than the low-level management for the fact that they are not bringing justice either. This makes clear then why Lynch and Yates are attempting to correct this injustice that’s occurring

On the contrary, Epperson took extreme measures to reassure its concealment to the point of institutionalizing their version of the Iron Curtain. Tactically distributing certain financial information across several key players effectually eliminated any individual exploring the larger picture. The reason for such an extreme veil of secrecy undoubtedly originated from the enterprise operating as a Schedule C organization, thereby integral to the owner’s federal income taxes. And although management competence appeared marginal at best, they displayed remarkable ability to control employee interaction with Christine utilizing an originative mix of fear, coercion, and intimidation. Douglas McGregor would label this supervision style as Theory X decades earlier, yet its effectiveness in private industry had long ago proven inefficient and flat-out counterproductive. Mutual assurances allowed executive bonuses to continue flowing in spite of dwindling financial performance over the years. Notwithstanding other anomalies exceeding the scope of this writing, the author’s reverence for the founder, Uriah Spray Epperson, could have been greater as highly innovative and sheer genius of his day. Indeed, the company operated as his proxy in the management of the reciprocal insurance association known as Lumberman’s Underwriting Alliance

Read the Insurance Company ABC Inc. Participating Provider Agreement in this attachment. Assume that ABC, inc. has submitted this proposed contract to you in your capacity as chief negotiator for Independence Hospital. List at least three proposed changes which you would like to negotiate with ABC and explain your rationale for each change.

In 2008 the world experienced one of the largest economic crisis, next to the great depression of the 1930’s. The meltdown revealed the instability of the US banking system and led to the bankruptcy of investment firm Leimen brothers, and collapse of worlds largest insurance company AIG, which triggered a global financial crisis. International share prices tumbled, causing 30 million people to become unemployed and doubling the US debt. It was the start of a global recession and it was not an accident.

American International Group, Inc. (AIG) is one of the top insurance carriers in the world. AIG was founded in Shanghai, China in 1919 as American Asiatic Underwriters (AAU) ("History - Insurance from AIG in the US”). The first office in the United States opened in New York City in 1926 ("History - Insurance from AIG in the US”). Throughout time, the company continued to expand across the globe, while relocating their headquarters to New York City from China. As of today, AIG has increased their services to over 100 countries offering property and casualty insurance, retirement products, life insurance, mortgage insurance and other financial services.

American Express, also know as AMEX, is a global financial services company headquartered in New York City and founded in 1850. With 54,000 employees and a revenue of over 35 billion dollars American Express stands tall on the New York Stock Exchange (Sec.gov). American Express is best known for it’s credit cards, which make up about twenty-five percent of total dollar volume in credit card transactions in The United States of America (Reviews.greatplacetowork.com). American Express’ goal is to maintain a leading and almost elite reputation with as many qualified card holders as possible. American Express does this by concentrating on the customer’s experience and branding that experience. American Express’ key components in maintaining and further exceling into this goal includes focusing on their human recourses, social responsibility, and marketing techniques.