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The company's finance directors concealed large debts. MG Rover Group: United Kingdom: 15 April 2005: Automobiles: After diminishing demand, and getting a £6.5m loan from the UK government in April 2005, the company went into administration. After the loss of 30,000 jobs, Nanjing Automobile Group bought the company's assets. Bayou Hedge Fund Group
Corruption is a form of dishonesty or a criminal offense that is undertaken by a person or an organization that is entrusted in a position of authority to acquire illicit benefits or abuse power for one's gain.
(A) being influenced in the performance of any official act; (B) being influenced to commit or aid in committing, or to collude in, or allow, any fraud, or make opportunity for the commission of any fraud, on the United States; or (C) being induced to do or omit to do any act in violation of the official duty of such official or person . . .
In some cases, government officials have broad or ill-defined powers, which make it difficult to distinguish between legal and illegal actions. Worldwide, bribery alone is estimated to involve over 1 trillion US dollars annually. [3] A state of unrestrained political corruption is known as a kleptocracy, literally meaning "rule by thieves".
The Consumer Financial Protection Bureau left very little unsaid when it announced, a few days before Christmas, $3.7 billion in assessments against Wells Fargo Bank for more than a decade of ...
Opportunities: Although the financial statements of all companies are potentially subject to manipulation, the risk is greater for companies in industries where significant judgments and accounting estimates are involved. Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for ...
Government leave policy is established by public law. [89] Employees working for private companies operate under different rules, and if state laws require time for employee breaks and meals, restricting employee movement could be an arrest in some areas. Due to unequal protection, government employees are at greater risk of serious abuse by ...
Edwin Sutherland's definition of white-collar crime also is related to notions of corporate crime. In his landmark definition of white collar crime he offered these categories of crime: Misrepresentation in financial statements of corporations; Manipulation in the stock market; Commercial bribery; Bribery of public officials directly or indirectly