Question
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Financial Markets & Investments
In the past years, there have been huge corporate scandals (Enron, tyco, etc) but the SEC hands out punishments everyday. Take Freddie Mac for example:
"Mortgage finance company Freddie Mac will pay $50 million to settle federal charges that it fraudulently misstated earnings over a four-year period.
An accounting scandal erupted at the government-sponsored company in June 2003 when it disclosed that it had misstated earnings by some $5 billion -- mostly underreported -- for 2000-2002 to smooth quarterly volatility in earnings and meet Wall Street expectations.
Four former Freddie Mac executives settled the SEC's negligent conduct charges by agreeing to pay a total of $515,000 in civil fines and to make restitution totaling $275,548."
Article here
This took place in 2003 and they were fined by 125 million by the Office of Federal Housing Enterprise Oversight. Forbes said this fine was basically a joke in their write up here
What do you think SodaHeads?
"Mortgage finance company Freddie Mac will pay $50 million to settle federal charges that it fraudulently misstated earnings over a four-year period.
An accounting scandal erupted at the government-sponsored company in June 2003 when it disclosed that it had misstated earnings by some $5 billion -- mostly underreported -- for 2000-2002 to smooth quarterly volatility in earnings and meet Wall Street expectations.
Four former Freddie Mac executives settled the SEC's negligent conduct charges by agreeing to pay a total of $515,000 in civil fines and to make restitution totaling $275,548."
Article here
This took place in 2003 and they were fined by 125 million by the Office of Federal Housing Enterprise Oversight. Forbes said this fine was basically a joke in their write up here
What do you think SodaHeads?
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Answered No way! Big corporations are out of control. They need to be put into check.
They need to be given harsher jail sentences and pay back every dime, with interest, that they lost or swindled from their hard working employees and from the public. -
Answered No way! Big corporations are out of control. They need to be put into check.
No, has anyone been fired here in the United States from Mattel because of all these recalled toys? Heck they hung the guy in China that they claimed was responsible for the inspections not being done. I'm not calling for a CEO here to be hung, but someone needs to be fired. -
Answered This is just a part of capatalism. We see both the good and the bad...
I think there's definitely corruption, but it's everywhere. From people to religions to corporations to sports, it's human nature for some to do whatever it takes to get ahead. I don't think corporations suffer the way they ought to for affecting as many lives as they do when they go corrupt, but I also think some large corporations are run with relatively high moral standards. -
However, that's what makes us humans...in that we can choose to be corrupted or not. We can use human nature as an excuse, though it's biological; however, with reasoning and logic skills it makes begins to render the excuse ruthless. I'm sure if a common person like or I would become corrupted and incarcerated, I'm sure the law wouldn't want to hear, "Hey, it's not my fault...it was human nature."
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Answered No way! Big corporations are out of control. They need to be put into check.
I'm glad someone polled this issue! The corporate world is most definitely corrupt. and Capitalism has evolved into Fascism in recent times. I am disgusted by how greedy the world has become. Greed is one of the seven deadly but those who are full of pride and vanity and sloth and gluttony and lust are not afraid to be greedy.
Answered No way! Big corporations are out of control. They need to be put into check.
I'm glad someone polled this issue! The corporate world is most definitely corrupt. and Capitalism has evolved into Fascism in recent times. I am disgusted by how greedy the world has become. Greed is one of the seven deadly but those who are full of pride and vanity and sloth and gluttony and lust are not afraid to be greedy.