Bcci
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BCCI was a bank started in 1972 that was used by the CIA and helped fund groups like Osama bin Laden. It engaged in money laundering and catered to criminal clients. It had over $20 billion in assets making it one of the largest private banks. However, it used complex structures across 70 countries to avoid regulation. This included unusual accounting practices designed to frustrate investigators. It was eventually shut down in 1991 after audits revealed its criminal activities.
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BCCI (Bank of Credit and Commerce International)
Agha Hasan Abedi founded the Bank of Credit and Commerce International (BCCI) in 1972 after nationalization of banks in Pakistan. BCCI grew rapidly to become one of the largest banks in the world, operating in 78 countries. However, in 1991 it was shut down after audits revealed fraud, improper loans, money laundering, and other criminal activities. BCCI suffered losses of over $7 billion due to being used as a personal bank for owners and favored clients and engaging in fraudulent accounting practices to hide losses.
Bcci ppt
Bank of Credit and Commerce International (bcci) , A scandal which makes everyone to think twice to invest in banking sector, international scandals
BCCI SCAM
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Worldcom case
WorldCom engaged in fraudulent accounting practices that inflated revenues and hid expenses, which ultimately led to its bankruptcy. Top executives pressured employees to manipulate financial reports in order to meet expectations. When the fraud was uncovered, it resulted in massive job losses, the loss of $180 billion in shareholder value, and damage to the telecom industry. The fraudulent culture was driven by autocratic leadership, lack of transparency, and failure of oversight by the board and auditors.
Satyam Scam
1. The Satyam case involved a $1.4 billion fraud perpetrated by its founder Ramalinga Raju through falsifying the company's accounts.
2. Raju inflated cash balances, receivables, interest income and profits in financial statements for years, deceiving auditors, investors and regulators.
3. The fraud was exposed when Raju confessed to overstating assets by $1.47 billion and income figures. An investigation found fake bank accounts, customers and invoices were used to hide the fraud.
PNB scam
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
Enron case study
Enron was once considered one of the most innovative companies in America but collapsed due to accounting fraud. It used complex accounting methods like mark-to-market accounting and special purpose entities to hide debts and inflate profits. Whistleblower Sherron Watkins warned of accounting issues but the company fell into bankruptcy in 2001 after revealing billions in losses, decimating employees' retirement funds. The scandal shook confidence in financial markets and led to stricter accounting regulations.
Accounting fraud at Worldcom
WorldCom engaged in accounting fraud from 1998 to 2000 by misclassifying operating expenses as capital expenditures, overstating profits by $3.8 billion. The fraud was uncovered in 2002 after a whistleblower raised concerns internally and the SEC began an investigation. WorldCom's CEO Bernard Ebbers and CFO Scott Sullivan were obsessed with revenue growth and failed to establish proper financial controls and oversight. Their actions violated ethical standards and misled shareholders, leading to WorldCom's bankruptcy filing in 2002.
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BCCI (Bank of Credit and Commerce International)
Agha Hasan Abedi founded the Bank of Credit and Commerce International (BCCI) in 1972 after nationalization of banks in Pakistan. BCCI grew rapidly to become one of the largest banks in the world, operating in 78 countries. However, in 1991 it was shut down after audits revealed fraud, improper loans, money laundering, and other criminal activities. BCCI suffered losses of over $7 billion due to being used as a personal bank for owners and favored clients and engaging in fraudulent accounting practices to hide losses.
Bcci ppt
Bank of Credit and Commerce International (bcci) , A scandal which makes everyone to think twice to invest in banking sector, international scandals
BCCI SCAM
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Worldcom case
WorldCom engaged in fraudulent accounting practices that inflated revenues and hid expenses, which ultimately led to its bankruptcy. Top executives pressured employees to manipulate financial reports in order to meet expectations. When the fraud was uncovered, it resulted in massive job losses, the loss of $180 billion in shareholder value, and damage to the telecom industry. The fraudulent culture was driven by autocratic leadership, lack of transparency, and failure of oversight by the board and auditors.
Satyam Scam
1. The Satyam case involved a $1.4 billion fraud perpetrated by its founder Ramalinga Raju through falsifying the company's accounts.
2. Raju inflated cash balances, receivables, interest income and profits in financial statements for years, deceiving auditors, investors and regulators.
3. The fraud was exposed when Raju confessed to overstating assets by $1.47 billion and income figures. An investigation found fake bank accounts, customers and invoices were used to hide the fraud.
PNB scam
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
Enron case study
Enron was once considered one of the most innovative companies in America but collapsed due to accounting fraud. It used complex accounting methods like mark-to-market accounting and special purpose entities to hide debts and inflate profits. Whistleblower Sherron Watkins warned of accounting issues but the company fell into bankruptcy in 2001 after revealing billions in losses, decimating employees' retirement funds. The scandal shook confidence in financial markets and led to stricter accounting regulations.
Accounting fraud at Worldcom
WorldCom engaged in accounting fraud from 1998 to 2000 by misclassifying operating expenses as capital expenditures, overstating profits by $3.8 billion. The fraud was uncovered in 2002 after a whistleblower raised concerns internally and the SEC began an investigation. WorldCom's CEO Bernard Ebbers and CFO Scott Sullivan were obsessed with revenue growth and failed to establish proper financial controls and oversight. Their actions violated ethical standards and misled shareholders, leading to WorldCom's bankruptcy filing in 2002.
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The vijay mallya story
This document discusses Vijay Mallya and Kingfisher Airlines' default on over Rs. 9,000 crore in loans to banks. It details Mallya's business empire and the rise and fall of Kingfisher Airlines, which began operations in 2005 but struggled due to high costs and prices. While Mallya has offered to pay back Rs. 4,000 crore, banks have only recovered around Rs. 1,600 crore by selling collateral such as shares in United Spirits. The document also analyzes loopholes in laws like SARFAESI that have hindered further recovery from Mallya.
Chanda kochhar (ICICI) Corporate Governance Case
Does Corporate Governance really stays the same in the reality as it's been explained to students...?
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World.com
WorldCom began as a small long distance telephone provider and grew through acquisitions to become a large telecommunications company. However, in 2000-2002 fraudulent accounting practices were uncovered that inflated reported profits by $3.8 billion through improperly capitalizing regular operating costs. This led to WorldCom filing for the largest bankruptcy in US history at the time in 2002. Key executives were later charged and convicted for their role in the fraud scheme.
Corporate governance failure at satyam
The Satyam case involved a $1.4 billion corporate governance fraud at Satyam, India's fourth largest IT company. The founder, Ramalinga Raju, admitted to falsifying Satyam's accounts for several years. Weak corporate governance allowed the fraud to occur, as the board and auditors failed to prevent it. The fraud had major implications, including difficulty retaining clients, damage to India's reputation, and calls for stronger corporate governance laws in India. The case demonstrates issues with agency theory and transaction cost theory, showing how failures in the relationship between agents and principals can harm an organization.
Libor scandal
The document discusses the Libor rate manipulation scandal that occurred from 2005-2009. It describes how Barclays and other banks artificially inflated or deflated their Libor submissions to profit from trades or appear more creditworthy. This manipulation impacted global financial markets and cost governments billions. The scandal was not properly addressed by regulators despite early awareness of inaccurate submissions. Barclays was ultimately fined over $500 million for its role in the scandal in 2012.
Insider trading (Galleon Group)
Insider trading involves trading stocks or securities based on non-public information, which is illegal in many countries. Examples provided include corporate executives and employees trading after learning confidential corporate information, as well as "tippees" like friends and family members of executives who receive insider information. The document also outlines a major hedge fund insider trading case in the United States involving Raj Rajaratnam and others alleged to have profited over $60 million based on non-public information received from corporate contacts.
Worldcom scam 2002
WorldCom started as a small long distance provider in 1983 and grew through many acquisitions to become the second largest telecom company in the US by 1998. However, the dot-com bust led to revenue shortfalls and high debt. To hide losses and meet Wall Street expectations, WorldCom fraudulently classified $3.8 billion in operating expenses as capital expenditures. An internal audit uncovered the fraud in 2002, and WorldCom filed for bankruptcy, resulting in 57,000 job losses and $180 billion in lost shareholder value. CEO Bernie Ebbers and CFO Scott Sullivan were later convicted for their role in the massive accounting scandal.
Lehman brothers
The document summarizes the bankruptcy of Lehman Brothers, the largest bankruptcy in history. It provides background on Lehman Brothers and how they grew to become a major global financial firm primarily focused on real estate and mortgage-backed securities. It then describes how Lehman Brothers hid over $50 billion in loans, massively overleveraged themselves, and ultimately went bankrupt during the financial crisis in 2008. Their bankruptcy had massive ripple effects globally and cost millions of people their jobs and investments. Investigations into their accounting practices continued after the bankruptcy.
MCI Case Study
The document provides an overview of WorldCom's corporate governance failure, including:
1) WorldCom grew rapidly in the 1990s through acquisitions but failed to integrate companies, taking on large debts.
2) Senior management, including the CEO and CFO, engaged in fraudulent accounting to hide losses of billions.
3) This led to WorldCom filing for bankruptcy protection in 2002, the largest such filing in US history, costing investors over $100 billion.
4) The scandal revealed weaknesses in corporate governance including a negligent board and toxic culture at senior levels prioritizing growth over legitimacy.
Ketan parekh scam
Ketan Parekh took advantage of low liquidity in certain stocks known as the K-10 stocks to gain significant stakes in them. As the stock market boomed from 1999-2000, the prices of these stocks rose substantially. Parekh borrowed heavily from banks and companies by pledging the inflated shares as collateral. This led to a stock market crash in 2001 when the prices fell, with investigations revealing Parekh moved around Rs. 64 billion illegally. The crash hurt many investors and banks that had exposure to Parekh and the K-10 stocks.
Enron scandal
Enron was an American energy company that collapsed in 2001 due to widespread corporate fraud and corruption. It had grown rapidly throughout the 1990s to become the 7th largest company in America before filing for bankruptcy in late 2001. Enron used accounting loopholes and off-balance sheet entities to hide billions in debts and losses, and inflated revenue and profits in their financial reports. When the fraud was uncovered, the company quickly unraveled and its stock price plummeted, destroying billions in market capitalization and retirement accounts. Top executives like CEO Ken Lay and CFO Andrew Fastow were later convicted and imprisoned for their roles in the massive accounting scandal.
Case study of Baring bank & Nick Leeson
Nick Leeson was a trader at Barings Bank in Singapore who caused the bank's collapse through unauthorized speculative derivatives trading. He concealed his risky positions and mounting losses using a bogus "error account" unknown to bank management in London. When the Japanese stock market declined, Leeson's bets against it lost over $1 billion, far more than the bank's capital. Regulators and auditors failed to detect the concealed trading or risky concentrations. The collapse revealed poor risk management, oversight and controls at Barings, demonstrating the need for reforms to prevent such a future debacle.
Accounting Fraud At WorldCom
WorldCom was a global telecommunications company that grew rapidly in the 1990s through acquisitions. However, the failed acquisition of Sprint in 2000 caused financial difficulties as costs rose. The CEO and CFO then engaged in a $3.8 billion accounting fraud scheme over 5 quarters from 2001-2002 to misrepresent expenses. This involved improperly releasing expense reserves and misclassifying line costs as capital expenditures. An internal audit uncovered the fraud in 2002, plunging the company into bankruptcy and resulting in numerous prosecutions, including the 25-year imprisonment of former CEO Bernie Ebbers.
Lehman brothers
Lehman Brothers filed for bankruptcy in 2008 during the global financial crisis. It was the largest bankruptcy in US history. The summary cites three key reasons for Lehman Brothers' collapse: 1) Extremely high leverage of 44 to 1 made them vulnerable to losses. 2) Lack of liquidity as confidence declined and credit was pulled. 3) Heavy losses from investments in commercial real estate and subprime mortgages amid the US housing market downturn. The bankruptcy filing significantly worsened the global financial crisis and impacted markets worldwide.
A Case Study - WestJet Airlines: Information Technology Governance and Corpor...
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Term loan case study
This document discusses how a bank evaluates a term loan application from a new manufacturing unit. The bank will consider the creditworthiness, repayment capacity, management skills, and economic viability of the business. It will analyze the project's implementation, gestation, and profit-earning stages. The bank evaluates the demand for the product, management's experience, cash flow projections, and ensures sufficient coverage of loan repayments. Case studies demonstrate how the bank applies these criteria and may reject applications or require changes if the risk of default is deemed too high.
Punjab National Bank (PNB) Scam
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
Corporate governance failure at satyam
The Satyam scandal exposed major governance failures. Raju inflated cash balances and profits through fake records. While regulators, auditors, and directors failed to prevent the fraud, some responsibility also lies with management. In response, laws and regulations were strengthened in India regarding auditing, disclosures, and board independence to bolster corporate governance. However, regulations alone cannot ensure integrity, which depends more on management commitment and culture.
Satyam scam...a shame in indian corporate it world
The document summarizes the Satyam accounting scandal that occurred in 2009 in India. Key points:
- Satyam Chairman Ramalinga Raju confessed to inflating profits and fictitious assets totaling over Rs. 7800 crore over many years.
- Raju resigned and admitted the accounting fraud was done to prevent a takeover and keep the company growing.
- The fraud involved inflating cash/bank balances, revenues, margins and understating liabilities in financial statements.
- Raju claimed other board members and executives were unaware of the fraud and that he did not personally benefit financially.
- The confession shocked investors and the Indian IT industry, leading to a government-mediated acquisition of Sat
Central Bank of North America
This document provides a history of financial instruments used by banks for credit markets. It discusses:
1) How the Bretton Woods system after WWII established the IMF, World Bank and use of US dollars as the global reserve currency to rebuild war-torn nations.
2) In the 1960s, as US gold reserves dwindled, banks began issuing credit instruments like letters of credit to recycle dollars and maintain currency values.
3) These instruments allowed banks to profit by issuing guarantees, accessing funds at low rates from central banks, and lending at higher rates, while also helping governments control money supply and inflation. They remain an important tool for international finance.
Federal Reserve System
The document discusses the history and purpose of the Federal Reserve System. It was created in 1913 to provide a more stable banking system after financial crises in the early 1900s. However, some argue it allows private banks to create money out of thin air through fractional reserve banking and loans. This affects the value of the dollar and causes inflation over time, reducing the dollar's purchasing power by over 95% since the Fed's creation. Oversight of the Fed is also questioned as its accounts have never been fully audited by Congress.
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IL&FS scenario explained
The recent case of IL&FS has stuck the corporate world hard especially infrastructure leasing and financing industry. The issues at hand are much deeper than what it appears. The presentation is an attempt to make people understand the case in a simple way.
The vijay mallya story
This document discusses Vijay Mallya and Kingfisher Airlines' default on over Rs. 9,000 crore in loans to banks. It details Mallya's business empire and the rise and fall of Kingfisher Airlines, which began operations in 2005 but struggled due to high costs and prices. While Mallya has offered to pay back Rs. 4,000 crore, banks have only recovered around Rs. 1,600 crore by selling collateral such as shares in United Spirits. The document also analyzes loopholes in laws like SARFAESI that have hindered further recovery from Mallya.
Chanda kochhar (ICICI) Corporate Governance Case
Does Corporate Governance really stays the same in the reality as it's been explained to students...?
Such cases really raise many questions on that note.
World.com
WorldCom began as a small long distance telephone provider and grew through acquisitions to become a large telecommunications company. However, in 2000-2002 fraudulent accounting practices were uncovered that inflated reported profits by $3.8 billion through improperly capitalizing regular operating costs. This led to WorldCom filing for the largest bankruptcy in US history at the time in 2002. Key executives were later charged and convicted for their role in the fraud scheme.
Corporate governance failure at satyam
The Satyam case involved a $1.4 billion corporate governance fraud at Satyam, India's fourth largest IT company. The founder, Ramalinga Raju, admitted to falsifying Satyam's accounts for several years. Weak corporate governance allowed the fraud to occur, as the board and auditors failed to prevent it. The fraud had major implications, including difficulty retaining clients, damage to India's reputation, and calls for stronger corporate governance laws in India. The case demonstrates issues with agency theory and transaction cost theory, showing how failures in the relationship between agents and principals can harm an organization.
Libor scandal
The document discusses the Libor rate manipulation scandal that occurred from 2005-2009. It describes how Barclays and other banks artificially inflated or deflated their Libor submissions to profit from trades or appear more creditworthy. This manipulation impacted global financial markets and cost governments billions. The scandal was not properly addressed by regulators despite early awareness of inaccurate submissions. Barclays was ultimately fined over $500 million for its role in the scandal in 2012.
Insider trading (Galleon Group)
Insider trading involves trading stocks or securities based on non-public information, which is illegal in many countries. Examples provided include corporate executives and employees trading after learning confidential corporate information, as well as "tippees" like friends and family members of executives who receive insider information. The document also outlines a major hedge fund insider trading case in the United States involving Raj Rajaratnam and others alleged to have profited over $60 million based on non-public information received from corporate contacts.
Worldcom scam 2002
WorldCom started as a small long distance provider in 1983 and grew through many acquisitions to become the second largest telecom company in the US by 1998. However, the dot-com bust led to revenue shortfalls and high debt. To hide losses and meet Wall Street expectations, WorldCom fraudulently classified $3.8 billion in operating expenses as capital expenditures. An internal audit uncovered the fraud in 2002, and WorldCom filed for bankruptcy, resulting in 57,000 job losses and $180 billion in lost shareholder value. CEO Bernie Ebbers and CFO Scott Sullivan were later convicted for their role in the massive accounting scandal.
Lehman brothers
The document summarizes the bankruptcy of Lehman Brothers, the largest bankruptcy in history. It provides background on Lehman Brothers and how they grew to become a major global financial firm primarily focused on real estate and mortgage-backed securities. It then describes how Lehman Brothers hid over $50 billion in loans, massively overleveraged themselves, and ultimately went bankrupt during the financial crisis in 2008. Their bankruptcy had massive ripple effects globally and cost millions of people their jobs and investments. Investigations into their accounting practices continued after the bankruptcy.
MCI Case Study
The document provides an overview of WorldCom's corporate governance failure, including:
1) WorldCom grew rapidly in the 1990s through acquisitions but failed to integrate companies, taking on large debts.
2) Senior management, including the CEO and CFO, engaged in fraudulent accounting to hide losses of billions.
3) This led to WorldCom filing for bankruptcy protection in 2002, the largest such filing in US history, costing investors over $100 billion.
4) The scandal revealed weaknesses in corporate governance including a negligent board and toxic culture at senior levels prioritizing growth over legitimacy.
Ketan parekh scam
Ketan Parekh took advantage of low liquidity in certain stocks known as the K-10 stocks to gain significant stakes in them. As the stock market boomed from 1999-2000, the prices of these stocks rose substantially. Parekh borrowed heavily from banks and companies by pledging the inflated shares as collateral. This led to a stock market crash in 2001 when the prices fell, with investigations revealing Parekh moved around Rs. 64 billion illegally. The crash hurt many investors and banks that had exposure to Parekh and the K-10 stocks.
Enron scandal
Enron was an American energy company that collapsed in 2001 due to widespread corporate fraud and corruption. It had grown rapidly throughout the 1990s to become the 7th largest company in America before filing for bankruptcy in late 2001. Enron used accounting loopholes and off-balance sheet entities to hide billions in debts and losses, and inflated revenue and profits in their financial reports. When the fraud was uncovered, the company quickly unraveled and its stock price plummeted, destroying billions in market capitalization and retirement accounts. Top executives like CEO Ken Lay and CFO Andrew Fastow were later convicted and imprisoned for their roles in the massive accounting scandal.
Case study of Baring bank & Nick Leeson
Nick Leeson was a trader at Barings Bank in Singapore who caused the bank's collapse through unauthorized speculative derivatives trading. He concealed his risky positions and mounting losses using a bogus "error account" unknown to bank management in London. When the Japanese stock market declined, Leeson's bets against it lost over $1 billion, far more than the bank's capital. Regulators and auditors failed to detect the concealed trading or risky concentrations. The collapse revealed poor risk management, oversight and controls at Barings, demonstrating the need for reforms to prevent such a future debacle.
Accounting Fraud At WorldCom
WorldCom was a global telecommunications company that grew rapidly in the 1990s through acquisitions. However, the failed acquisition of Sprint in 2000 caused financial difficulties as costs rose. The CEO and CFO then engaged in a $3.8 billion accounting fraud scheme over 5 quarters from 2001-2002 to misrepresent expenses. This involved improperly releasing expense reserves and misclassifying line costs as capital expenditures. An internal audit uncovered the fraud in 2002, plunging the company into bankruptcy and resulting in numerous prosecutions, including the 25-year imprisonment of former CEO Bernie Ebbers.
Lehman brothers
Lehman Brothers filed for bankruptcy in 2008 during the global financial crisis. It was the largest bankruptcy in US history. The summary cites three key reasons for Lehman Brothers' collapse: 1) Extremely high leverage of 44 to 1 made them vulnerable to losses. 2) Lack of liquidity as confidence declined and credit was pulled. 3) Heavy losses from investments in commercial real estate and subprime mortgages amid the US housing market downturn. The bankruptcy filing significantly worsened the global financial crisis and impacted markets worldwide.
A Case Study - WestJet Airlines: Information Technology Governance and Corpor...
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Term loan case study
This document discusses how a bank evaluates a term loan application from a new manufacturing unit. The bank will consider the creditworthiness, repayment capacity, management skills, and economic viability of the business. It will analyze the project's implementation, gestation, and profit-earning stages. The bank evaluates the demand for the product, management's experience, cash flow projections, and ensures sufficient coverage of loan repayments. Case studies demonstrate how the bank applies these criteria and may reject applications or require changes if the risk of default is deemed too high.
Punjab National Bank (PNB) Scam
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
Corporate governance failure at satyam
The Satyam scandal exposed major governance failures. Raju inflated cash balances and profits through fake records. While regulators, auditors, and directors failed to prevent the fraud, some responsibility also lies with management. In response, laws and regulations were strengthened in India regarding auditing, disclosures, and board independence to bolster corporate governance. However, regulations alone cannot ensure integrity, which depends more on management commitment and culture.
Satyam scam...a shame in indian corporate it world
The document summarizes the Satyam accounting scandal that occurred in 2009 in India. Key points:
- Satyam Chairman Ramalinga Raju confessed to inflating profits and fictitious assets totaling over Rs. 7800 crore over many years.
- Raju resigned and admitted the accounting fraud was done to prevent a takeover and keep the company growing.
- The fraud involved inflating cash/bank balances, revenues, margins and understating liabilities in financial statements.
- Raju claimed other board members and executives were unaware of the fraud and that he did not personally benefit financially.
- The confession shocked investors and the Indian IT industry, leading to a government-mediated acquisition of Sat
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Satyam scam...a shame in indian corporate it world
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This document provides a history of financial instruments used by banks for credit markets. It discusses:
1) How the Bretton Woods system after WWII established the IMF, World Bank and use of US dollars as the global reserve currency to rebuild war-torn nations.
2) In the 1960s, as US gold reserves dwindled, banks began issuing credit instruments like letters of credit to recycle dollars and maintain currency values.
3) These instruments allowed banks to profit by issuing guarantees, accessing funds at low rates from central banks, and lending at higher rates, while also helping governments control money supply and inflation. They remain an important tool for international finance.
Federal Reserve System
The document discusses the history and purpose of the Federal Reserve System. It was created in 1913 to provide a more stable banking system after financial crises in the early 1900s. However, some argue it allows private banks to create money out of thin air through fractional reserve banking and loans. This affects the value of the dollar and causes inflation over time, reducing the dollar's purchasing power by over 95% since the Fed's creation. Oversight of the Fed is also questioned as its accounts have never been fully audited by Congress.
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Heard about the Panama Paper leak but don't know what it is? Check out our quick summary for a run down of what's been going on.
Sources:
https://panamapapers.icij.org/blog/20160403-new-icij-investigation-exposes-rogue-offshore-industry.html
http://think-squad.com/post/142244482771/what-are-the-panama-papers-a-guide-to-the-biggest
http://nicaise.co.vu/post/142225824946
http://micdotcom.tumblr.com/post/142254284927/the-panama-papers-reveal-just-how-badly-the-1-is
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Bcci
- 1. BCCI Bank of Credit and Commerce International Shoaib Farooqi Tony Tran
- 2. Background Started in 1972 by Agha Hasan Abedi and Sheikh Zayed bin Sultan al Nahyan (UAE) Used by CIA to funnel $ to Afghanistan Helped Osama bin Laden, Saddam Hussein, even George W. Bush
- 3. Opportunity for Moral Hazard Financially motivated, but also religiously motivated Government regulation Pakistan's state ◦ All banking nationalized Giant Ponzi Scheme
- 4. BCCI’s Financial Structure or: How I learned to stop probing and love decentralization Money laundering, bribery Catered to Saddam Hussein, Noriega, Columbian drug dealers Black market: ◦ Guns, and drugs, and sex slaves oh my! Assets of more than $20 Billion, making it the 7th largest private bank by assets
- 5. How to avoid Gov’t Regulation 101 # of managers, all over the world reported directly to 1 person. Holding companies, off-shore banking, branches and subsidiaries in 70 countries Accounting done longhand on paper ledgers written in Pakistani’s Urdu Unusual Accounting system: PWC for foreign, and Ernest & Young for its 2 holdings at headquarters. Constant revision of financials Frustrate investigators/auditors
- 6. Where BCCI screw up BCCI wants to expand into US market using “straws” Raises eyebrows Audited by Price Waterhouse and Ernst & Young BCCI shutdown after audits 75% of creditors reimbursed, but estimated $9.5-15 billion stolen
Editor's Notes
- Started by wealthy prominent men in Pakistan. Equivalent of royalty.
- The Arabs' interest in the bank was more than financial. A classified CIA memo on BCCI in the mid-1980s said that "its principal shareholders are among the power elite of the Middle East, including the rulers of Dubai and the United Arab Emirates, and several influential Saudi Arabians. They are less interested in profitability than in promoting the Muslim cause."
- So complex that PWH reported that $10 billion, half its assets, was missing in the financial statement