Research Paper Notes...

TOPIC: Reporting of financial scandals throughout US history

QUESTIONS:
- Which financial scandals?
- How am I comparing them?
Specific news outlets
Newspapers, TV programs, or online blogs
Comparing the reporting in general?
- Don’t think I can write ten pages on this??
- What’s my point?

BASICS:
- Scandals =
1.) American International Group (AIG): is a major American insurance corporation based at the American International Building in New York City. Is a major American insurance corporation based at the American International Building in New York City. It suffered from a liquidity crisis after its credit ratings were downgraded below "AA" levels, and the Federal Reserve Bank on September 16, 2008, created an $85 billion credit facility to enable the company to meet collateral and other cash obligations, at the cost to AIG of the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG.
§ In November 2008 the U.S. government revised its loan package to the company, increasing the total amount to $152 billion. AIG is attempting to sell assets to repay the loans. So far the U.S. government has given the company over $170 billion. (summary from wiki)

2.)PONZI SCHEME: Bernard Lawrence "Bernie" Madoff is an American businessman and former non-executive chairman of the NASDAQ stock exchange who was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person. On March 12, 2009, Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors. Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion. (wiki)

a. Original Ponzi scheme: Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors.

3.)WORLDCOM: WorldCom, one of the big success stories of the 1990s, said late Tuesday it will have to restate its financial results to account for billions of dollars in improper bookkeeping after an internal audit showed transfers of about $3.06 billion for 2001 and $797 million for the first quarter of 2002 were not made in accordance with generally accepted accounting principles.

4.)ENRON: The Enron scandal was a financial scandal involving Enron Corporation (former NYSE ticker symbol: ENE) and its accounting firm Arthur Andersen, that was revealed in late 2001. After a series of revelations involving irregular accounting procedures conducted throughout the 1990s, Enron was on the verge of bankruptcy by November 2001. A white knight rescue attempt by a similar, smaller energy company, Dynegy, was not viable. Enron filed for bankruptcy on December 2, 2001. (wiki)

- Focus on specific news outlets:
1. News Papers
New York Times
Wall Street Journal
2. News Programs (TV)
Fox News
CNN
3. Talk Radio
Rush Limbaugh