Unformatted text preview: could be trusted to conduct business on the honor system. The savings and loan scandal is an excellent example of "heads I win, tails you lose" collective embezzlement. It entails the officers of a corporation looting that self-same corporation. The corporation might appear to be the financial institution itself, but in fact, as it turns out, the officers who run and profit from the corporation constitute the corporation. The institution's small investors and depositors are simply unwitting instrument dupes in the creation of a dummy of shell corporation that is set up only to be drained of its assets. Enron : (1998-2001): False and misleading statements, concealed debt, earnings inflated: "Cooked the books" o 29 executives charged o Accounting firm (Authur Anderson) convicted of obsructing justice--$500,000 fine...
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- Fall '10
- Debt, theft, Savings and loan association, Embezzlement, collective embezzlement