Backdating unemployment beany dating site
This should come as no surprise, given that there were two distinct recessions and bear markets that savaged the U. The 2007-2009 global recession was unprecedented in the scale of destruction it wrought worldwide.
The technology sector was the worst hit in the 2000-2002 downturn – the Nasdaq Composite tumbled as much as 78% over this period – and was marked by an outbreak of accounting scandals that led to the bankruptcy of a number of companies including World Com and Enron.
There have also been numerous other forms of corporate fraud in recent years, from multi-billion Ponzi schemes run by Bernie Madoff and Allen Stanford to insider trading and options-backdating scandals.
Many of the executives who were involved in these frauds ended up serving time in jail and/or paying very stiff fines.
(If you're unclear how this recession began, see ) There are obvious differences in size and complexity between corporate financial statements (such as the balance sheet, income statement and cash flow statement) and your own personal financial statements.
It is prudent to have an adequate amount of equity backing an asset purchase or investment, whether the asset in question is one's residence, a vacation property or a stock portfolio.The credit markets were virtually frozen at that time following the bankruptcy of Lehman Brothers, and the near-collapse of AIG, Fannie Mae and Freddie Mac.The mass and speed of deposit outflows from Washington Mutual Bank shortened the time available for them to find new capital, improve liquidity or find an equity partner.Lesson 1 – Excessive leverage is usually a high-risk strategy.Financial leverage refers to the practice of utilizing borrowed money to invest in an asset.