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Essay / Research Paper Abstract
3 pages in length. Exposing industry fraud has become a regular occurrence in today's business community, particularly within the finance industry. On the heels of the Madoff scandal comes an eight billion dollar operation by Stanford Financial that has all the earmarking of a Ponzi - or pyramid - scheme involving high-yielding certificates of deposit from an Antigua-based offshore bank. Keeping with the standard format of blatant deceit is that of lying to authorities in the quest to throw them off the scent, withholding critical information (which is otherwise known as lying by omission), and eventually turning coat when a player's back is against the wall. All of this and more has taken place over the past week as the result of a four-year investigation of Stanford Financial, R. Allen Stanford (sole shareholder) and a handful of top executives, not the least of which includes chief investment officer Laura Pendergest-Holt and chief financial officer Jim Davis. Bibliography lists 3 sources.
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3 pages (~225 words per page)
File: LM1_TLCstanfrd.rtf
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Unformatted sample text from the term paper:
all the earmarking of a Ponzi - or pyramid - scheme involving high-yielding certificates of deposit from an Antigua-based offshore bank. Keeping with the standard format of blatant deceit
is that of lying to authorities in the quest to throw them off the scent, withholding critical information (which is otherwise known as lying by omission), and eventually turning coat
when a players back is against the wall. All of this and more has taken place over the past week as the result of a four-year investigation of Stanford
Financial, R. Allen Stanford (sole shareholder) and a handful of top executives, not the least of which includes chief investment officer Laura Pendergest-Holt and chief financial officer Jim Davis (Goldstein,
2009). The ethical dimensions of this scandal hardly need pointing out given the crash course Americans have received of late pertaining to company executives siphoning stakeholder funds with an invincible
outlook amidst a looming cloud of vagueness. When discussion turns to the detrimental impact the Stanford scandal has had upon its stakeholders, it is important to appeal to all
levels of definition. No longer are stakeholders considered the upper echelon of investors; rather, the stakeholder theory introduced in the 1980s established that corporate obligation goes well beyond the
standard investor. This new approach, which "defined for business exactly to whom it must be responsible and, to a large degree, for what" (Poulton, 2002), set a precedence for
those at stake to be anyone "who has a direct interest in the firm or some stake in its activity" (Poulton, 2002), such as employees, customers, suppliers, distributors, stockholders, interest
groups, legal and regulatory bodies, as well as the general populace. Said one investor who was having great difficulty withdrawing his money from the Antigua bank: Ironically, I
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