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Essay / Research Paper Abstract
This 5 page paper follows the scandal which began in 1994 when the state owned Banco Anglo Costarricense collapsed. Reasons for the fiasco are explored. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA015bnk.rtf
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Unformatted sample text from the term paper:
Banco Anglo Costarricense (Loria PG). This scandal alleges that insider trading was involved as well as influence peddling (PG). Additionally, it was thought that the negligence by some of the
countrys top banking brass was problematic (PG). Figueres has sought the resignation of five prominent banking officials and after a cabinet meeting, he called for 28 politicians and financiers
to be barred from jobs in public service (PG).Two financial advisers from Chile, brothers Jose Luis and Mariano Lopez, have also been linked to the Banco Anglo fiasco and
were actually expelled from Costa Rica (PG). The crisis began rather suddenly but ended with very strong allegations. Surely, many people were stunned. Still, some people regard the situation
as just another example of white collar crime. Yet, it is important to realize that such crimes are significant. Although no one is being shot, for example, crime of this
nature is harmful to the local economy and can affect the stock market as well. Further, millions of dollars were involved. One component of the problem involved insider trading and
that is a serious offense. What is insider trading? The SECs definition of insider trading is "buying or selling a security, in breach of a fiduciary duty or other relationship
of trust and confidence, while in possession of material, nonpublic information about the security" (Savage D1). Violations may include giving or trading tips about such information but also includes employees
who trade corporate securities after learning of significant and confidential corporate developments (D1). The fact that insider trading was involved in the scandal brings up other questions of illegalities. The
bank shut down on Sept. 15, 1994 after it was discovered that losses equaled more than $130 million; this was largely due to trading of dollar-denominated Venezuelan government bonds (Loria
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