Ivan Boesky, Marc Rich, Nelson Bunker Hunt, and Martha Stewart are all names that will deliver serious hits on an Internet search for capitalist risk-takers whose actions have brought them shame.
YOUR TASK: Choose someone who has been involved in a financial scandal in the history of US capitalism and post on your blog the circumstances of their 'fall from grace'. A google search of 'financial scandal' should get you started.
Don't feel limited to recent scandals, any financial scandal in the history of the US is your only confine.
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Hurricane Andrew caused more than $20 billion in damage in south Miami-Dade area in 1992.
Several financial scandals involving the Mayor's office and City Commission during the 1980s and 1990s left Miami with the title of the United States' 4th poorest city by 1996. With a budget shortfall of $68 Million and it's municipal bonds given a junk bond rating by Wall Street, Miami became Florida's first city to have a state appointed oversight board assigned to it in 1997. In the same year, city voters rejected a resolution to dissolve the city and make it one entity with Dade County. The City's financial problems continued until political outsider Manny Diaz was elected Mayor of Miami in 2001.
http://en.wikipedia.org/wiki/History_of_Miami,_Florida#1990s_and_today
1) F. Hoffmann-La Roche Ltd.
Type of Crime: AntitrustCriminal
Fine: $500 million
12 Corporate Crime Reporter 21(1), May 24, 1999
the swiss pharmaceutical giant pled guilty and agreed to pay a $500 million fine for leading a "world wide conspiracy."They raised, fixed prices and allocated market shares for vitamins sold in the U.S. and other countries. this lasted about 10 years it affected the vitamins used as nutritional suppliments. vitamin premixes used to enrich processed foods where also affected, the department said.
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