The WorldCom Scandal (2002) - International Banker
Sep 29, 2021 · The WorldCom Scandal (2002) September 29, 2021. Coming hot on the heels of accounting scandals involving Enron and Tyco, both of which sent financial markets into tailspins, the fraud committed by WorldCom, one of the world’s biggest telecommunications companies, ended up dwarfing even those infamous crimes in terms of sheer numbers.
The Enron Scandal (2001) - International Banker
Sep 29, 2021 · The Enron Scandal (2001) Both of these buildings in downtown Houston, 1400 Smith Street and 1500 Louisiana Street, were formerly occupied by Enron. August 2021 marked the 20 th anniversary of arguably the most notorious corporate-accounting scandal of all time. It may not have been the biggest in dollar terms, or even the most severe in terms ...
The Subprime Mortgage Crisis (2007-08) - International Banker
Sep 29, 2021 · The model looks sound on the surface: offer mortgages to borrowers with poorer credit ratings at higher rates. But as the US subprime mortgage crisis of 2007-08 proved, the risks associated with this strategy may override the benefits. This mortgage crisis sparked a chain of events that shook the world and ended in a global meltdown.
The Collapse of Thomas Cook: What Happened and Why
Jan 16, 2020 · The tour operator had collapsed after a mammoth 178 years in business. In the words of Thomas Cook Group’s chief executive officer, Peter Fankhauser, the demise of the company was a “matter of profound regret”. Founded back in 1841 by businessman and Baptist preacher Thomas Cook, the company is widely considered to be the world’s oldest ...
The Stock Market Crash of 1929 - International Banker
Sep 29, 2021 · 4.5K . I t remains perhaps the most eventful few days in financial-market history. The stock market crash of 1929 began on October 24, and by the 29 th, the Dow Jones Industrial Average (DJIA) had lost just shy of 25 percent of its value.The collapse destroyed investor confidence in the United States and eventually led to the Great Depression, perhaps the most damaging economic downturn of all ...
Bernie Madoff’s Ponzi Scheme (2008) - International Banker
Sep 29, 2021 · 12.7K . I n April of 2021, it was announced that at the age of 82, the criminal financier Bernard Lawrence (Bernie) Madoff had died in a federal prison hospital in Butner, North Carolina, whilst serving a 150-year sentence for various financial crimes, including securities fraud and money laundering. It is widely thought that Madoff ran the biggest Ponzi scheme in financial history, worth ...
The Savings and Loan Crisis (1989) - International Banker
Sep 29, 2021 · The US savings and loan industry thrived over the 150 years following its inception in the 1830s, using depositors’ savings to fund homebuyers’ mortgages at lower costs than banks. The model unravelled in the ‘70s and ‘80s as high inflation and interest rates chipped away at S&Ls’ profitability, until some became bankrupt—even criminal.
International Banker - Authoritative Analysis on International …
The Generative AI Revolution in Banking: Transforming Research, Risk Assessment and Compliance. October 8, 2024. GenAI’s potential for metamorphosing operations has captured the attention of banks worldwide. While still new, the technology is already upgrading ….
Panic of 1907 - International Banker
Panic of 1907. September 29, 2021. Also known as the Knickerbocker Crisis, the Panic of 1907 was the 20th century’s first global financial crisis and took place in the United States in October and November of that year, during which time a series of depositor runs—that is, a large number of customers withdrew their deposits at the same time ...
The Dollar Still Dominates, but De-dollarization Is Unstoppable
Jan 2, 2024 · The United States enjoys a special advantage because of the preeminent status of its dollar as the world’s leading reserve currency and medium of exchange. Other countries are increasingly moving toward knocking the dollar off its throne through de-dollarization. The trend is unstoppable, but it’s unlikely the dollar will lose much of its authority any time soon.