(Part 2) Best white collar crime true accounts according to redditors
We found 143 Reddit comments discussing the best white collar crime true accounts. We ranked the 43 resulting products by number of redditors who mentioned them. Here are the products ranked 21-40. You can also go back to the previous section.
No one would listen is the book if anyone wants, it's a very good read.
I can't think of any really good accounting books, but The Smartest Guys in the Room is a really good cautionary tale that features a lot of (very bad) accounting. Also a great documentary.
If anyone has any good books that feature accounting (ie: good histories of accounting scandals, etc.) I'd like some recommendations as well.
I'll pass. It's the Broward county sheriff's office. They are very corrupt.
Cop attacking innocent teen because his girlfriend didn't like him and putting teen in hospital. Cop lies about it and charges innocent teen with crimes.
PR says: "It bothers me that we have nearly 6,000 dedicated employees doing the right thing every day and people hear more about the mistakes and misdeeds of a few"
This isn't an isolated incident.
Same story. These THREE cops committed a crime and then covered it up by testilying.
The real dirt about what happened.
Same story from the police chief (shock and surprise!!!):
“If these allegations are true, then these three officers do not represent all of the honest hardworking police officers that work at the Fort Lauderdale Police Department,” Police Chief Franklin Adderley
[Another story of the Sherriff being outed as a criminal himself in 2007. Surprise, surprise, the republican governor (Richard L. Scott) has connections with the sherriff and hooks him up with some shady deals worth almost half a million.]
(http://www.miamiherald.com/news/state/article1957069.html)
and
A book about the corruption under the same said Sherriff.
I lived in Deerfield Beach. This is where some really bad apples work. They are truly evil. Take a look at this huge amount of falsifying evidence on the part of the deputies to make the arrest legitimate.
The whole department works like that. The blue wall is the only thing that matters down there. Most of them are on the take in one form or another. If they get contempted then they will attack and falsify everything.
More assault. Paid vacation.
Targeting of individuals that have contempted cops.
Huge amount of excessive force puts a guy in hospital. Paid vacation again.
The list goes on and on and on. No really. This is some third world shit where the whole department is a seething pit of corruption from top to bottom. The Miami police department isn't as bad as the Broward. The Miami just ups their game from fucking with citizens less, and gets a lot more cash for doing illegal stuff.
I used to love this documentary; it got me interested in Enron.
But after learning more about the company and its demise, I find it hard to re-watch. It oversimplifies and misrepresents some of the events. A few examples:
The documentary shows the famous clip of attorney Bill Lerach waving strips of shredded paper in front of news cameras and spectators while claiming that Enron was shredding all of its incriminating paperwork. After their investigation, officials and investigators found no evidence that Enron had engaged in any sort of large document purge. Furthermore, the industrial shredders used at Enron’s headquarters chopped up paper into small, confetti-like pieces, not long strips like Lerach displayed. (Sidenote: Lerach was later disbarred and pleaded guilty to obstruction of justice for his actions in another unrelated case.) Arthur Andersen, Enron’s accounting firm, did attempt a coordinated, company-wide effort to destroy their documents related to Enron, and they were later sanctioned for this (although some charges were reversed on appeal because Andersen did halt their shredding after receiving a subpoena and technically acted within the law).
Sometime during Enron’s final years, the company decided to switch the provider it used for employee benefit management services. The transition was supposed to cause employees to be locked out of making changes to their company-sponsored retirement accounts during a one-month transition period. Employees were warned well in advance that the changes they made prior to the switch would be locked in for the month. Many employees held large amounts of Enron stock in their 401Ks. The documentary made it sound like this was a corrupt attempt by Enron to keep its stock price high so that top management could sell while lower level employees were stuck holding the crashing stock, but that’s inaccurate. With so much volatility and controversy, Enron even ended the lockout early. However, even after they were once again able to sell, most employees actually held the stock, and many bought more. Employees ended up being net buyers of Enron stock following the lockout, not net sellers.
The documentary tries to blame Enron for causing the shortages and massive price increases of electricity in California, but the real problem was the state’s flawed attempt at deregulation. Most economists and officials believed the issue was due to a supply and demand mismatch created by CA’s poorly conceived laws and system for electricity sales and distribution. ‘Smartest Guys in the Room’ tries to redeem Gov. Gray Davis, but during meetings with federal officials and regulators in the outgoing Clinton administration, he repeatedly failed to take their advice (such as abandoning fixed rates and allowing consumer prices to float with the market), and instead seemed more focused on playing politics, pandering to the electorate, and scapegoating energy companies like Enron for the state’s problems. Sure, Enron price gouged and employed many questionable and blatantly illegal schemes to suck up more money from electricity sales. But for the most part, they were just playing by California’s own crappy rules.
Lay certainly deserves a large share of the blame. Under his leadership, Enron engaged in numerous scandals and massive fraud. But I don’t think he acted with criminal intent or was an architect of the schemes, as the documentary suggests. Instead, he seems like someone who was just really bad at his job. He had ceded much of the company’s management and operations to Jeff Skilling and other underlings, and toward the end, he was pretty out-of-the-loop on what was happening. Far from being one of the ‘smartest guys in the room,’ he was probably one of the dumbest when it came to Enron’s actual business in its later days. When he started Enron, they were mostly just a gas company. At the end, Enron had its hands in nearly every industry. Lay was a major cheerleader for the company and had most of his wealth tied up in Enron stock, likely because he really believed in it. The documentary portrays his large stock sales during Enron’s crash as the actions of an evil mastermind, but this is a misrepresentation. Lay’s stepson helped him manage his investments and encouraged Lay to diversify, but Lay always refused to sell his Enron stock. As a compromise, Lay allowed his stepson to take out large bank loans that were secured by his stock holdings. Money from these loans were used to make other investments while Lay got to retain his Enron holdings. When Enron’s stock price fell, the banks came after Lay with demand letters since the value of the stock serving as collateral was dropping. With few other options, Lay swapped millions of dollars of stock for cash from the company, which was pretty much entirely used for repaying his loans. The only criminal charge against Lay was related to these stock sales, because while shedding his shares, he was publicly promoting buying Enron stock. He probably would have retained ownership had the banks not forced him to sell.
Skilling definitely deserves a large share of the blame too, but again, I doubt he acted with criminal intent. I think he was probably suffering from mental illnesses and alcoholism. Ultimately, he was a terrible manager. He is chided for his abrupt departure from company shortly before its collapse, but his stepping down seems more to me like the actions of someone going through a mental breakdown. He actually tried to come back to the company at the end to try and help right the ship, but Enron’s managers voted no.
These two are probably the real architects of the scandal. The documentary brings up Fastow a few times, but I don’t remember it ever mentioning Kopper, Fastow’s righthand man. Fastow and Kopper rose to powerful positions and then abused their powers for personal gain. Like Lay and Skilling, Fastow was bad at his job. He became CFO, but he had a poor grasp on how to actually manage corporate finance. Unlike Lay and Skilling, however, he did have criminal intent. His incompetence coupled with his loose morals were the primary seeds of scandal.
As usual, the book here (The Smartest Guys in the Room by Bethany McLean and Peter Elkind) is much better than the movie and has a more accurate portrayal of events. An even better book, in my opinion, is Conspiracy of Fools by Kurt Eichenwald which is extremely enjoyable to read and thoroughly covers most of the details and misconceptions.
I have an eccentric obsession with the oil/energy industry. Some of these books were mentioned already, but below are my absolute favorites:
If you're looking for a history of oil and gas check out The Prize, and The Frackers covers the more recent energy revolution. Oil 101 and Fundamentals of Investing in Oil and Gas deal more with the technical side.
The linked article is light on proper analysis, so I thought it might be good to provide some.
It says:
>Elyjah Marrow, 19, is facing involuntary manslaughter charges after accidentally shooting 19-year-old
Deeper in the article, it adds:
>Marrow, 19, has been charged with involuntary manslaughter, possession of a firearm in the commission of a felony, and reckless conduct. The 19-year-old is also facing charges relating to the possession of marijuana, and having a stolen firearm, TMZ reported.
This is where one needs to have a deep knowledge of dey kulcha, so eye beez bout ta keeps it reel.
>Wut beez dat felonius charge? Dat be da PEE EYE DEE. [PID, possession with intent to distribute, a felony: large quantity of marijuana. Possession of a firearm along with this is an additional charge. Not mentioned in this article is that the firearm was stolen, but other articles mention it]
>"Yo nigga, dat my stash!"
>"Nah, fuck dat, punk! Eye gots da gat, dat beez MY stash! (blam! blam!)"
>"Oh shit da popo!"
>"Oness offisser, eye din doo nuffnz! Dis gun jus win oft!"
>"You believe that shit, Fred?"
>"You know I don't! But the perp's the only eyewitness, and our CompStat numbers are up this year, and besides, the jails are full. Let's bring him downtown and slap a manslaughter charge on him."
And thus is "catch and release" perpetuated.
Required reading: The Crime Numbers Game: Management by Manipulation (Eterno). Read the first half about the history of CompStat, its problems, and the different ways that the institutions reduce the number of violent crimes reported to the UCR. Skip the entire last half of the book with its libtarded crap about modern criminology.
That's an awesome list. I'd echo that the two very best sources to learn about the exact crimes committed leading up to the financial crisis are The Untouchables and
Inside Job.
And I'd add a third:
Predator Nation (written by the guy who made Inside Job)
If people just want a single source, The Untouchables is where they should go. It shows how banks sold products they knew were defective. That is fraud, and it is criminal. Simple as that. The executives were knowingly selling those products (and there were many) should be in jail.
Here's a fuller list of selections I can recommend from a reading list at TooBigHasFailed.org. Any of these sources are good for learning what was going on leading up to the crash.
Podcasts
NPR: The Giant Pool of Money |
NPR: Return to the Giant Pool of Money |
NPR: Another Frightening Show about the Economy |
EconTalk interview w/ Simon Johnson
Documentaries
Addendum to Inside Job |
PBS: Money, Power, & Wall Street |
Aljazeera: Meltdown |
60 Minutes: The Speed Traders |
Quants: The Alchemists of Wall Street
Books
I.O.U. - John Lanchester |
Griftopia - Matt Taibbi |
Infectious Greed - Frank Partnoy |
All the Devils are Here - Joe Nocera & Bethany McLean |
Traders, Guns, and Money - Satyajit Das |
Financial Crisis Inquiry Commission Report
ETA: I see that a moderator here is requesting academic sources. Here are three good ones: Fault Lines - Raghuram Rajan | Republic, Lost - Lawrence Lessig | This Time Is Different - Reinhart & Rogoff
To be honest, most of the academic sources I've read don't focus on criminality on Wall Street. I'd love to find more that do, though.
> Please just like, go outside of the US at some point.
What are you even talking about man? I'm literally an immigrant who has lived in Japan, the Middle East, India and am now living in the US. At the risk of sounding boastful, I would like to think that's several more countries lived in than an average American and, as a consequence, I have knowledge of several systems in different countries. I also studied at the Univ. of Chicago, so I'm hardly a noob when it comes to Economics, especially the premise of free markets. I also don't understand what you are ranting about when you invoke Ireland, Palestine or Saudi Arabia. How are they relevant to a discussion of the flaws of Libertarianism?
Also, no one is appealing to tradition here. You're pontificating on economic policy based on concepts pulled out of your ass that don't work in reality and I'm responding to that. Also, there is a reason democracy and governments have been around for a long time now. It's because they are the best systems till date, in the absence of a grand utopian present or future. Just because you think you're smart and have all these big ideas doesn't mean anything if the premise from which you are operating is flawed. You are discounting all the cases where government serves its role and taxation benefits the masses in order to put forward your point of a profit motive being the best carrot for capitalism.
If you're really interested in where the current problems of society come from, go read the book Secrecy World. Tax avoidance and offshore banking have decimated the ability of governments to function effectively in providing services. That, in my view, is a bigger danger than so-called government inefficiency.
Barbarians at the gate which was also made into a movie
It's about the Leveraged buy-out of RJR Nabisco
The Predator's Ball
Tells the story of Michael Milken and the junk bond salesmen of the 80's, which fueled LBO's during that time period.
Den of Thieves
Again, Michael Milken finds his way into a book. It's about insider trading scandals during the 80's. Gordon Gekko from Wall Street was inspired by Ivan Boesky, which is another person in this book.
When Genius Failed: The Rise and Fall of Long-Term Capital Management
Rise and Fall of the Hedge Fund "Long-Term Capital Management".
Monkey Business: Swinging Through the Wall Street Jungle
More general book in the lifestyle as an investment banker.
---
there are lots of books, but it really depends on what you want to read about. The lifestyle, scandals, etc.
The Ponzi Scheme Puzzle. It's not ground breaking but it's interesting because the author looks at ones that I hadn't heard of including some international ones and ties in some related things like multi level marketing.
https://www.amazon.com/Ponzi-Scheme-Puzzle-History-Analysis/dp/0199926611
I think it's more likely to be a direct reference to Watergate
Give this a perusal sometime - https://www.amazon.ca/Thieves-Bay-Street-Brokerages-Canadians/dp/0307359638
My Uncle worked at CIBC Wood Gundy, he retired at 48. It wasn't accomplished by giving his clients the best return for their money, let me put it that way. The things they did and said were frankly criminal, I have no respect for the guy.
And no, there is no affiliate link there nor am I associated with the author. It's just a good book with helpful material on this subject.
Thanks! Amusingly, I think I've read a book that references this one -- Broker, Trader, Lawyer, Spy -- without even realizing the title was derivative. Will definitely check this out.
I could not put this book down- it has Zacharry Marr & all the recent cases. http://www.amazon.com/Dead-Water-Forever-Awake-Unexplained/dp/1530467314/ref=sr_1_sc_1?
Wtf is going on!!
"The evil is rampant and deep and widespread. He was tortured, taken to the river and killed. Then his body was ‘positioned’ and taken to a different part of the water.” - this is what one of the Mom's said!
The book "Bad Blood" about Theranos is absolutely gripping.
I have not been quoting her book in multiple comments; I had one other comment where I stated that contrary to popular belief, Lynne did not say anything about Britney's virginity, bipolar diagnoses, etc. There are many false reports regarding the actual content of her book, which I have read and know is void of many rumored stories.
Jamie did not deny anything Lynne - or anyone else - said about him. I was only stating the reasons why Britney herself has said she has "never had a good relationship with [her] father." This is hardly a secret and not worth debating further. The court doesn't argue his past either, and that wasn't even why I mentioned his past - again, I'm referring to Britney's childhood and how it shaped her relationship with her father. Regardless, Lynne and Jamie were on good terms back in 2008, and she was not trying to assassinate his character. She was just telling her story. They actually got back together at one point... the story didn't change.
There is a history of contentious situations with the judge involved in Britney's case. I'll share a few: https://web.archive.org/web/20111203192937/http://www.judgerevagoetz.com/
http://www.therobingroom.com/california/Judge.aspx?id=15067
https://twitter.com/mandell_peter/status/1024783729418330112?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1024783729418330112
Which makes this even more interesting: https://pbs.twimg.com/media/D4UvqtlXoAAfFkX.jpg
Regarding the commentator who said Britney's mom discussed bipolar in her book (which is 100% false), TMZ is known for speaking to Britney's team; in fact, it's known that the team uses TMZ, E! News, People magazine, etc. to control various narratives surrounding her life. That's fine - it's how they protect her from unfavorable rumors these days, which is understandable after the intense scrutiny and violations of privacy she's endured. For the record, TMZ stated a few weeks ago that she has a bipolar diagnosis, but quickly deleted all mentions of the diagnosis. Today they said they've spoken to many people "in her world," and she has never received a formal bipolar diagnosis, but she absolutely "must" take the medications because of "similar symptoms."
If true (again, I do not know Britney nor do I claim to, but I don't feel bad discussing this given her team's relationship with TMZ and their desire to put it out there), it's very interesting how someone who has been under two 5150s and seen many top doctors has never received a formal diagnosis. I know my doctor wouldn't put me on those strong meds if I didn't officially have bipolar. I am not privy to all the personal details of Britney's life, but guardianship abuse is not uncommon whatsoever, and I hope she has someone helping her out because even her best friend since childhood whom she still sees today - Jansen - is following the #freebritney movement and responding with thumbs up. Remember Jansen from For the Record, Britney in Hawaii, preschool pictures, etc.? She's been there since day one and is still a best friend to Brit: https://www.instagram.com/p/BPgswBNgDh1/?hl=en
When a 37-year-old woman can't even pick her own friends, go to the bathroom alone, consent to taking a selfie without her father's permission (Mario Lopez also commented on this to say he remembered), etc., that would make anyone feel incredibly stifled. There are many ways to help someone that don't involve completely stripping them of their rights - I know this personally.
I'm not saying I know what's best for her, but again, I really hope someone who is legally authorized is watching this very carefully. It's not up to me, of course, but I just hope she's okay. Apparently her best friend doesn't think she is; there are messages of her saying she believes prayers are needed.
We'll see what happens. I personally hope she escapes the spotlight forever and do not care to purchase any music or concert tickets from her. I haven't in years.
“Go ahead and see what you can do, because you have been deemed incapacitated, so everything you say or do is meaningless,” said Brenda Uekert, principal court research consultant with the National Center for State Courts. “You can’t even get an attorney, because a judge has already determined that you don’t have the ability to make decisions for yourself.”
https://www.nextavenue.org/guardianship-u-s-protection-exploitation/
“In most states around the country, it is easier to qualify as a guardian than it is to become a hairdresser. There are no sanctions when they serve poorly." - PAMELA B. TEASTER, DIRECTOR OF THE CENTER FOR GERONTOLOGY AT VIRGINIA TECH
https://www.huffpost.com/entry/court-appointed-guardian-system-failing-elderly_n_59d3f70be4b06226e3f44d4e
Often, it is only possible to take the conservator to court through an uphill battle and regain the rights of the individual after a lengthy fight.
Other situations increase the difficulty of pursuing the claim if the person under the conservatorship is legally deemed incapacitated. The court considers these elderly individuals as unable to make decisions for themselves. Reversing this is usually the first item to accomplish.
https://www.hg.org/legal-articles/conservators-committing-fraud-48066
More victims: https://stopguardianabuse.org/victims/
More: https://www.amazon.com/Guardianship-Fraud-M-Larsen/dp/0692586210
There are endless stories.
If you haven't already I suggest you read this.
https://www.amazon.com/Ugly-Game-Qatari-Plot-World/dp/147114934X.
I have been a life long football fan and this will be the 3rd worldcup I refuse to watch.
Hm. The track record for organizations that are penalized and rewarded based on statistics is not a confidence-building one. It is SO much easier and cheaper to tweak the numbers than do the work.
The trouble is the fox guards the hen house when it comes to auditing such claims, so no one really knows. Hell, usually they don't even try. It takes stupid-greedy-level fucked-upedness like the Atlanta public school system's test cheating scandal for the BS to be exposed.
http://en.wikipedia.org/wiki/Atlanta_Public_Schools_cheating_scandal
Or the VA:
http://en.wikipedia.org/wiki/VA_scandal
Since people are people regardless of time or location, I think it is reasonable to regard Mayor Sly's claims with a healthy dose of skepticism. Especially when it involves police work. "Guarding the guardians" is such a problem that books have been written about it:
http://www.amazon.com/The-Crime-Numbers-Game-Manipulation/dp/1439810311
start reading with this book, The Book of Scams, by roger, oh sorry, by Rodney Hobson.
https://www.amazon.com/Book-Scams-Rodney-Hobson/dp/0857194860