The WorldCom Scandal (2002) - International Banker
Sep 29, 2021 · 28.5K . C oming 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.. By June 2002, the United States’ second-largest long-distance telecommunications company ...
The Enron Scandal (2001) - International Banker
Sep 29, 2021 · Enron Corp., once a top American energy-trading company, became a case study in corporate-accounting chicanery and filed for bankruptcy in 2001. The corporation’s troubles started with the introduction of mark-to-market accounting practices, leading to inflated valuations that could be hidden from investors and regulators for only so long.
The Stock Market Crash of 1929 - International Banker
Sep 29, 2021 · 4.6K . 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 · 12.8K . 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.
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 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.
International Banker - Authoritative Analysis on International …
Authoritative Analysis on International Banking, Finance and World Affairs
Liquidity Management: A New Challenge for Banks - International …
Jan 10, 2023 · 3.5K. By Phillip Straley, President, FNA . S tories of liquidity pressures have dominated the headlines recently as banks and other financial institutions feel the strain of current market challenges. Even market favourites, such as fast growing fintechs, are feeling the pain of the liquidity shortage. For years, the benefits of abundant and cheap liquidity have meant a benign funding ...
Why Inflation in Argentina Is Above 100 Percent - International …
May 16, 2023 · 1.3K. By Valerie Hernandez, International Banker. O n May 12, Argentina’s official statistics agency confirmed that prices had surged by a mammoth 108.8 percent year-on-year in April, having already posted 104.3 percent in March and 102.5 percent in February. The last time the South American country posted such sky-high rates was back in 1991 when it was mired in a period of hyperinflation ...