three days after the earthquake hit the
bank was busted it was bankrupt and it
was Leeson’s fault
greed conspiracies and lies these
companies are guilty of them all Martha
Stewart was indicted on criminal charges
relating to an insider trading scandal
that began more than a year ago welcome
to watchmojo.com and today we’re
counting down our picks for the top ten
corporate scandals
you’ve been bankrupt you’ve been sort of
living out of the trunk of his car he
was the kind of guy who’s always talking
up a story for this list we’re taking a
look at sensational controversies
involving huge names from the business
world all of which have had wide-ranging
consequences affecting companies and
normal people alike what began as an
industrial accident hundreds of miles
away could have such an impact on us the
crude crisis began on the evening of
April 20th 2010 we’ve based our choices
on a combination of the money involved
how high-profile the individuals and
companies are the impact of the scandals
on others and their overall size as well
as whether any jail time was given out I
what kind of chasing for ya
Oh terrible death it’s like a massive
earthquake number ten reacts gold mining
scandal early one of the biggest frauds
in the history of the world probably the
biggest mining fraud of all time the
mining arm of this Canadian company shot
to prominence in 1995 when it claimed it
had discovered a huge gold store in
Indonesia the resulting increase in
stock price
Sabri ex minerals limited make over six
billion in Canadian dollars but the
bottom line was that it was all based on
a lie
perpetrated by geologist Michael de
Guzman the fraud came to light when de
Guzman killed himself by jumping from a
helicopter takes off over the jungle
he’s about 400 or 500 feet in the air
over some of the deepest rainforest in
all of Indonesia and the pilot looked at
the back seat and de Guzman was gone
further analysis of the mining site
revealed there to be insignificant
amounts of gold which ultimately sent
the company into bankruptcy although
little money was recovered for those who
were misled the scandal did result in
significant changes to Canadian
legislation with respect to professional
geology it would be somewhat more
difficult to pull off a similar type of
scam but it isn’t impossible it’s
probably still could be done again
number 9 IBM and the Nazis during world
war ii IBM played an integral role in
carrying out the holocaust in poland
it’s well known that many companies form
questionable allegiances in the interest
of business hi I’m Jared the subway guy
and this is my story but aiding the
Third Reich in the systematic
identification and genocide of millions
of people is a crime many would label
unforgivable the punch cards by the
millions had to be printed and they were
printed exclusively by IBM and the
profits were recovered just after the
war the German subsidiary of the company
allegedly provided punch cards to
quickly analyze the ethnic backgrounds
of the populations of countries the
Nazis occupied to determine who should
be imprisoned or killed in a
concentration camp the company has never
openly admitted direct involvement with
the Nazi regime but this remains a black
mark on one of the biggest corporations
in the United State
the fact that they have used equipment
you know that is a fact but how they got
it how much cooperation they got and any
kind of collusion trying to connect dots
that are not connected I think that’s
the part that is discredited number
eight the Deepwater Horizon oil spill
massive oil slick now covering some 600
square miles of the Gulf of Mexico and
it could start reaching the United
States close within hours the major oil
company known as BP may already have had
a famously poor environmental record but
this disaster was the worst in the
history of the petroleum industry eleven
people were killed in the initial
explosion of the Deepwater Horizon oil
rig in the Gulf of Mexico in 2010 but
humans and animals continue to feel the
detrimental effects of 210 million u.s.
gallons of oil flowing into the sea if
this thing would have been a mistake I
can live with that but this was a
mistake of just pure greed the company
was hit with charges that amounted to
eighteen point seven billion dollars in
fines for their gross negligence and
willful conduct however whether this
amount of money is capable of reversing
the environmental damage remains to be
seen our accidental drilling spill again
in the Gulf is a tragedy that should
have never happened and to all those
affected I want to say we are deeply
sorry we’re sorry we’re sorry number
seven the Lehman Brothers bankruptcy
stocks all around the world are tanking
because of the crisis on Wall Street the
2008 financial crisis was a tough time
for reckless investment banks as Bear
Stearns found out but the Lehman
Brothers collapse was the economic
events greatest victim hi sorry believe
me yeah
very upset the financial services firms
leveraging of borrowed money caused the
biggest bankruptcy in US history in 2008
and the company fizzled out of existence
in a rapid decline that enhanced the
economic devastation of the ongoing
crisis so you’ve been able to pocket
close to half a million dollars and my
question to you is a lot of people ask
is that fair for the CEO of a company
that’s now bankrupt to have made that
kind of money it’s just unimaginable to
so many people news emerged that
executives increased their pay just
before the bankruptcy and that accounts
had been altered to hide the bank’s poor
financial position this case stands as
the perfect example of the culture of
excess causing worldwide suffering for
billions of people this report comes
just short of suggesting this is by no
means an accident but instead one of the
greatest crimes ever perpetrated against
a group of people this crime and
accounting fraud perpetrated by bank
CEOs against the American taxpayer and
enabled by the US government
number six Tyco International theft
there are murderers out there who have
spent less time in prison than dennis
Kozlowski has fed and actually treated
by minim dennis Kozlowski and mark h
Swartz were infamous for their
extravagant lifestyles that were built
through the success of the security
systems company known as Tyco
International Limited and in 2002 they
were accused of stealing over 150
million dollars from the business the
then CEO and then CFO contended that the
board had authorized these payments as
bonuses the following trial was
something of a sham but eventually both
men were sentenced to up to 25 years in
prison during a retrial due to the duo’s
falsification of Records Tyco was forced
to pay almost three billion dollars to
defrauded and likely very angry
investors ninety cents a day now you
know so on a good week I make about 450
a week number five the bull Powell
disaster
the death toll of this 1984 disaster in
India is claimed to be more than 16,000
but it’s unknown how many people
actually suffered as a result of the gas
leak at the Union Carbide Indian Limited
pesticide plant former Union Carbide
corporation CEO Warren Anderson was
charged with manslaughter by Bhopal
authorities but never had to answer for
the disaster as the u.s. refused to
extradite him in 1989 470 million
dollars was paid by UCC to settle
litigation but a lawsuit seeking further
compensation for crimes against humanity
was dismissed in 2012 Anderson died two
years later with the Indian public still
feeling as though justice had not been
served there was a number of safeguards
that could have been and should have
been in place but they were not number
for the FIFA corruption case allegations
of systematic corruption and bribery
over the last two decades over two
decades relating to all of the major or
many of the major football tournaments
the governing body for the most popular
sport in the world has been dogged by
constant accusations of corruption but
in 2015 these suspicions were confirmed
18 individuals were indicted on charges
including money laundering and wire
fraud I don’t know what I’m more
surprised by that FIFA officials were
actually arrested or that America was
behind it it took the country that cares
the least about football to bring down
the people who have been ruining it
there is considerable evidence that
bribery of top officials has been key in
deciding where major tournaments like
the World Cup are held the 2010 FIFA
World Cup will be organized inside
as of the end of 2015 the whole
organization was still in turmoil as
further accusations of corruption
emerged regarding suspended president
Sepp Blatter it we go
number three WorldCom accounting fraud
WorldCom incorporated executives Scott D
Sullivan and David F Myers were charged
with seven counts of securities fraud
this telecommunication corporation held
the record for biggest bankruptcy in
2002 before the Lehman Brothers collapse
took its unwanted title six years later
throughout the early 2000s the company
was utilizing a complex scheme of
adjusting its books to hide the
considerable losses although I would
like more than you know to answer the
questions that you and your colleagues
have about WorldCom I’ve been instructed
by my counsel not to testify based on my
Fifth Amendment constitutional rights by
2003 it’s thought that their total
assets had been fraudulently inflated by
around eleven billion dollars in 2005
former CEO Bernard Ebbers was convicted
of various types of fraud that would
keep him behind bars for 25 years a
sentence many would say was befitting
someone who deceived so many hopefully
it will deter people from hurting
investors former employees like myself
who basically have little or no recourse
except for a class-action lawsuit number
two the Volkswagen emissions scandal and
in my German words we’ve totally screwed
up in this case of fraud it was
discovered that one of the biggest car
manufacturers in the world was using
software to falsify emission test
results with an estimated 11 million of
its vehicles being affected while the
findings by the International Council on
clean transportation may end up costing
the company more than 18 billion dollars
in fines
what should also be considered is the
fact that Volkswagens reputation in the
eyes of the consumer could be
irreparably damaged as well as
substantial financial consequences the
company could be responsible for deaths
due to fumes that they had fraudulently
stopped from appearing in tests I don’t
think the company itself will fail but
the company will suffer a lot as a
result of what’s happened before we
reveal our top pick let’s take a look at
some dishonorable mentions bulkeley’s
are not alone in this
the FSA is continuing to investigate the
car
of a number of other banks in relation
to LIBOR we talked about apologies I
told you that I have a lot of people
apologies Setanta tree ani probe ato de
lama lactea Alex patrone de Labarre
mulatto Junoon eran allah my arrest in
hospitality pal Peter Lucia has to
investigate over a billion euros and
bribes that were paid out before he came
to Zeman’s number one the Enron scandal
the fatal flaw at Enron was pride
arrogance intolerance in a space of a
month or so this energy giant went from
being one of the biggest companies in
the world
to bankrupt our position as to whether
Arthur Andersen committed a crime has
not changed they did not not a single
person they’re dead what set the scandal
apart from the relatively common
instances of accounting fraud were the
failures of accounting firm Arthur
Andersen LLP which neglected to report
Enron’s crimes and led to the firm’s own
dissolution the sheer scale of Enron’s
fraudulent activity is difficult to
comprehend as it allowed the business to
pretend it was running at 100 billion
dollars in revenues through the use of
loopholes poor financial reporting and
more to conceal its massive debt many
critics thought that for an energy
company to be so reckless was
particularly important and that those
involved deserved their harsh sentences
Ken Lay’s resignation yesterday only
escalates the situation is that we will
not stop at resignations without dealing
with some form of restitution to those
that have been hurt do you agree with
our list what do you think is the
biggest corporate scandal or more
scandal as top 10s published every day
be sure to subscribe to watchmojo.com we
have changed our name from beyond
petroleum to dependable petroleum
DP we no longer fear we DP it
bank was busted it was bankrupt and it
was Leeson’s fault
greed conspiracies and lies these
companies are guilty of them all Martha
Stewart was indicted on criminal charges
relating to an insider trading scandal
that began more than a year ago welcome
to watchmojo.com and today we’re
counting down our picks for the top ten
corporate scandals
you’ve been bankrupt you’ve been sort of
living out of the trunk of his car he
was the kind of guy who’s always talking
up a story for this list we’re taking a
look at sensational controversies
involving huge names from the business
world all of which have had wide-ranging
consequences affecting companies and
normal people alike what began as an
industrial accident hundreds of miles
away could have such an impact on us the
crude crisis began on the evening of
April 20th 2010 we’ve based our choices
on a combination of the money involved
how high-profile the individuals and
companies are the impact of the scandals
on others and their overall size as well
as whether any jail time was given out I
what kind of chasing for ya
Oh terrible death it’s like a massive
earthquake number ten reacts gold mining
scandal early one of the biggest frauds
in the history of the world probably the
biggest mining fraud of all time the
mining arm of this Canadian company shot
to prominence in 1995 when it claimed it
had discovered a huge gold store in
Indonesia the resulting increase in
stock price
Sabri ex minerals limited make over six
billion in Canadian dollars but the
bottom line was that it was all based on
a lie
perpetrated by geologist Michael de
Guzman the fraud came to light when de
Guzman killed himself by jumping from a
helicopter takes off over the jungle
he’s about 400 or 500 feet in the air
over some of the deepest rainforest in
all of Indonesia and the pilot looked at
the back seat and de Guzman was gone
further analysis of the mining site
revealed there to be insignificant
amounts of gold which ultimately sent
the company into bankruptcy although
little money was recovered for those who
were misled the scandal did result in
significant changes to Canadian
legislation with respect to professional
geology it would be somewhat more
difficult to pull off a similar type of
scam but it isn’t impossible it’s
probably still could be done again
number 9 IBM and the Nazis during world
war ii IBM played an integral role in
carrying out the holocaust in poland
it’s well known that many companies form
questionable allegiances in the interest
of business hi I’m Jared the subway guy
and this is my story but aiding the
Third Reich in the systematic
identification and genocide of millions
of people is a crime many would label
unforgivable the punch cards by the
millions had to be printed and they were
printed exclusively by IBM and the
profits were recovered just after the
war the German subsidiary of the company
allegedly provided punch cards to
quickly analyze the ethnic backgrounds
of the populations of countries the
Nazis occupied to determine who should
be imprisoned or killed in a
concentration camp the company has never
openly admitted direct involvement with
the Nazi regime but this remains a black
mark on one of the biggest corporations
in the United State
the fact that they have used equipment
you know that is a fact but how they got
it how much cooperation they got and any
kind of collusion trying to connect dots
that are not connected I think that’s
the part that is discredited number
eight the Deepwater Horizon oil spill
massive oil slick now covering some 600
square miles of the Gulf of Mexico and
it could start reaching the United
States close within hours the major oil
company known as BP may already have had
a famously poor environmental record but
this disaster was the worst in the
history of the petroleum industry eleven
people were killed in the initial
explosion of the Deepwater Horizon oil
rig in the Gulf of Mexico in 2010 but
humans and animals continue to feel the
detrimental effects of 210 million u.s.
gallons of oil flowing into the sea if
this thing would have been a mistake I
can live with that but this was a
mistake of just pure greed the company
was hit with charges that amounted to
eighteen point seven billion dollars in
fines for their gross negligence and
willful conduct however whether this
amount of money is capable of reversing
the environmental damage remains to be
seen our accidental drilling spill again
in the Gulf is a tragedy that should
have never happened and to all those
affected I want to say we are deeply
sorry we’re sorry we’re sorry number
seven the Lehman Brothers bankruptcy
stocks all around the world are tanking
because of the crisis on Wall Street the
2008 financial crisis was a tough time
for reckless investment banks as Bear
Stearns found out but the Lehman
Brothers collapse was the economic
events greatest victim hi sorry believe
me yeah
very upset the financial services firms
leveraging of borrowed money caused the
biggest bankruptcy in US history in 2008
and the company fizzled out of existence
in a rapid decline that enhanced the
economic devastation of the ongoing
crisis so you’ve been able to pocket
close to half a million dollars and my
question to you is a lot of people ask
is that fair for the CEO of a company
that’s now bankrupt to have made that
kind of money it’s just unimaginable to
so many people news emerged that
executives increased their pay just
before the bankruptcy and that accounts
had been altered to hide the bank’s poor
financial position this case stands as
the perfect example of the culture of
excess causing worldwide suffering for
billions of people this report comes
just short of suggesting this is by no
means an accident but instead one of the
greatest crimes ever perpetrated against
a group of people this crime and
accounting fraud perpetrated by bank
CEOs against the American taxpayer and
enabled by the US government
number six Tyco International theft
there are murderers out there who have
spent less time in prison than dennis
Kozlowski has fed and actually treated
by minim dennis Kozlowski and mark h
Swartz were infamous for their
extravagant lifestyles that were built
through the success of the security
systems company known as Tyco
International Limited and in 2002 they
were accused of stealing over 150
million dollars from the business the
then CEO and then CFO contended that the
board had authorized these payments as
bonuses the following trial was
something of a sham but eventually both
men were sentenced to up to 25 years in
prison during a retrial due to the duo’s
falsification of Records Tyco was forced
to pay almost three billion dollars to
defrauded and likely very angry
investors ninety cents a day now you
know so on a good week I make about 450
a week number five the bull Powell
disaster
the death toll of this 1984 disaster in
India is claimed to be more than 16,000
but it’s unknown how many people
actually suffered as a result of the gas
leak at the Union Carbide Indian Limited
pesticide plant former Union Carbide
corporation CEO Warren Anderson was
charged with manslaughter by Bhopal
authorities but never had to answer for
the disaster as the u.s. refused to
extradite him in 1989 470 million
dollars was paid by UCC to settle
litigation but a lawsuit seeking further
compensation for crimes against humanity
was dismissed in 2012 Anderson died two
years later with the Indian public still
feeling as though justice had not been
served there was a number of safeguards
that could have been and should have
been in place but they were not number
for the FIFA corruption case allegations
of systematic corruption and bribery
over the last two decades over two
decades relating to all of the major or
many of the major football tournaments
the governing body for the most popular
sport in the world has been dogged by
constant accusations of corruption but
in 2015 these suspicions were confirmed
18 individuals were indicted on charges
including money laundering and wire
fraud I don’t know what I’m more
surprised by that FIFA officials were
actually arrested or that America was
behind it it took the country that cares
the least about football to bring down
the people who have been ruining it
there is considerable evidence that
bribery of top officials has been key in
deciding where major tournaments like
the World Cup are held the 2010 FIFA
World Cup will be organized inside
as of the end of 2015 the whole
organization was still in turmoil as
further accusations of corruption
emerged regarding suspended president
Sepp Blatter it we go
number three WorldCom accounting fraud
WorldCom incorporated executives Scott D
Sullivan and David F Myers were charged
with seven counts of securities fraud
this telecommunication corporation held
the record for biggest bankruptcy in
2002 before the Lehman Brothers collapse
took its unwanted title six years later
throughout the early 2000s the company
was utilizing a complex scheme of
adjusting its books to hide the
considerable losses although I would
like more than you know to answer the
questions that you and your colleagues
have about WorldCom I’ve been instructed
by my counsel not to testify based on my
Fifth Amendment constitutional rights by
2003 it’s thought that their total
assets had been fraudulently inflated by
around eleven billion dollars in 2005
former CEO Bernard Ebbers was convicted
of various types of fraud that would
keep him behind bars for 25 years a
sentence many would say was befitting
someone who deceived so many hopefully
it will deter people from hurting
investors former employees like myself
who basically have little or no recourse
except for a class-action lawsuit number
two the Volkswagen emissions scandal and
in my German words we’ve totally screwed
up in this case of fraud it was
discovered that one of the biggest car
manufacturers in the world was using
software to falsify emission test
results with an estimated 11 million of
its vehicles being affected while the
findings by the International Council on
clean transportation may end up costing
the company more than 18 billion dollars
in fines
what should also be considered is the
fact that Volkswagens reputation in the
eyes of the consumer could be
irreparably damaged as well as
substantial financial consequences the
company could be responsible for deaths
due to fumes that they had fraudulently
stopped from appearing in tests I don’t
think the company itself will fail but
the company will suffer a lot as a
result of what’s happened before we
reveal our top pick let’s take a look at
some dishonorable mentions bulkeley’s
are not alone in this
the FSA is continuing to investigate the
car
of a number of other banks in relation
to LIBOR we talked about apologies I
told you that I have a lot of people
apologies Setanta tree ani probe ato de
lama lactea Alex patrone de Labarre
mulatto Junoon eran allah my arrest in
hospitality pal Peter Lucia has to
investigate over a billion euros and
bribes that were paid out before he came
to Zeman’s number one the Enron scandal
the fatal flaw at Enron was pride
arrogance intolerance in a space of a
month or so this energy giant went from
being one of the biggest companies in
the world
to bankrupt our position as to whether
Arthur Andersen committed a crime has
not changed they did not not a single
person they’re dead what set the scandal
apart from the relatively common
instances of accounting fraud were the
failures of accounting firm Arthur
Andersen LLP which neglected to report
Enron’s crimes and led to the firm’s own
dissolution the sheer scale of Enron’s
fraudulent activity is difficult to
comprehend as it allowed the business to
pretend it was running at 100 billion
dollars in revenues through the use of
loopholes poor financial reporting and
more to conceal its massive debt many
critics thought that for an energy
company to be so reckless was
particularly important and that those
involved deserved their harsh sentences
Ken Lay’s resignation yesterday only
escalates the situation is that we will
not stop at resignations without dealing
with some form of restitution to those
that have been hurt do you agree with
our list what do you think is the
biggest corporate scandal or more
scandal as top 10s published every day
be sure to subscribe to watchmojo.com we
have changed our name from beyond
petroleum to dependable petroleum
DP we no longer fear we DP it
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