...Robert Fiorelli Mrs. Neilson FYS 101-143 8 November 2013 The Black Sox Scandal and its Impact on Society Today Baseball as our american pastime has not only served as a viable source of entertainment, but has impacted our society into what it is today. Through the games clean, wholesome attitude, as well as its ability to draw a large community of people together, it has gotten us through historical tragedies and has also shed light on what is reality. One of the most prime examples of baseball being used as a template for the development of society and the game itself is the 1919 world series. In the beginning of the twentieth century, this particular world series turned into the darkest event in baseball history. Gamblers set up deals with the White Sox players to lose the world series on purpose, after being largely targeted as the clear favorites to win. Although this scandal was horrible for the game at the time, it set a standard for baseball and society that is still in effect today, which is why it is important to learn about what happened. It is nearing the end of the 1919 season, and the fans are in a frenzy about how good their White Sox have been playing. The owner of the White Sox, Charles Comiskey, stands tall over everyone, as his team is playing at such an untouchable level. Comiskey is an idol around the Chicago area, since he is running such a successful team. The only person he is not an idol to is his players. Comiskey had a notorious reputation...
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...Red Sox Organization When you hear someone talking about the Boston Red Sox, you often think of the baseball team or the players, but we forget that they are an organization. Like any organization, the Red Sox has its own organizational behavior that influences the performance and commitment of its employees. Besides the team manager and the occasional interviews with the owners, most people don’t realize that the Red Sox organization consists of hundreds of managers and employees at all different levels. From the owners to the ball boys, the organization behavior is a product of the attitudes and behaviors of these individuals and groups. Understanding why these individuals act the way they do is essential to managing the Red Sox organization effectively. To better understand what makes the Red Sox so valuable to its fans we must look at it from a resource-based view (pg. 9). As an employee at Fenway Park, I can tell you that Fenway Park is one of, if not, the most valued inimitable resources the Red Sox owns (pg. 10). Another resource is its history of players, such as Jason Varitek, who spent his entire 15 years in the MLB with the Red Sox. There is also a socially complex resource the Red Sox have that attracts fans worldwide that has been given the name Red Sox Nation (pg.10). Red Sox management has always had a keen eye for choosing well performing and committed players, non-more committed than Curt Schilling. Famous for his bloody sock, Schilling had torn his tendons...
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...years already. Attendance was in decline and rumors of fixing had caused injury before. The Black Sox Scandal seemed destined to ruin baseball as a professional sport entirely. The Chicago White Sox and the Cincinnati Reds made it to the 1919 World Series. This World Series is said to be the most well-known outrage in baseball history. The best players in the league were not making much more than the average baseball player and a bribe of money could sway the outcome of any game. What player would pass up additional money? Approximately eighty thousand dollars was paid off by gamblers to players of the White Sox team to affect the outcome of the games. During these games, the White Sox manager,...
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...will get to see Ban Johnson's minor Western league now known as the Boston Red Sox. It soon passed however that the name changed from Minor Western League to the American League where during that time they were fondly referred to as the Americans. They made their first claim to fame in 1903 with the pennant win for that year. That first pennant win can as a result of beating out the Pittsburgh Pirates. From there the Boston Red Socks had many a victory. At least up to 1906 when things seemed to go stale for them. All this was about to change as they added new blood to their roster. Through much perseverance, the Red Sox brought themselves back into third place, but the real victory came with their winning the 1912 pennant. It was a great day when Babe Ruth became part of the Boston Red Sox and was no doubt one of the contributing factors to the Red Sox making it to the top in 1918....
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...Q1) The ‘Black Sox’ Baseball scandal happened when the White Sox baseball team lost to the Cincinnati Reds in 1919. There was an air of suspicion surrounding the match; many believed that the game was set-up. Months after the game, it was confirmed that 8 of the White Sox players (Arnold "Chick" Gandil, Eddie Cicotte, Oscar "Happy" Felsch, "Shoeless" Joe Jackson, Fred McMullin, George "Buck" Weaver, Charles "Swede" Risberg and Claude "Lefty" Williams) were paid to throw the game. They were later trailed for conspiracy and banned from playing baseball for life. Q2) It was discovered that the 8 ‘Black Sox’ baseball players were bribed to throw the game a couple of months after the World Series. Many spectators and news writers were both intrigued...
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...Black Sox Scandal “Say it ain’t so Joe” a kid said to Joe Jackson as he walked out of the room. “Yes kid, I’m afraid it is.” This was captured by Chicago Herald and Examiner as Joe Jackson was leaving court. (Mitchell, Fred). This occurred between Joe Jackson and a kid after the sandal of the series being thrown away had been released and the players had to go to court to figure out the truth and what would happen after that. The kid in this quoted conversation didn’t want to believe the scandal was true, but Joe Jackson confirmed to him, that indeed it was true. The Black Sox Scandal was the most controversial event in baseball history due to the team being bribed to lose the games, players threw the World Series away and eight of the Black...
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...Boston Red Sox swept the AL West champion Angels in the Division Series, winning Game 3 by a score of 8-6. Then advanced to a rematch in the 2004 American League Championship Series against their bitter rivals: the New York Yankees. Boston Red Sox became history makers, becoming the first team in Major League Baseball history to recover from a 3-0 deficit. Boston Red Sox won the 2004 World Series against the St. Louis Cardinals, a team that had posted the best record in the major leagues and that had defeated them in the past. The final out of the game was made on Cardinals shortstop Edgar Rentería at 11:40 pm, in the midst of a lunar eclipse. Boston Red Sox won baseball's World Championship for the first time in 86 years. Ramirez was named MVP of the Series. Boston Red Sox held a parade or in Boston mayor Thomas Menino words, they put up a "rolling rally" on Saturday, October 30, 2004. More than 3 million members of "Red Sox Nation" filled the streets of Boston to cheer as the team rode Duck Tours. Boston Red Sox became the Sports...
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...The Boston Red Sox vs. The New York Yankees According to "The History of Major League Baseball" (2003/2013), professional baseball dates back to 1869 when the Cincinnati Red Stockings were formed by a group of Ohio investors (First Pro Team the Cincinnati Red Stockings). In 1903 a governing body was formed to enforce the rules of the game and was made up of two separate leagues, the American League and the National League. That was the birth of Major League Baseball (MLB) and the first World Series, which put the best from both leagues against each other to establish dominance, was in the fall of 1903 ("Boston Red Sox 1901 - Present", 2001/2013). The Boston Red Sox and New York Yankees have been members of the American League since day one and currently are members of the eastern division of that league. These two franchises demonstrate how to build a strong fan base and team chemistry by acquiring players and managers that represent the cities in which they play. The Boston Red Sox, originally the Boston Americans, were formed in 1901 ("Boston Red Sox 1901 - Present", 2001/2013). They took on the Red Sox name in 1907. The first World Series ever played was between Boston and the Pittsburgh franchise with Boston winning the series and being crowned the new organizations first champions. The team enjoyed much success in the early years winning five championships from 1903 – 1918 before having a championship drought that lasted until 2004. The franchise has appeared in 12...
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...Shane Connolly Journal Article ACT 301 December 17, 2014 Is The Sarbanes-Oxley Act Working? This article written by Stephen D. Willits and Curtis Nicholls was printed in the CPA journal in April of this year. To give a brief history of SOX after the corporate fraud in the early 2000’s the SEC felt pressure to respond. Their response to the fraud committed my giant corporations such as Enron and WorldCom was the Sarbanes-Oxley Act. The main point of SOX was to try to limit or ideally eliminate corporate fraud by cracking down on self-regulating audit. The answer as to whether SOX is working or not is not as simple as yes or no. Some say that the scope of SOX was too wide while others maintain that it did not go far enough. The basis for the success of SOX comes down to cost versus benefit. Section 404 of SOX seems to have drawn the greatest criticism. Section 404 states that companies must issue reports concerning the internal control structure and the procedures for financial reporting. The purpose of this section was assessing the internal control and procedures of any company. The problem was the cost. Shortly after SOX was enacted companies (depending on size) report spending between 4 and 10 million dollars in order to comply with section 404. This number was expected to decrease as companies adjusted to the new laws; however there have been conflicting reports as to whether that has come to fruition. In respond to the political pressure the SEC was facing regarding...
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...Sarbanes-Oxley Act (Sox Act) 2002 Student’s Name Institutional attachment The Sarbanes Oxley [sox] Act of 2002 made a significant move in the administrative environment of publically exchanged organizations. Because of a becoming number of corporate misrepresentation outrages, for example, Enron and Tyco universal, the united state congress passed the law in a push to decrease the likelihood of future extortion. The law requires more compressive monetary reporting necessities and upholds stricter punishments on the individuals who occupied with plans to swindle financial specialists. Then again, there are numerous adversaries to the law who accept the regulations are unnecessary and excessively excessive for generally organizations. With the end goal of this paper, I will dissect an article title "The Law change corporate" by Michael peregrine, which traces the some significant impacts of the law. The creator is a corporate legal counselor and has abnormal state of experience dealing with agreeability issues with open organizations. Generally, Michael accepts that SOX has been very fruitful. The most vital impact clarified in this article is focused on the structure of corporate legislation. He expressed that SOX seized the focused of corporate course from the corner of the workplace and returned it the meeting room, where it had a place. Besides the law empowered the recognizable proof of the best practices to guide meeting room conduct. Preceding 2002...
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...The Impact of Sarbanes-Oxley Act of 2002 on Accounting and Finance Departments Danika Grace Brown Lakeland College Kellett School of Business – BlendEd BA 772 Advanced Industrial Accounting II Instructor Mary Diederich March 10, 2015 Table of Contents Abstract 2 Overview of the Sarbanes-Oxley Act of 2002 3 About SOX 4 Reporting and Compliance 5 Risk Assessment and Control 6 Interview at Company X 7 Standards for Corporations and Officers 8 Auditing and Financial Reporting 9 Future Impact of SOX 10 Conclusion 11 References 13 Abstract Sarbanes-Oxley is the response from Congress in regards to the financial industry collapse that happened over a decade ago. Due to unethical reporting from corporations, Sarbanes-Oxley (SOX) is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. As a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Furthermore, SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements. This paper will look to provide an oversight of the law and how it pertains to the standards in Accounting and Finance departments nowadays. In addition, this paper will also touch on the ongoing costs and benefits of the now standard...
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...Group 2 Assignment: The Sarbanes-Oxley Act (SOX) & Financial Statements Accuracy University of Maryland University College Geralda Francois Courtney Holbrook Nicole Mone Walker Moyosore Bankole AMBA630 Mark Wylie August 18, 2015 Introduction The United States Securities and Exchange Commission (SEC) was created after the Great Depression of the 1930’s, and given a mandate to oversee US financial markets. Since then its basic policy has been to promote transparency in corporate finance, through the full disclosure of companies’ financial performances. This allowed the SEC to maintain a strong track record of corporate financial disclosure oversight through the 1990’s, when a period of rapid stock market growth and crashes rocked the system (Introduction to SOX, n.d). During that period, companies such as Enron and Sunbeam Corporation abruptly filed for bankruptcy or devalued overnight. This occurred largely because they concealed the real state of their financial health on audit reports (Livingston, 2003, p.7). In response to these scandals the US Congress passed the Sarbanes-Oxley Act of 2002 (SOX). Many of the provisions in SOX give additional powers to the SEC, including jurisdiction over the new Public Accounting Oversight Board and oversight over private industry Generally Accepted Accounting Principles (GAAP), and Generally Accepted Auditing Standards (GAAS). Moreover, U.S. public company CEOs and CFOs must certify the accuracy of financial statements...
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...The SOX Act The SOX Act Paul Sarbanes a senator and a Representative Michael Oxley in 2002 created the Sarbanes-Oxley Act, also known as the SOX Act. These people drafted this act to protect public companies by regulating the truthfulness along with the consistency of financial accounts. The SOX Act put in place new rules and laws for corporate accountability as well as new penalties. It changed how corporate boards and executives interacted with these auditors. It eliminated the excuses from chief executive officers and chief financial officers. Instead it held them liable for the correctness of financial statements. The SOX Act specifies new financial reporting responsibilities, including accuracy regarding new in-house controls and measures designed to ensure the reliability of their financial records. The SOX Act requires financial reports to include an internal control report. It is designed to show that not only are the company's financial data correct but also the company has confidence in them because satisfactory controls are in place to protect financial data. Financial reports must contain an evaluation of the success of the internal controls. The auditing firms are required to confirm to that assessment. The auditing firm does this after reviewing controls, policies, and procedures during a Section 4040 audit, conducted along with an established financial audit. Roles that ethics plays in business today with the SOX Act require...
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...Sarbanes-Oxley Act of 2002 SE584: Forensic and Business Investigations Techniques February 22, 2009 The passage of the Sarbanes-Oxley Act of 2002 (SOX) changed how accounting is practiced and how corporations handle their accounting departments, to include auditing and internal controls. Some of these changes are for better accountability and some are for governing the application of stricter rules. The accounting profession was dramatically affected by the events leading up to and after the passing of this law. In the days before SOX, there were many high valued fraudulent activities. The news was flooded with employees, managers, and executives who were committing fraud against their investors, their organizations, or both. Millions and billions of dollars were being lost. The acts that brought about SOX began many years before its inception but were especially prevalent during the dot-com boom. These company’s executives fraudulently reported increases in revenue dollars, bringing their net income up in order to keep pace with their growth projected by analysts. The collapse of these “fast and furious” companies did not mean the last of the major fraudulent activities by executives against organizations or their investors. The 1990s was a time that saw many changes affecting business. The Internet was beginning to open more to commercial use, no more was it just for academics and the government. The age of technology that had started in the 1960s truly took off. The...
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...Possible Changes to SOX Although SOX has improved firms’ financial reporting, additional modifications could make SOX more effective. Adjustments could be made that will encourage better composition and performance of corporate boards, improve safeguards for whistleblowers, and enhance management accountability as well as the function of the PCAOB. Although SOX put in significant provisions to improve corporate governance, which included the establishment of audit committees that had independent directors, there is room for improvement. One potential measure is to set term limits for directors, which would ensure that fresh eyes are reviewing business practices . Another measure is to limit the number of public company boards an individual could serve on, which would ensure that board members are not focusing on too many different companies. It is possible that these recommendations will constitute regulatory overreach. At minimum there could be measures that require continuing education for board members so that they remain current in their knowledge of best corporate practices. Another weakness of the bill is that it does not provide protection for auditors who want to report fraud but worry about potential retaliation. Legislation could be created, requiring that no auditors can be fired unless a super majority of the shareholders approves it or the SEC allows it (Livingstone, 2003). In addition, the law already requires that a confidential reporting system is available...
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