...agreement between the defense lawyer, the defendant, and the prosecutor to dismiss a case up front, that is, in advance of the accused agreeing to some concessions. Terms generally involve needing to pay a fine/penalty, assurance to improve internal practices, and cooperation with any specific investigation. We have all seen this tactic used in real life (HSBC) and in fictitious television series if you’re an avid Law and Order fan; cutting a deal so to speak for lesser charges. A significant advantage of this particular tactic is that there is no need for judicial intervention. In result the Department of Justice (DOJ) does not have any concerns regarding a judge’s fairness of resolve or anticipating its judgment. I believe there are more disadvantages than advantages when it comes to DPA’s for corporations. It has become a commonplace for corporations now to use this strategy. It seems to me that this promotes unfairness, double standards, and gross abuse of power with respect to using this for corporations. DPAs make it appear that companies are essentially buying their way out of prosecution. Due to the fact that DPAs resolutions to matters do not require trials, jury, appellate courts, or establish judicial precedents, clear boundaries cannot be made in regards to permissible legal comportment. DPAs deliver a beneficial and dynamic tool to quickly, cheaply, and efficiently dispose of cases involving low-level, first-time offenders of misdemeanor crimes. Undoubtedly, DPAs...
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...EUROPEAN UNIVERSITY OF LEFKE NAME: JESSE RYAN JOHNSON STUDENT ID: 154262 COURSE: CRISIS MANAGEMENT (CASE ANALYSIS) WEALTH MANAGEMENT CRISIS AT UBS (B) INTRODUCTION UBS has taken decisive and proactive steps to strengthen its crisis resilience by transforming its strategy and significantly improving its capital strength. The Swiss bank UBS became embroiled in controversy starting in 2008 when the U.S. Federal Bureau of Investigation (FBI) made a formal request to travel to Switzerland to probe a multi-billion-dollar tax evasion case involving the bank. The investigation had, in part, been prompted by disclosures made by Bradley Birkenfeld, a former UBS banker in Switzerland, who testified to the U.S. Department of Justice (DOJ). The issue started by Birkenfeld's whistleblowing and resulting controversy created unprecedented pressure on UBS, the Swiss banking industry and the Swiss government from the U.S eager to claw back delinquent taxes from assets their taxpayers had stashed in offshore accounts maintained by UBS and other Swiss banks. On February 2008 the US department of justice DOJ announced a deferred prosecution agreement with UBS. Whose term allowed UBS to avoid criminal indictment in return of payment of $780 million which comprises interest, penalties, and restitution for unpaid taxes, as well as the 250 names of the US Client who invaded TAXES by hiding assets in Switzerland. Other countries followed the US lead, relying on data that was stolen from...
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...important? A 2004 study by the Association of Certified Fraud Examiners (ACFE) reported that organizations without proper mechanisms for reporting fraud and unethical behaviour suffered fraud-related losses that were almost twice as high as those with such mechanisms. It also stated that about 40% of frauds are initially detected through whistleblowing, compared to 24% for internal audits, 21% by accident, 18% through internal controls, and 11% through internal audits. Thus, it is important to have a proper whistle blowing mechanism present in all organisations. Ethical Issue 1: Protection of whistle-blowers Protection of whistle-blowers is needed to encourage people to whistle-blow especially when: 1. Efforts to inform employers or government agencies have proven to be futile and he/she needs to go to the media. Example: HSBC Everett Stern case Stern was an Anti-Money Laundering officer at HSBC. In _____, he found many discrepancies and informed his supervisors and even the government agencies about it. However, there was no action taken. Stern then had to resort going to various media outlets to whistle blow on HSBC’s role in facilitating money laundering which resulted in him facing dire consequences. 2. There is a possibility of defamation charges or lawsuits against them Example: City Harvest and the NKF case. In 1999, Tan Kiat Noi was sued for defamation when he alleged that NKF was paying unrealistically high bonuses and that the then-CEO Durai had been flying...
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...FIGHTING GLOBAL POVERTY FIGHTING GLOBAL POVERTY Banking on Bloodshed UK high street banks’ complicity in the arms trade Banking on Bloodshed: UK high street banks’ complicity in the arms trade Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1. The arms trade – “theft from those who hunger” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.1 Making a killing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.2 Fuelling poverty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1.3 Profiting from war and human rights abuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2. Financing the arms trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2.1 2.2 2.3 2.4 Providing banking services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
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...“Good corporate Governance as a vital constituent of Corporate Social Responsibility” with reference to Indian MNCs Type: Literature review Name of Research Scholar: Santosh Basavaraj, Research Scholar, Anna University of Technology, Coimbatore. Research Supervisor: Dr.B.Rajasekaran, Principal, RKKR School of Management Studies Ettimanickampatty, Coimbatore Road, SALEM – 637 504 Contact Number & Email ID:997209785,santosh_bs2001@yahoo.com Purpose: This research paper aims at gaining an insight into the concepts of Corporate Governance and CSR which enables this researcher to generate new ideas on concepts under study. The central purpose of this research paper is to determine how companies Corporate Social Responsibility practices blended in Corporate Governance and to study integration of CSR with CG which enable future researchers to study how companies are able to sustain its Competitive edge with good CSR activities by considering some good practices followed in industry and their critical evaluations in recent events. This research sets the foundation for future study and refers literature to develop a new hypothesis in the concept of CSR. An additional objective of this research paper is to review the Literature on Corporate governance and studying the Juxtaposition of CG and ethical issues for better corporate social responsibility. Design/methodology/approach This is an exploratory research design and it is used to seek insight in general nature...
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...Table Of Content TOPICS | REMARK | Acknowledgement | | Objective | | Executive Summary | | Introduction | | ICICI Bank | | Yes Bank | | HSBC | | SBI Bank | | HRIS | | ICT | | Role of Banks in India | | Recommendations | | Conclusion | | Bibliography | | Objective: The objective of this report is to study the banking sector in the Indian Economy on a global perspective. In this we have tried to study the different aspects of the banks. Here in we have considered 4 banks, namely SBI, ICICI, HSBC, Yes Bank. Research Methodology: The research methodology that we adopted was a dual one:- Primary Research Under Primary research we visited the banks, collected data directly from the respected persons and analysed it. Secondary Research Under Secondary Research we took information from the Internet, Books. INTRODUCTION Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of ombay and the Bank of Madras, all three of which were established under charters from the British East ndia Company. For many years the Presidency banks acted...
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...bank account. Internet banking also facilitates buying and selling various products which varies country to country. In Bangladesh many banks have launched Internet Banking. Amongst those HSBC, City Bank, BRAC Bank, Bank Asia, Jamuna Bank, Janata Bank, Southeast Bank, AB Bank, First Security Bank, Mercantile Bank, Premier Bank etc are in action already. Some are known as online banking, some are Internet Banking, providing various facilities. Like City Bank has the facility of account check and statement print including query about cheque book information. Bank Asia has almost same facilities but with addition they have internal fund transfer facility along with bill payment and mobile phone recharge which are, in fact quite handy. Mercantile bank has a schedule for internet banking. It is Sunday to Thursday, 9am-3pm. They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a relief if you don’t have to go to bank for depositing and drawing money, isn’t it? HSBC and BRAC Bank are clearly not satisfied with the transaction thing only in internet banking. They thought of something more and desiring and customized the service to its best for their clients and getting better day by day. HSBC has a whole lot of features in their online banking that includes 24/7 account...
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...7212 4686 Email: phil.g.rivett@uk.pwc.com 3 Welcome to the August 2005 edition of the PricewaterhouseCoopers banking and capital markets journal. This is the 7th edition of the journal and brings together a rich selection of topics from our industry experts. Central banks are increasingly coming under the spotlight as they face a number of changes and challenges. In ‘New Challenges for Central Banks’, Chris Sermon, Peter Trout and Elizaveta Filipova highlight some of the new and existing opportunities facing the central banking sector in the areas of accounting, reporting, transparency, corporate governance and risk management and explore the importance of evolving practices and developments. Trust and integrity are fundamental to the financial sector, no more so than now following recent corporate transgressions. In ‘Corporate Integrity: A Foundation for re-building reputation’, Phil Case, Allan Goldstein and John Queenan address how the banking sector has responded to this and outlines the need for action to repair the damage to stakeholders’ confidence and banks’ reputation. Competition, consolidation and regulation are just a few of the issues tackled in ‘The Battleground for consumer banking’. Steve Davies,...
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...ANNUAL REPORT 2010 -11 TECHNO_LOGICAL TECHNO_LOGICAL In many ways, satisfying the Indian customer is probably much more challenging than satisfying a customer in another market. The country has an obsession for fuel efficiency, when it comes to choosing automobiles (and rightly so, since about three-fourths of India’s crude oil requirement is imported). Extracting more mechanical energy for the car from every drop of fuel is a designer’s challenge. But it is vital for the consumer, the economy and the planet. At the same time, a fast growing, young and upwardly mobile, speed conscious India demands pick-up and instant response at the accelerator pedal. There is normally a trade-off between performance and fuel efficiency. A third requirement is space efficiency, as customers want the car to be compact to cope with congestion on roads and parking lots. Yet another requirement is of minimizing emissions. The Company’s next generation, K-series engines employ a plethora of state-of-theart technologies to deliver on all these fronts. Technologies deployed could be as sophisticated as fine atomization to achieve fuel droplet diameter in microns for optimised combustion. Or, they could be as practical as using engineering polymers instead of metal in certain engine parts for weight reduction. Quite like packing more performance in a handheld smartphone as opposed to a traditional laptop. India’s road and dust conditions, the rains and driving safety considerations similarly...
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.......1 Chapter 1. Managing the Digital Firm ....2 Opening Case: DaimlerChrysler's Agile Supply Chain ....3 1.1 Why Information Systems? ....4 Why Information Systems Matter 4 • How Much Does IT Matter? 6 • Why IT Now? Digital Convergence and the Changing Business Environment ....7 1.2 Perspectives on Information Systems ....13 What Is an Information System? ....13 Windows on Organizations: Cemex: A Digital Firm in the Making ....14 Window on Technology: UPS Competes Globally with Information Technology ....17 It Isn't Just Technology: A Business Perspective on Information Systems 18 • Dimensions of Information Systems ....20 1.3 Contemporary Approaches to Information Systems ....25 Technical Approach 26 • Behavioral Approach 26 • Approach of This Text: Sociotechnical Systems ....27 1.4 Learning to Use Information Systems: New Opportunities with Technology ....27 The Challenge of Information Systems: Key Management Issues 28 • Integrating Text with Technology: New Opportunities for Learning ....30 Make IT Your Business ....31 Summary, 31 • Key Terms, 32 • Review Questions, 32 • Discussion Questions, 33 • Application Software Exercise: Database Exercise: Adding Value to Information for Management Decision Making, 33 • Dirt Bikes USA: Preparing a Management Overview of the Company, 33 • Electronic Commerce Project: Analyzing Shipping Costs, 34 • Group Project: Analyzing a Business System, 34 • Case Study: Dollar General: Heavy on Organization, Light on Systems...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence ...
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...Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski, Carole Lager, Andrew Cornford and Jean-Michel Bonvin Enron and World Finance Also by Observatoire de la Finance From Bretton Woods to Basel Finance & the Common Good/Bien Commun, no. 21, Spring 2005 Ethics of Taxation and Banking Secrecy Finance & the Common Good/Bien Commun, no. 12, Autumn 2002 Will the Euro Shape Europe? Finance & the Common Good/Bien Commun, no. 9, Winter 2001–2 Dommen, E. (ed.) Debt Beyond Contract Finance & the Common Good/Bien Commun, Supplement no. 2, 2001 Bonvin, J.-M. Debt and the Jubilee: Pacing the Economy Finance & the Common Good/Bien Commun, Supplement no. 1, 1999 Dembinski, P. H. (leading contributor) Economic and Financial Globalization: What the Numbers Say United Nations, Geneva, 2003 Enron and World Finance A Case Study in Ethics Edited by Paul H. Dembinski Carole Lager Andrew Cornford and Jean-Michel Bonvin in association with the Observatoire de la Finance Selection, editorial matter and Chapters 1, 2 and 16 © Observatoire de la Finance Remaining chapters © contributors 2006 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying...
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...LIBOR-Manipulation Story “Dwarfs By Orders Of Magnitude Any Financial Scams In The History Of Markets” Anthony Bruno 7/21/2012 Abstract Following investigations into Barclays' manipulation of London Interbank Offered Rates (Libor), CFR's Sebastian Mallaby highlights three implications from the unfolding scandal: Conflicts of Interest Within Banks: Barclays' distorted reports on borrowing rates demonstrate the system's failure to prevent damage from conflicts of interest between banks and their traders. "Chinese walls don't work," Mallaby says. "It's a lesson we've learned over and over again in finance." The Role of Regulators: The alleged collusion between the Bank of England and Barclays indicates a critical challenge in the governance of financial markets: Regulators are forced to bend rules to protect banks, "not because they are bribed," says Mallaby, "but because they are blackmailed, in the sense that the banks, by threatening to go under and do untold damage to the economy, can force regulators to bend the rules on their behalf." Responding to the Scandal: Calls for cultural change and for executives to give up remuneration simply scratch the surface, Mallaby argues. "The real lesson to be learned here is that banks which are too big to fail are also too big to exist," he says (Mallaby, 2012). Barclays bank agreed in late June to pay $453 million to...
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...This page intentionally left blank Lut12575_fm_i-xxvi.indd Page i 2/10/11 2:28 PM user-f494 /203/MHBR222/Lut12575_disk1of1/0078112575/Lut12575_pagefiles International Management Culture, Strategy, and Behavior Eighth Edition Fred Luthans University of Nebraska–Lincoln Jonathan P. Doh Villanova University Lut12575_fm_i-xxvi.indd Page ii 2/11/11 2:35 PM user-f494 /203/MHBR222/Lut12575_disk1of1/0078112575/Lut12575_pagefiles INTERNATIONAL MANAGEMENT: CULTURE, STRATEGY, AND BEHAVIOR, EIGHTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on recycled, acid-free paper containing 10% postconsumer waste. 1 2 3 4 5 6 7 8 9 0 QDB/QDB 1 0 9 8 7 6 5 4 3 2 1 ISBN 978-0-07-811257-7 MHID 0-07-811257-5 Vice President & Editor-in-Chief: Brent Gordon Vice President, EDP/Central Publishing...
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...12 buSineSS review insight into each of our business units SuSTainabiliTy and governance information on our organisation structure, management team, corporate governance, risk management and sustainability efforts 16 24 30 36 Board of Directors Organisation Structure Management Committee Senior Management Sustainability and Governance Philosophy Corporate Governance Investor Relations Risk Management Philosophy and Approach Sustainability 39 44 45 48 49 50 70 72 80 Group Consumer Group Enterprise Group Digital L!fe Key Awards and Accolades performance our performance at a glance financialS audited financial statements for the year ended 31 march 2014 89 91 92 Directors’ Report Statement of Directors Independent Auditors’ Report Consolidated Income Statement Consolidated Statement of Comprehensive Income Statements of Financial Position Statements of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements 102 110 111 112 113 114 116 120 123 addiTional informaTion Shareholder and corporate information, as well as contact points for our offices worldwide Interested Person Transactions Shareholder Information Corporate Information Contact Points 205 206 208 209 Group Five-year Financial Summary Group Value Added Statements Management Discussion and Analysis ovERviEw ANNUAL REPORT 2014 BUSiNESS REviEw SUSTAiNABiLiTy AND govERNANCE PERFoRmANCE FiNANCiALS ADDiTioNAL iNFoRmATioN 1 our vision To be Asia...
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