An article from earlier this year on fortune.com
said that “more than half of the best-known white-collar inmates… are in prison
because of insider trading.” What causes people to risk being one of the next infamous white-collar inmates by committing
insider trading? For most people it’s because of the unbelievably high
profits. But just how profitable can insider trading be, and how do people
get away with it?
Showing posts with label mafia. Show all posts
Showing posts with label mafia. Show all posts
Thursday, October 23, 2014
Thursday, February 23, 2012
Olympus Fraud: More to the Story
Bloomberg-Business Week had a great story about Michael Woodford, former President and CEO of Olympus, and how he came to be the person to blow the whistle on the corrupt leadership of Olympus. The story includes everything from the Japanese Mafia (aka Yakuza) to the missing money that is in the billions and may never be found. Here is one paragraph to wet your appetite:
Woodford, 51, recounted how he had just returned from Hong Kong, having fled Tokyo after a board meeting in which Olympus Chairman Tsuyoshi Kikukawa had fired him. The cause for dismissal, according to Woodford: his insistence that Olympus officials come clean about a series of questionable purchases dating to 2006, totaling $1.6 billion, none of which had been adequately reported in the company’s consolidated financial statements. The deals had been approved by Kikukawa and the Olympus board, yet in several cases the parties receiving the sums were not even clearly identified in Olympus’s books.This is a crazy story that I'm guessing will be made into a movie some day. In any case, the article says Woodford is working on a book. I may have to read that one...
Saturday, February 4, 2012
Lance Armstrong Investigation: What Did We Learn?
As you've probably heard, it was announced yesterday that the Grand Jury investigation that involved Lance Armstrong's alleged criminal activity on the U.S. Postal Service cycling team has been closed without any charges. When this investigation first opened, I remember talking with a friend about what would come of it. I thought at the time that the most likely scenario was that we would learn a lot more about Lance and that his reputation would be seriously damaged but that it was unlikely that he would find himself in jail. I never totally thought it was impossible that Lance would end up in jail but I thought it was a very long shot (like half court at the buzzer). After all, if they couldn't find his blood or urine with drugs in it then it would probably be hard to make the charges stick.
In my view, Lance's record has become extremely tainted from the news of the past two years. If you believe the saying that where there is smoke there is fire, then you have to observe all the smoke that came from this investigation and conclude there must be something causing it. The following points are what I think are some of the biggest stains on his record that came from this investigation. As I look at the list, I have to believe that those who followed the investigation will likely have lost most, if not all, respect for Lance (unless they are in complete denial and hero worship). Here is my summary (with links to the top posts on the topic) of the most interesting, and in many cases the most damaging, tidbits to come out from this investigation:
In my view, Lance's record has become extremely tainted from the news of the past two years. If you believe the saying that where there is smoke there is fire, then you have to observe all the smoke that came from this investigation and conclude there must be something causing it. The following points are what I think are some of the biggest stains on his record that came from this investigation. As I look at the list, I have to believe that those who followed the investigation will likely have lost most, if not all, respect for Lance (unless they are in complete denial and hero worship). Here is my summary (with links to the top posts on the topic) of the most interesting, and in many cases the most damaging, tidbits to come out from this investigation:
Thursday, December 1, 2011
Doping in Cycling and the Mafia
The head of the World Anti Doping Association (WADA), David Howman, gave an interview in New York City that gives some insights into the difficulty of battling doping in cycling and other sports. Here are some of the meatier quotes from an article on CyclingNews, along with my comments:
Thursday, July 7, 2011
More Teaching Scandals in the News
Last October, I wrote about a teaching scandal in Georgia schools where teachers were apparently erasing and correcting students answers on standardized tests so as to obtain funding and accolades. Yesterday, Freakonomics discussed this and linked a news report showing that Atlanta has had massive teacher fraud going on for several years. In addition...
Friday, June 11, 2010
More on the cycling mafia
After posting yesterday about Tyler Hamilton's comments about a pro-cycling mafia, a friend emailed me the following comments that I think are interesting:
Thursday, June 10, 2010
A pro-cycling mafia?
About 20 months ago, VeloNews posted an interview with Tyler Hamilton. Tyler was found to have doped and was suspended and then tried to return to cycling but had limited success in doing so. This interview is interesting because Hamilton refers to a "cycling mafia." Here is a quote:
Subscribe to:
Posts (Atom)

