The corruption inside the BCCI Bank - Free Essay Example

From previous discuss, we can know that B.C.C.I is a criminal bank and did a lot of illegal activity toward their depositors. It is the largest corporate criminal enterprise ever. According to the journals by Lynne Walker on March2000, the journal stated there that the B.C.C.I criminality included: Fraud by B.C.C.I and it customers involving billions of dollars; money laundering in Europe, Africa, Asia, and the Americas B.C.C.Is bribery of officials in most of those locations Support of terrorism Arms trafficking Sale of nuclear technologies Management of prostitution Commission and facilitation of income tax evasion Smuggling Illegal immigration Illicit purchase of banks and real estate Inside story of B.C.C.I B.C.C.I can be known as a criminal bank and even more than it. According to TIME, B.C.C.I has corporate with its secret division of the bank which known as black network and basically the function of this black network is as a global inte lligence operation and a Mafia-like enforcement squad. Besides that, employee of black network consists of 1500 people and they have used multiplex spy equipment and techniques, along with bribery, extortion, kidnapping and even murder. B.C.C.I department of these services is to help drug dealing and money laundering for looting their treasury dictator. The black network deals in arms-trade and sends drug as well as gold. This black network normally works with Western and Middle Eastern intelligence agencies. In order to pay for the clandestine activities, the intelligence agency has maintained a slush-fund account which is a secret fund account. It was a outgrowth of the B.C.C.I dubious and criminal associations (Jonathan, 1991). In the early 1980s this associations began running its own drugs, weapons and currency deal. B.C.C.I maintained a good relationship with international terrorists as well. Others than that, the bank also worked closely with Israels spy agencies as wel l as western intelligence groups. Most of the time, B.C.C.I operates with this Israels spy in arms deal. Others than arms deal, B.C.C.I also use their intelligence to bribery the public officials around the world. Due to their intelligence, law enforcement authorities cannot control their illegal action. According to former operative call Mustafa, he is the operator of the black network in the early 1980s; he said that black network came to him while he was in school in the U.S, they spoke his language and give him money. They told him to join for the organization and they also described the organizations wealth and political power without told him what exactly the organization did. Mustafa had been went a year for training with a variety of lesson include principles of leadership as well as spycraft. After this kind of lesson, the pleasant was gone, said Mustafa. He has been participated in the operational task for first time at London. Before that, he has been trained wit h firearms. While during the task, he was gave a passport and identification. Upon the task, he and his peers was appointed to ship some unidentified goods. There is a lot of identification waiting for them to use and it was always been arranged. They need several of identification because the customs and immigration are strict. There are many operations waiting for Mustafa to carry for. Another operation took place in April 1989; which is a container ship from Colombia. The Pakistani customs officials have been bribes by the black network for about $100,000. They use a crane for carrying the heavy container. Forklift is no use in carry those container. The crates have been loaded aboard an unmarked jet and finally departed for Czechoslovakia. People had said that this B.C.C.I not only a full-service bank but they also like to hands-on such as shipped the goods in their own ships (Jonathan, 1991). The bank dealt smuggler in arms from many countries. This bank has helped tra nsfer North Korean Scud-B missiles to Syria. B.C.C.I acts as an intermediary to connect the Saudi Arabia, Chine and Israel. It is because they cannot transfer goods directly through government or national bank. The black network normally follows up the recruiting and persuading. They will put money in the accounts of people that they want to seduce. They want the person to work with them. This kind of action can consider to be benign that the not hurt others. Sometimes, they will use terror tactics like kidnapping and blackmail. They terrorize people by sending someone his brothers hand with the rings on his hand. They usually targeted businessman and politicians. For this black network, it is the banks deepest secret. Someone who found talking about B.C.C.Is activities will be killed. Others than this, those who found unreliability like the high level officer case may also suffer. He has liquidated his assets and sells his house, when the black network knew it they first kill ed his brother and send brigands to rape his wife. The black units mission has become the pursuit of power and influence for its owns behalf (Jonathan, 1991). Their purpose was to steal depositors of billions of dollars. B.C.C.Is corporate structure allowed the bank to operate virtually without regulation all over the world (Jonathan, 1991). This bank has many shell companies, offshore banks, branches and subsidiaries in 70 countries. The bank use unregulated Cayman Island enabled it to hide everything and quickly gained a reputation for moving money and hide it for a way. In the late of 1970s and mid- 1980s, B.C.C.I has become a magnet for doing crime such as drug money, capital-flight money as well as tax evading money and money for corrupt government officials. It was the bank that knew how to get around foreign exchange rules and falsify letters of credit in support of smuggling (Jonathan, 1991). Below are some of its activities in others country:- Panama, the ban k helped Noriega loot the exchequer. The most criminal institution-B.C.C.I permits the leader to open secret offshore accounts in order to transfer those national funds into those accounts and then make to fund to become them. The accounts under the names of:- Panamanian National Guard Panamanian Defense Forces Panamanian Treasury In Iraq which during 1980s, B.C.C.I became one of the main channel for that Saddam Hussien skimmed from national oil revenue. According to investigator Jules Kroll, B.C.C.I helped the autocrat to hide that money all over the world. Image of Saddam Hussien In Guatemala, government officials said to the TIME they suspect that some of the money gone to pay bribes to smooth their crime. According to Watcher, B.C.C.I normally takes some actions to carry out its fraud. The actions for them to use were:- B.C.C.I employs the someone who be in power as nominees for B.C.C.I. B.C.C.I in fact guaranteed them to be held harmless for any actual l osses (Watcher, 2010). B.C.C.I using bank secrecy havens like Cayman Islands to avoid regulation by any single regulator of B.C.C.I. This kind of havens can permit them to transfer their assets and liabilities from bank to bank. B.C.C.I pays bribes and rebate to the agents of other banking and financial institutions to avoid problems. The more this bank channel for such money, the more funds gathering became their chief goal. From those accounts, B.C.C.I had lends a huge amount to please the government or to buy secret control of companies (Jonathan, 1991). The U.S. regulators discovered that the loans had enabled B.C.C.I to buy secret control in the three American banks which are:- First American Bankshares in Washington National Bank of Georgia Independence Bank of Encino, Calif The National Bank of Georgia and Independence Bank of Encimo, Calif were bought by Abedis front man was estimated $500 million in B.C.C.I loan. Those loans were never to be repaid. What the Abedi get in return was the ownership of the three banks mentioned in above, since he held their shares as hostage for the non-repayable loans. B.C.C.Is deposit also disappeared through black network. Basically, they use the money to pay bribes as well as conduct its weapon and currency deal. According to a former officer, this bank had bought virtual control of custom officials in port as well as terminals around the world (Jonathan, 1991). John Kerry is the first to craft for the B.C.C.Is illegal operations. He has been hindered by Justice Department from investigate the B.C.C.I. According to him, the Justice Department refused to give him any documents and has blocked a sedimentary by a key witness. But the Justice Department has denied any reluctance to investigate. Image of John Kerry In one of the most mysterious events is that the B.C.C.I bank records from Panama City relating to Noriega had disappeared. While this event occurred, it is under guard by the Drug Enforcement Administration (DEA). They said they had no idea about the disappeared of the documents. The Justice Department also ignored the offer from Lloyd. Lloyds of London, which is enmeshed in a racketeering lawsuit against B.C.C.I, has fruitlessly made offers to provide evidence of B.C.C.I crime such as bribery and kickbacks (Jonathan, 1991). Lloyds accuses B.C.C.I of taking part in smuggling operations and falsifying shipping document. B.C.C.I Most Criminal Activities: Money Laundering From the time of B.C.C.Is indictment on drug money laundering charge in Tampa, Florida in October, 1988. The operation most involving the B.C.C.I was a Custom job name C-Chase. According to Kerry and Brown, agents who work for this had migrates millions of dollars in U.S currency, representing the proceeds of cocaine sales. Robert Mazur, Customs agent in Tampa. He had chooses B.C.C.I as the target of the Custom money laundering. He stated that B.C.C.I bank executives volunteer ed methods to smooth and improve his techniques for crime-money laundering. Besides, B.C.C.I also offered to introduce Mazur to other potential customer which is rich for money laundering services. Lawyer for the B.C.C.I and the bank itself contended that the Tampa case represented an accident which is just involved in a small number of bank officers (Kerry and Brown, 1992). When the B.C.C.I pled guilty to money laundering, there was only a few of its employing had admit that they engaged in the activity. According to the Kerry and Brown, B.C.C.I seems attracted to traffickers. At first, these traffickers find international bank that are good in wire transfers, have branches in others part of the world and permit quick retrieval of funds. From the Kerry and Brown, we can found they also like to seek the bank where their law may afford large quantity in secrecy to depositors. Others than that, they also like the bank which permits nominee accounts as well as not provide for close monitoring of cross border transactions of currency movements. Beside the way that mentioned above, B.C.C.I will use some techniques to do their money laundering activity. According to Kerry and Brown, the techniques had been use by B.C.C.I were:- Use of certificate of deposits held at foreign branches to offset cash deposits made in the U.S Use technique that designed by drug traffickers known as counter-balancing loan proceeds to credit to foreign corporate bank accounts Use false names and code Counter-surveillance techniques against law enforcement B.C.C.I, the CIA and Foreign Intelligence According to the Watcher, the relationships between B.C.C.I, CIA and the members of the United States as well as foreign Intelligence Communities are very complicated. Furthermore, the key person who might determine the relationship is no longer available. Three of them were death. Those people were:- CIA former director-William Casey Image of William Joseph Ca sey B.C.C.I customer and Iranian arms deal- Ben Benerjee and Cyrus Hashemi. Former B.C.C.I chairman- Agha Hasan Abedi had death in Karachi 1995 due to heart attack. Finally, some of the person who partly know the truth have denied that they having memory about the events. Image of Agha Hasan Abedi However, the Subcommittee had received the documentary report which stated some additional materials. For instances:- B.C.C.I documents Testimony from B.C.C.I officials and insiders External and circumstantial historic information According to Watcher, the external and circumstantial historic information is describing contacts among the B.C.C.I and the intelligence communities. Contacts among B.C.C.I were:- Former United State intelligence officials and former head of the CIA Former as well as current foreign intelligence officials (Watcher, 2009) People who involve in covert operations on behalf of the U.S government which include Iran/Contra affair. In addition to that, Subcommittee also received accusation of meeting between William Casey and the founded of B.C.C.I- Agha Hasan Abedi. The Subcommittee Investigation and the CIA According to Watcher, at March, 1991 cleared staff learned from Subcommittee that CIA had prepared a report about B.C.C.I criminality, therefore the staff contact to the CIAs communicate office to request a copy of the particular document- report of B.C.C.I criminality. However, the staff had been told that the document never exists but William Von Raab ensures the document exists. Again, the staff contact CIA for second time but the result get from CIA is same as first time. After that, cleared staff had requested a formal briefing from CIA about the knowledge of B.C.C.I activities; however, the CIA just provided some general information to the staff. The briefer appeared to be ignored other more important about B.C.C.I. On May 14, 1991, Senator Kerry again request for the document prepared by the CIA, but no response to his request for two month, during that time is the closure of B.C.C.I globally on July, 1991. Finally, until July, 1991, CIA director Webster only replied to Kerry request. He had admitted the existence of the two documents about B.C.C.I and state the two documents is extremely sensitive and refuse to being held by. According to the Kerry, the information inside consists of:- One about startling information concern of the B.C.C.I had secretly owned First American Bank in Washington. A distribution list attached to the information indicated that CIA had communicated to the Treasury Department. After he had viewed those documents, he asked Judge Webster to declassify the incident of B.C.C.I owned the First American Bank. The incident after that had been declassified but not include others information. During the August, Senate Select Committee on Intelligence began its inspect of the CIAs relationship with B.C.C.I. they also requested the doc ument which is concern for the B.C.C.I (Watcher, 2009). The CIA itself began its own internal review and discovered that reports on B.C.C.I by the CIA during end of August. Any further request from others to declassify the remaining B.C.C.Is info, CIA continues to reject. Besides, CIA also does not want to permit staff to review this material. However, Acting Director Richard Kerr agreed to testify (Watcher, 2009). On October, 1991, Richard Kerr testified it- CIA-B.C.C.I relationship in open session. After the closed session, Kerry pressed again for the document and finally it was promise between Subcommittee and the CIA to send the memoranda to the Senate Intelligence Committee to permit review. Official records, According to Watcher, Federal Reserve asks CIA whether got derogatory info about Middle Eastern shareholders to buy Financial General Bankshares (FGB) -later became First American Bankshares, through Commerce and Credit American Holdings (CCAH). Unfortunately, CIA had no such info on the shareholders. According to the CIA records, they first developed information concern B.C.C.I. after learning in the early 1980s B.C.C.I, they found that this institution involve in money laundering activities. After that, when target about laundering drug money; CIA discover this bank involve in driving certain financial market, in arms trafficking, as well as in supporting international terrorism. Kerr admit that CIA used B.C.C.I for certain operations and undertaken the knowledge of any person at B.C.C.I. He had also acknowledged the CIA had made widely use of First American for various of purposes (Watcher, 2009). According to Watcher, he said that Kerr mentioned that is a few things that CIA did not do. CIA had not been involved in:- B.C.C.I black network of thugs and assassins Knowledge of any use of B.C.C.I for the same of arms to Iran Diversion of funds for the Nicaraguan Contras Violate any laws Relationship with the head o f B.C.C.I-Agha Hasan Abedi Place Abedi on a watch list Unofficial B.C.C.I-CIA links The unofficial story of B.C.C.Is link to U.S. intelligence is extremely complicated. It is because the inability of investigators to find out that whether private persons belong with U.S. intelligence were plight actions or apparently under the sanction of a U.S. government agency, policy or operation (Watcher, 2009). In the 1970s and 1980s, according to Watcher, there have been cases of people with relate to U.S. intelligence involve in operations on their own benefits as well as for their own sake. However, it had no relate to any approved by U.S. government interest such as Edwin Wilsons illegal arms sales. There have been others case like retired General Richard Secords arms sales to Iran as well as to the contras in the Iran/Contra affair. According to Watcher again, it is hard to distinguish from Wilsons case, but for sure the fact is that the sales had actual secret permits and support from officials within the government. In the mid-1980s, sources indicate that B.C.C.I provides services not only to the CIA, moreover to intelligence agencies of some others countries. The latter to the Governor of the Bank of England stated as the following:- the B.C.C.I engage in helping people avoid tax Illegal transfers of money Hawala transfers- informal transfers system Off the record deposits Pipeline for drug and crime money Banker to intelligence agencies for most major agencies of the world. Kamal Adham: B.C.C.Is Godfather of Middle East Intelligence Image of Kamal Adham Bob Woodward said press accounts refer to Kamal Adham as the godfather of Middle East Intelligence stressed the closeness of his relate to CIA. He is the brother-in-law of King Faisal of Saudi Arabia. He was the head of Saudi Intelligence and mainly on internal security as well as relations with external intelligence agencies. When Sadat- Nassers Vice President is havi ng financial problems, Adham had responsibility for making payment to Sadat on behalf of the CIA. He was playing a major role in B.C.C.I. For instances:- He was the CIAs principal communicators for the entire Middle East for 19 years. He also the lead-front man for B.C.C.I in its takeover of First American bank. He was an important nominee shareholder in B.C.C.I. He remains one of key players in the B.C.C.I affair. According to Watcher, on July 1992, he had accomplished an agreement which is plea with the District Attorney of New York saying that he had been the front man of B.C.C.I in the U.S. In addition to that, he will provide full co-operation with the U.S law enforcement in B.C.C.Is case. According to Watcher, the relationship between CIA and Saudi intelligence service was good when Kamal Adham had been its head. Adhams historic relationship with United State intelligence was usually close. During Adham still a liaison of CIA, Raymond H. Close- CIAs station c hief for Saudi Arabia had choose to work for Adham after leaving the CIA. While Adham working with the Close, he has became the leader investor for Commerce and Credit American Holdings (CCAH) group taking over First American, officially on his own benefits, Watcher describe it. In fact, he acts as a nominee for B.C.C.I. At the mid-April of 1981, he personally appeared to the Federal Reserve to tell his personal background and wealth and of course he inform to them of his desire to be an investor. Indeed, he did not tell Federal Reserve about his background in Saudi Arabian intelligence, close ties to CIA and acted as liaison between the U.S and Anwar Sadat in helping negotiate the agreement which called Camp David Accords. Image of celebrating the signing of the Camp David Accords. Start from left is Menachem begin, Jimmy Carter and Anwar El Sadat. In this Camp David Accords, Adham was encouraged other political figures not to reject Sadat for agreeing to peace with Israel . Although this attempt may have some objection in term of public statements by Gulf rulers but there are many Gulf rulers still provide support to Sadat due to they want to have a defendant from United State to defend their family in case there is a instabilities. It is because United State is Israels superpower sponsor. According to Watcher, Adham was at same time in business with a retired CIA station chief for the U.S. in negotiation for Camp David Accords and make the shareholder in the takeover of the largest bank on behalf of B.C.C.I. This had caused people in the U.S. and Saudi government to doubt whether he was truly retired. For the question about this, Adham said to the U.S. investigator they were unrelated. B.C.C.I purchase First American was not an exchange for Camp David Accords. He also said that his role in Camp David Accords and simultaneous takeover of Financial General were coincidence. Clark Clifford who was a highly influential American lawyer also beli eves what the Adham had said. Image of Clark Clifford Abdul Raouf Khalil Same as Kamal Adham, he was the B.C.C.I shareholder as well as front man from its creation. He also is a main nominee in B.C.C.Is underground takeover of First American (watcher, 2009). He also met with Federal Reserve and told them he feels to be a passive investor. Federal Reserve assumed him as a private Arab business because he did not tell them about his background like act as liaison to the U.S. and a keyman in Saudi Arabian intelligence. He told the Federal Reserve that he holds interests in real estate, mechanical and electrical maintenance projects as well as commodities. Other than that, he also involve in some business ventures with American and British manufactures. He do it is for the installation of electronic which include computer equipment in Saudi Arabia (Watcher, 2009). According to Watcher, Price Waterhouse audit said Khalil had no written communications with B.C.C.I from 1985 on. By the late of 1980s, B.C.C.I had used Khalil name as a nominee in transaction in Latin American, Caribbean and Europe while he still contact with CIA until well after B.C.C.Is closure. Former CIA Director Richard Helms and B.C.C.I Front Man Mohammed Irvani Except Adham and Khalil, Mohammed Rahim Motaghi Irvani also acted as B.C.C.Is chief front man in the earlier but before Adham acted as the lead for shareholder in the purchase of First American. He is the former B.C.C.Is front man and he wishes to takeover the First American but not success. He held 5 percent shareholder of CCAH. He was at the time the principal partner in Helms international consulting firm-Safeer as well as the chief financier of that firm (Watcher, 2009). Irvani had received Helms advice on how to protect from any liability and thus, there is a financial link between Helms and Irvani. According to Watcher, Irvani founded the Melli Industrial Group in Iran in 1949 where by it is manufacture footwe ar and leather goods also developed close relationship to Shah of Irans government. During the time of the takeover of Financial General Bank in 1978, Melli Industrial Group owned many operating companies which amounted 23. Moreover, it also merging with others foreign firm. Irvani held interest in the Iran Arab Bank. According to Watcher, there is a friendship between Irvani and Helms in that period at Iran. After he was backed to U.S., he has been indicated for telling a lie before a Congressional committee concern CIA activity in Chile. He pleads no contest to the charge. Thus he was seeking for Clark Clifford for help. In order to help him, Clifford visited the top Justice Department to argue for that statement. He also emphasize such charge could destroy the U.S. intelligence communities. Unfortunately, it is no way out. It was definitely at this time that Irvani provided a vital lifetime to Helms through financing the Safeer Company (Watcher, 2009). According to Safeer C ompany corporate records, 80 percent of Safeer was owned by Irvani. Furthermore, much of the business of this Safeer was deal by Roy Carlson. He is the Irvanis former chief U.S assistant. Carlson who was became the Vice President of Safeer and had close relate to B.C.C.I. Watcher mentioned that, Carlson served as a Naval officer in the Pacific. He had been joined the U.S. foreign service as well as was detailed to South Africa. He spent 20 year at there before moving to the Bank of America (BOA). Finally, he became the head of the banks operation. During that time, he had close contact to Abedi and advised him on the formation of B.C.C.I. Lastly, Abedi introduced him to Irvani. Thus Irvani employed him to be the head(manager) of the Melli group. After the revolution if Iranian, Carlson went to work with Richard Helms in Safeer. After Ghaith Pharoan purchase the National Bank of Georgia from Bert Lance, then, Abedi had selected Carlson to be the head of that bank. According to Watcher, Irvani had agreed to be the front man of B.C.C.I, that time Helms had promised to protect Irvani. He had protected him against all the possible liability. They will use his name as a shareholder by Abedi, B.C.C.I include Clifford law firm. Over a decade, Irvani, Calrson and Helms continue to interact among each other in B.C.C.I. Helms had introduced Irvani to various people which many are ambassador. Besides, he also introduce Irvanis son-Ali to others ambassador like Ambassador Paul Nitze. Others than Paul Nitze, he also introduced Ali to former CIA station chief-Raymond Close. Throughout the decade, B.C.C.I financed Irvani investment in U.K. and U.S. which amounted $38 million on buying the New York office building. Other than that, millions of dollars at a time had been given to Irvani family. They also indicated that the Irvanis had received massive loans from National Bank Georgia (Watcher, 2009). Closure of B.C.C.I How Fraud and International Corpora te Structure Delayed the Recognition of Insolvency Since the bank was founded in 1972, its financial statements were falsified. According to Herring, the escape had showed how effectively the complex international corporate structure it devised shielded it from scrutiny by external accountants and supervisor. At first, B.C.C.I adopted dual banking structure. The non bank holding company in Luxembourg (B.C.C.I Holdings SA) was under the protection of secrecy laws. It also owned two separate banks that were licensed and supervised in two separate jurisdictions which are B.C.C.I SA in Luxembourg and B.C.C.I Overseas in the Cayman Islands. As mention above, this two owned a very strict secrecy laws. Neither this two was the operational of B.C.C.I. Most of the decisions were made by Abedi. The dual banking structure makes the supervisory authority difficult to monitor the B.C.C.Is activities. The intelligence of B.C.C.I had hired separate auditing firm for each bank. Luxembou rg has the responsibility for exercising consolidated supervision over B.C.C.I given by Basel Concordat but it is no way out due to B.C.C.I had no banking business in Luxembourg. It is because B.C.C.I had conducted their banking business in others branches at others countries. Furthermore, Luxembourg had lacked of resources to monitor B.C.C.I worldwide operations. Although B.C.C.I largest branch network in England, but the Bank of England reject to accept the burden of supervising B.C.C.I. Well, the closure of the B.C.C.I due to three different pressures:- Luxembourg gave notice to B.C.C.I that it must leave Luxembourg within 12 months. After this, B.C.C.I had want to subsidies from Abu Dhabi, Cayman Islands and United Kingdom but none of this three host country was willing to take over responsibility for consolidated supervision of B.C.C.I. New York District Attorneys office, Congress and the Fed investigate concern to charges of money laundering, drug trafficking, wire fr aud and the concealment of B.C.C.I control over First American, Independence Bank and the National Bank of Georgia (Herring, n.d). Due to the charges, B.C.C.I would impossible continue to operate. A draft of a report was delivered to the Bank of England on June, 1991. Reports describe that B.C.C.Is fraud which include:-[sources below taken from Herring, n.d] Falsification of accounting records External vehicles used to route fund transfer and park transaction The use of nominee and hold-harmless arrangements The creation of 70 companies to facilitate and disguise lending to the Gulf Group Collusion with third party bank to make loans to B.C.C.I customers Collusion with customer and give false confirmations to the auditors of fictitious Other than the above, there are some others else but cannot be exposed. How Fraud and the International Corporate Structure of B.C.C.I Complicated Resolution The closure of the bank was reached a little impact on financia l market. It is because the authorities implemented the intervention and most of the market participants had cut lines to B.C.C.I. The Basel Committees review of the insolvency liquidation of B.C.C.I indentified four major conflicts in the national insolvency regimes (Herring, n.d). According to Herring, the regimes had complicated the liquidation of B.C.C.Is assets and reduced the amount that could distribute to creditors. The four conflicts were:- Different country may have different insolvency regimes for banks and branches. The United State follows a separate-entity doctrine whereas Luxembourg and United Kingdom follows a single-entity doctrine. Separate-entity doctrine- agency or branch of a foreign bank is treated as if were a separately incorporated legal entity for purposes of liquidation (Herring, n.d). Single-entity doctrine- bank and all of its foreign branches are treated as offices of a sing corporate entity (Herring, n.d.). These two approaches have d iffering implication on market discipline and it may undermine incentives for creditors. Different countries have different liquidation procedures. In U.S., the general insolvency law does not apply to bank while in U.K. the same liquidation laws apply to banks as to other commercial entities. In Luxembourg, the court will depend on the case. For this conflict, it can reduce the amount available to distribute to all creditors. Right of set-off differs across bankruptcy regimes (Herring, n.d). According to Herring, U.S. exercised right of set-off with regard to claims denominated in the same currency with regard to the same branch. For U.K, the claims may not be dominated in the same currency and on the same branch. For Luxembourg, the right of set-off exercised only before a liquidation order when the claims are fixed in amount. Another wildcard in the international bankruptcy deck that can trump normal insolvency procedures. B.C.C.I was prosecuted under Racketeer Influence d and Corrupt Organizations Act (RICO). The RICO prosecution might have intensified the worldwide scramble for assets but the U.S. Attorney General negotiated an unusual plea agreement, which forged an alliance with the court appointed liquidators (Herring, n.d). According to Herring, the alliance was opposed by competing liquidators branches elsewhere of the world. Others creditors will hope to secure preferential access to B.C.C.Is assets in the U.S. RICO had used about 8 years to resolve the massive fraud. RICO had also charges against the sovereigns of Abu Dhabi as well as 6 individuals.

Short Cases - 19708 Words

MM21c short cases:MM21c-front matter 12/23/08 12:59 PM Page 1 MANAGING MARKETING IN THE 2 1S T C E N T U R Y : SHORT CASES www.mm21c.com MM21c short cases:MM21c-front matter 12/23/08 12:59 PM Page 2 2 MANAGING MARKETING IN THE 21ST CENTURY TABLE OF CONTENTS 1. SONIK CD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2. ICI FIBRES LTD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3. THE ARDEN COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4. UNIPRO INC. . . . . . . . .†¦show more content†¦On average, subscribers purchased 19.9 CDs annually, mostly through Sonik’s website. Annual subscriber retention rate was 90 percent. Sonik accumulated CDs from various suppliers and fulfilled its own orders. Annual fixed costs of fulfillment were $400,000; shipments averaged 3.7 CDs per package. Annual marketing expenses were $230,000; Sonik spent 90 percent on acquiring new subscribers and 5 percent on subscriber retention. Sonik’s cost of capital was 12 percent. It was considering three grow th options: a. Continue the Niche Strategy: Sonik believed it could acquire 20,000-30,000 new customers per annum for the next several years without major new investment. Sonik also believed that spending $0.5 million per annum would increase customer retention to 95 percent. b. Mass-Market Strategy: Abandon the subscription model, add many other music genres, and build a mass-market brand. Sonik estimated it would need an initial investment of $1-2 million to build brand awareness, plus an additional $0.5 million per annum for distribution and warehousing. Sonik believed it could add 40,000-50,000 new subscribers per quarter at a subscriber acquisition cost of $12.50; annual margin, $15; and 60 percent customer retention rate. c. Distribution Strategy: In addition to CDs, Sonik distributed products for other online retailers. AmeriNet Radio operated 43 radio stations in the southeast U.S. and sold CDsShow MoreRelated Pauls Case The Movie Vs. Pauls Case The Short Story by Willa Cather920 Words   |  4 PagesPauls Case The Movie Vs. Pauls Case The Short Story by Willa Cather Sometimes in movie production a film is developed from a piece of literature. Directors will use the plot of a book either to create a unique movie, or to give the audience a chance to see what their favorite book is like when acted out on the screen. Willa Cathers Pauls Case is a good example of a work adapted to video. 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Philosophy of Technology Integration in Education Essay

â€Å"Educational technology, especially computers and computer-related peripherals, have grown tremendously and have permeated all areas of our lives† (Valdez, 2005,  ¶ 3). Computers are a prevalent part of most people’s professional and social lives. They serve an essential role in a myriad of industries including but not limited to, finances, health care, and retail. On the personal front, social networking sites such as Twitter, Facebook, and MySpace have gained a popularity that few could have predicted a decade ago. With technology, particularly computers, present in nearly every aspect of the average person’s life, why wouldn’t it be as prevalent in the education? Similarly, as it is a large part of the typical student’s life, it†¦show more content†¦Many enjoy using computers. There is something about interacting with the computer that is more amusing than looking up information in textbooks or completing worksheets. The variety is also a motivator. Participating in the same routine tasks over and over again is tiresome for anyone. Rather than listening passively to a teacher’s voice, the student has a chance to really do something. As much effort as good teachers do put into making their instruction dynamic and interesting, students often interpret it as boring. While there is merit to purposeful written work, a change in the usual, such as engaging in an educational computer game which serves the same purpose, can spark the learner’s interest (Heemskerk et al., 2009) It is important for teachers to do their best to teach all types of learners. Not everyone learns best from a textbook, listening, or engaging in hands-on activities. Some students learn better when they utilize computers, to both learn new information and demonstrate their own knowledge. Technology can help differentiate the educational process for students with such varied learning needs. Additionally there exist programs and web sites especially for helping students with special needs or limited English proficiency that offer support not otherwise available (Valdez, 2005 ). In addition to the advantages in student motivation and accommodation, technology provides many benefits in skillShow MoreRelatedThe Belief And Attitude Toward New Technology978 Words   |  4 PagesIndividual difference among teachers 3.1 Belief and attitude toward new technology Previous research demonstrates that a teacher’s teaching philosophy, attitude toward new technology and teaching style will affect the effectiveness of technology integration in education (Demetriadis et al., 2003). Among potential influential factors, teachers’ attitude is one of the critical variables discriminating the successful technology integration and the unsuccessful one. 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Presidential depate Essay Example For Students

Presidential depate Essay Another four years another presidential debate. Before I go on to the current debates let me state a few facts about past ones. The Lincoln and Douglas debate was in important because it started Lincoln presidential career. The Debates lasted from August 21 – October 15. There where seven of them, with two days to two weeks in between. Each debate lasted three hours; first candidate spoke for one hour; the second for one and a half hours; the first replying for a half hour. Candidates alternated going first. The topics involved where primarily slavery and the Union. Other important debates were the ’48 and ’57. They were the only debates before 1960; there were no presidential debates between 1960 and 1976. In 1960 the presidential debate was between President Kennedy and President Nixon. The topic was domestic issues. Over 66.4 million people either heard or watch the debates. 1992 was President Clinton’s first presidential debate. With over 62.4 million people watching President Clinton, President Bush and Ross Perot debated with the rules being, no opening statements; each candidate questioned in turn with two minutes to respond; one minute rebuttal by other candidates; two minute closing statements. (http://www.debates.org/pages/debhis.html)Enough of ancient history lets get back to today’s debates. In the rest of the essay I will explain what issues interest me and why. Also, I will explain my opinion on the issues I choose and why I chose that statement. The first issue I would like to address is on education. This issue was chosen for me. The moderator in the first debate asked the candidates â€Å"Both of you have promised dramatically to change – to change dramatically public education in the country. Of the public money spent on education, only 6% of that id federal money. You want to change 100% of the public education on 6% of the money, is it possible to change it?†(Jim Lehrer) Bush stated that he wa nts more charter schools because they produce students of a high caliber. â€Å"It’s a school of strong discipline a high standards. It’s one of the best schools in Houston.† â€Å"That’s my vision for public education all around America.†(Governor Bush) Bush also wants to change Head Start to a reading program and also he wants people to access reading money if they want to. Bush wants more kids to learn how to read and have more teach-for-the-children type teachers. Bush only cares for the children. Gore on the other hand agrees with only a couple of things that Bush stated. He strongly supports accountability; he also supports local control. Bush and Gore agree on both. Gore thinks every teacher should be tested including in the subjects that they teach. He also thinks that 100,000 new teachers should be recruited to reduce class size. The main reason for that is because a man gave him a letter from his daughter. The girl is the 36th student in her class; the picture attached showed that there was no room for one desk so she had to stand. He also wants to make college tax deductible (up to $10,000 a year). I believe that both of the candidates have very good points on education, they were to combine there ideas they would come up with a very good education plan. I like college being tax deductible and I also like the 100,000 more teachers for to reduce class size. However, when Gore said that he wanted more teachers, I have one question, where are you going to put all those teachers? Put two teachers in one classroom? Build more schools? Who will pay for all this?The other issue I would like to discuss is the legalization of the RU-486 drug. It is an abortion pill. The FDA approved just recently but it took them 12 years just to study it. It is available in Europe and China. Governor Bush says, â€Å"I don’t think a president can unilaterally overturn it. The FDA has made its decision.†(Governor Bush) After that the Governor states that he is pro-life. He also wants to increase the quality of life. How is life going to be better for an unwanted child? Vice-President Al Go re on the other hand is pro-choice, which I agree more to. Pro-choice gives a woman the decision whether to abort the pregnancy or whether to go on with it. .u7f6d902a3bb8bd7a550023ea42e96738 , .u7f6d902a3bb8bd7a550023ea42e96738 .postImageUrl , .u7f6d902a3bb8bd7a550023ea42e96738 .centered-text-area { min-height: 80px; position: relative; } .u7f6d902a3bb8bd7a550023ea42e96738 , .u7f6d902a3bb8bd7a550023ea42e96738:hover , .u7f6d902a3bb8bd7a550023ea42e96738:visited , .u7f6d902a3bb8bd7a550023ea42e96738:active { border:0!important; } .u7f6d902a3bb8bd7a550023ea42e96738 .clearfix:after { content: ""; display: table; clear: both; } .u7f6d902a3bb8bd7a550023ea42e96738 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7f6d902a3bb8bd7a550023ea42e96738:active , .u7f6d902a3bb8bd7a550023ea42e96738:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7f6d902a3bb8bd7a550023ea42e96738 .centered-text-area { width: 100%; position: relative ; } .u7f6d902a3bb8bd7a550023ea42e96738 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7f6d902a3bb8bd7a550023ea42e96738 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7f6d902a3bb8bd7a550023ea42e96738 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7f6d902a3bb8bd7a550023ea42e96738:hover .ctaButton { background-color: #34495E!important; } .u7f6d902a3bb8bd7a550023ea42e96738 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7f6d902a3bb8bd7a550023ea42e96738 .u7f6d902a3bb8bd7a550023ea42e96738-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7f6d902a3bb8bd7a550023ea42e96738:after { content: ""; display: block; clear: both; } READ: Julius Ceaser: Brutus Character Analysis EssayI would most likely vote for the underdog, Charles Nader. His issues are the ones that agree with me. If I were torn between Gore and Bush I would vote for Gore because he has more political experience and better plans for the economy, government, and budget.Bibliography:

Unit 9 Exercise 1 free essay sample

11/21/13 Unit 9 Exercise 1 Light Sources and Components NT1310 Physical Networking 1. Forward Biased LED – A positive voltage is applied to the p and a negative voltage to the n region 2. Incoherent Light- photons emitted from the junction where the p and an region meet 3. Laser- a coherent source of light with a narrow beam and a narrow spectral bandwidth. 4. Output Pattern- Of a laser is very low and narrow, allowing majority of the light energy to be coupled into the core of a single-mode or multimode fiber 5. Output Power-The amount of power able to be transmitted 6. Modulation Speed- 7. Core Diameter Mismatch- Occurs when the cores aren’t physically identical, and core hits cladding. 8. Current- Flow of electricity, or data. A flow of something. 9. PIN Photodiode- A PIN diode is a diode with a wide, lightly doped near intrinsic semiconductor region between a p-type semiconductor and an n-type semiconductor region 10. Avalanche Photodiode- an avalanche photodiode is a highly sensitive semiconductor electronic device that exploits the photoelectric effect to convert light to electricity 11. Responsivity- measures the input–output gain of a detector system 12. Optical Subassembly- guides the light energy from the optical fiber to the photodiode. 13. Dynamic Range- the range of acceptable or possible volumes of sound occurring in the course of a piece of music or a performance. 14. Operating Wavelength- 15. Fiber-optic coupler- is a device used in optical fiber systems with one or more input fibers and one or several output fibers16 Optomechanical Switch this type of switch redirects an optical signal by moving fiber or bulk optic elements by means of mechanical devices 16. Optomechanical Switch- redirects optical signal by moving a fiber or bulk optic by means of mechanical devices 17. Optical Attenuation- 18. Optical Isolator reduces the effects of interference 19. Wavelength Division Multiplexing- is the combining of different optical wavelengths from two or more optical fibers into just one optical fiber 20. Passive Optical Network- A network that does not used electrically powered equipment or components to get the signal from one place to another. 21. FTTH- a type of PON that uses optical fiber from the central office to the home. With now active electronics helping the transmission 22. FTTB- a type of PON that is similar to FTTH but it is run to building from the central office. 23. FTTC- a type of PON that runs from the central office but it stops at the curb. It needs a converter to add an electric charge. Cooper wire normally replaces the fiber into the building or home. 24. FTTN- to the node is sometimes called fiber to the neighborhood. It is a type of PON that serves the whole community section. Like FTTC, it is converted to an electrical signal carried over a wire to deliver the signal to the home. 25. Feeder Cable- this runs from the central switching point to the local convergence point. 26. Distribution Cable- These cables runs from the local convergence point to the network access point. Unlike feeder cables they dont carry as many optical fibers 27. Drop Point- This is the location where the cable meet and are broken out to the multiple distribution cables. Typically used for single optical fiber cable. 28. Local Convergence Point- is the access point where feeder cables are broken out into multiple distribution cables. 29. Network Access Point- the NAP is a point located close to homes or buildings it services. Within this point there is a distribution cable and it is broken into multiple drop cables. 30. Network Interface Device- a device that serves as a connecting point between you and isp

40 Irregular Verbs That Can End in -t

40 Irregular Verbs That Can End in -t 40 Irregular Verbs That Can End in â€Å"-t† 40 Irregular Verbs That Can End in â€Å"-t† By Mark Nichol The predominant way to represent the past tense of a verb is to add -ed, but some verbs take -t as a variant ending, or even as the only form. Here are forty such verbs, including some ubiquitous words (like left and shot) we may not even think of as having irregular forms because they are the only forms we know for example, leaved and shooted are not options as well as some that survive only in poetry or mock-archaic usage. 1. Bent: the only correct form of the past tense of bend, although the archaic form bended is used jocularly, for example in the phrase â€Å"on bended knee† 2. Blest: a variant form of the past tense of bless 3. Built: the primary form of the past tense of build, though builded is used in some dialects 4. Burnt: a variant form of the past tense of burn; used in favor of the primary spelling in names of pigments such as burnt orange and burnt sienna (familiar to Crayola crayon aficionados) 5. Clapt: a variant form of the past tense of clap 6. Cleft: a variant form of the past tense of cleave; also, a noun or adjective referring to a split 7. Clept: the past tense of the archaic term clepe (â€Å"name,† call†; the present-tense and past-tense words are also spelled yclepe and yclept) 8. Crept: the only correct form of the past tense of creep, except in the slang sense of being creeped out, or unsettled 9. Dealt: the only correct form of the past tense of deal 10. Dreamt: a variant form of the past tense of dream 11. Drest: an obsolete variant form of the past tense of dress 12. Dwelt: a variant form of the past tense of dwell 13. Felt: the only correct form of the past tense of feel; also, a noun referring to a type of material or a similar substance 14. Gilt: a variant form of the past tense of gild; also, a synonym for gold or a noun or adjective referring to gold plating or other surfacing, or a young female pig 15. Girt: a variant form of the past tense of gird 16. Kent: a variant form of the past tense of ken, an archaic synonym for know or recognize 17. Knelt: the primary form of the past tense of kneel 18. Leant: an alternate form of the past tense of lean, used mostly in British English but occasionally appearing in American English usage as well (pronounced â€Å"lent†) 19. Leapt: a variant form of the past tense of leap (see this related post) 20. Learnt: an alternate form of the past tense of learn, used mostly in British English but occasionally appearing in American English usage as well 21. Left: the only correct form of the past tense of leave, meaning â€Å"go,† although the past tense for leave in the sense of forming leaves is leaved 22. Lent: the only correct form of the past tense of lend 23. Lost: the only correct form of the past tense of lose 24. Meant: the only correct form of the past tense of mean (pronounced â€Å"ment†) 25. Pent: an alternate form of the past tense of pen, meaning â€Å"confine,† although the past tense for pen in the sense of writing is penned 26. Reft: an alternate form of the past tense of reave 27. Rent: an alternate form of the past tense of rend 28. Sent: the only correct form of the past tense of send 29. Shot: the only correct form of the past tense of shoot 30. Slept: the only correct form of the past tense of sleep 31. Slipt: a variant form of the past tense of slip 32. Smelt: a variant form of the past tense of smell; also, a noun referring to a type of fish or a verb for melting or reducing metal or another substance 33. Spelt: an alternate form of the past tense of spell, used mostly in British English but occasionally appearing in American English usage as well; also, a noun referring to a type of wheat 34. Spent: the only correct form of the past tense of spend 35. Spilt: a variant form of the past tense of spill 36. Spoilt: a variant form of the past tense of spoil 37. Stript: a variant form of the past tense of strip 38. Vext: a variant form of the past tense of vex 39. Wept: the only correct form of the past tense of weep 40. Went: the only correct form of the past tense of go Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:Comparative Forms of Adjectives"Have" vs "Having" in Certain ExpressionsEnglish Grammar 101: Prepositions

Business Law Essay Example | Topics and Well Written Essays - 1250 words - 14

Business Law - Essay Example ct to gain the protection of the law, it must satisfy the element of offer, acceptance, purpose to create legal representation, and there must be a consideration. Under the element of offer, a promisor invites a promisee to a responsibility and he makes it in such a way that he expects an acceptance from the promisee1. For example, person A offers to rent out his building to person X, for business purposes. In this example, â€Å"responsibility† is denoted by the building that person A wants to rent to person X, for business purposes. In acceptance, a promisee agrees to take up the responsibility offered by the promisor. For example, after person A offered to rent out his building to person X, person X agree to become a tenant under the conditions offered. This amounts to acceptance. For a contract to exist, it must be legally binding document. It must be recognizable by the law, and its provision acceptable by the legal principles of the nation. Finally, a valid contract must have some values exchanged, and this is termed as consideration. For instance, take our case above. He can pay either in cash, or through some valuable products. This paper also identifies the public, social and business issues that influenced the courts in their rulings. This paper has a conclusion, which is a summary of the main points addressed2. One key fact that relates to the enforceability of a contract is whether there is an element of substantial performance within a contract. This fact is better portrayed in the case involving, Jacob and Young vs. Kent (1921). In this case, the plaintiff did not build the house as per the contractual agreement with the defendant. However, the portion left was minimal, and redoing the work would have meant demolishing a large percentage of the whole building, and on this basis, the plaintiff refused to re-do it. The plaintiff won the case, as the court ruled that when there is a defect in contract performance, and it is minimal, then the concept of