Professor Elam
Accounting & Investing Info for San Antonio A & M
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Category: Ethics
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Thursday Nov 12, 2020 Ron Schroeder and others have been arrested in a $13 M factoring fraud scheme. Schroeder was a bank President. He manufactured invoices and the bank loaned money against them. He and his conspirators used teh money for their own purposes. Here is the weak bank response. Does this inspire your confidence…
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Nov 11 2020 Brian Alfaro had failed investors before. Now he is headed to jail for 121 months for defrauding more recent investors. Like Bates in Four Winds, Alfaro spent the money on himself buying a Lambo and Spurs tickets behind the team bench. Some lost their llfe savings. It amazes me that individuals do…
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Tuesday Oct 20 2020 Google is being sued by DOJ over search dominance, joined by 11 State Republican AGs Probably right and this is in keeping with lawsuits against successful companies at past market highs.
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Tuesday Oct 20 2020 We have noted an apparent increase in fees and fines for wrong doing, now even Berkshire Hathaway is being fined.
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Monday Oct 19 2020 Page B 5 of today's WSJ The U.S. Securities and Exchange Commission adopted changes that relax some conflict-of-interest rules for companies and audit firms, making it easier for them to avoid violating auditor independence in certain situations. But honestly I am not sure what this means. the article says it…
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Weekend October 17 2020 I don't know if this links as it is through our University Library and I had to log in but https://search-proquest-com.tamusa.idm.oclc.org/news/docview/2451495587/fulltext/B06F603601D4050PQ/3?accountid=130967 There is a front page article in the Weekend WSJ about Luckin, Wirecard and two mid east firms all of which are failed audits and all of which belong to…
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Thursday Oct 15 2020 I don't usually agree with Elizabeth Warren but in this case she is right. She wrote a five page letter to Bob Iger at Disney. Disney has laid off 28,0000 employees at its theme parks. Now it is restoring top exec pay. In the past few years it spent $47 B…
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Thursday Oct 15 2020 Wells Fargo says it's fired workers who bilked a federal coronavirus relief program. A source tells CBS News 100 to 125 workers were shown the door. Brian Dakss Thu, October 15, 2020, 4:53 AM CDT Wells Fargo says it's fired workers who bilked a federal coronavirus relief program.…
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Thursday Oct 15 2020 Pilgrim’s Pride, the nation’s second-largest chicken processor, agreed to a $110.5 million fine with the U.S. Department of Justice in their role to mark up prices of poultry which it then passed along to consumers and businesses. Gross sales are about $11 billioi..So the fine is about 1% of gross. Now,…
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Thursday Oct 15 2020 Federal banking regulators on Wednesday slapped USAA Federal Savings Bank with an $85 million fine for “violations of law” that were “part of a pattern of misconduct.” The civil penalty stems from a consent order that the Office of the Comptroller of the Currency, which regulates federally chartered banks, issued in…
Professor Elam 