Issue in Corporate Failure of Bank of Credit and Commerce...

Issue in Corporate Failure of Bank of Credit and Commerce International (BCCI) Introduction and background: Bank of Credit and Commerce International known as BCCI was founded by Pakistani financer Mr. Agha Hasan Abedi in 1972. It’s headquarter was located in London and was incorporated in Luxembourg. BCCI was ranked 7th largest private bank with total assets which amounts to $20.6 billion. By the end of 1988, BCCI’s network included 417 offices in 73 countries. The annual report noted that the bank now served 1.3 million customers through 14,000 staff members of 90 nationalities. (Peter et al. 1992) BCCI was initially funded by rich Arab businessmen who wanted high return on their investment without taking big risks. They haven’t got†¦show more content†¦(Source: Walker, L. 2001) Abdul Basir, head of BCCI Pakistan operation, says: â€Å"We looked after clients in the most efficient, personalised manner.† The diamond market which is home to Lahore’s famous dancing girls, Prostitutes, who for centuries have provided entertainment for emperors and their courtiers – and latterly for politicians, Arab Sheikhs and bankers. BCCI used these girls to treat Arabs rich businessmen and major shareholders. BCCI’s Zafar Iqbal, former chief executive, was in charge of managing prostitutes. Corporate Failure of BCCI There were two main reasons of BCCI’s corporate failure apart from their criminal activities. These were high risk loans and trading. A bank’s treasury plays a key role in managing its financial affairs by trading large amounts of money and currencies. Some if this dealing is done on behalf of clients. But bank treasuries also speculate on whether currencies will rise or fall, using their own money. BCCI was no exception. According to Price Waterhouse, the bank combined these two activities by trading huge amounts of clients’ money – but in its own name, and without their knowledge. The bank setup a central treasury in 1982 to bring together and put to work the pools of cash that lay around 73 countries network, holding $10bn of assets. It has to keep a large stock of liquid money because of its homeless status. There money market was unsuccessful due to over trading and enormous trading losses which its officialShow MoreRelatedBcci Case Study for Auditing5660 Words   |  23 Pagesthe branch offices of the Bank of Credit and Commerce (BCCI) has been seized by regulators in seven countries. The closure of the bank is mainly due to massive fraud and corruption that happened at the heart of the bank. BCCI also involved in other illegal activities such as money laundering, dubious lending, fraudulent record-keeping and support in terrorism. The BCCI was a supranational bank founded in London in 1972 by a Pakistani financier, Agha Hasan Abedi. Overall, BCCI was expanded from 19 branchesRead MoreThe Theory Of Accounting Fraud3500 Words   |  14 Pagescase of the B ank of Credit and Commerce International (BCCI). BCCI was founded in 1972 by Agha Hasan Abedi (Trento, 2005). Within a decade BCCI had over 400 branches in over 70 countries and claimed assets of $25 billion (Wearing, 2005). In 1989, a senior employee at BCCI alerted PriceWaterhouse (BCCI’s auditors) to the possibility of fraud within the company (Jones 2011). After investigation BCCI’s balance sheet was found to contain a number of either fictitious or irrecoverable loans. BCCI had beenRead MoreMoney Laundering13123 Words   |  53 Pages| 2. | Stages and Process Of Money Laundering | 3. | Vulnerability of the Financial System to Money Laundering | 4. | Banking Sector: Medium, Regulator And Cause | 5. | Private Banking And Money Laundering: | 6. | What Banks Should Do? | 7. | Indian Law For Prevention Of Money Laundering | 8. | Law Enforcement Authorities | 9. | Tax Havens And Money Laundering | 10. | Case Studies | 11. | Conclusion | 12. | References | MONEY LAUNDERINGRead MoreThe Impact of Business Ethic on Organisational Performance14958 Words   |  60 Pages---------------------------------------------------------------------------------42 4.3.2 Compliance with Legal and Financial regulations----------------------------------------------------------43 4.3.3 Business Ethics and Corporate Governance ---------------------------------------------------------------44 4.3.4 Business Ethics and Corporate Social Responsibility -----------------------------------------------------46 CHAPTER 5: IMPLICATIONS, RECOMMENDATIONS AND CONCLUSION 50 5.1 Introduction ----------------------Read MoreThe Role of Internal Audit in Prevention of Fraud in Nigeria Banks . a Case Study of Equitorial Bank Lagos.9955 Words   |  40 PagesStudy 5. Scope and Limitation of the Study CHAPTER TWO: LITERATURE REVIEW 1. Introduction 2. Types of Bank Frauds 3. Causes of Fraud 4. Effects of Fraud on Banks 5. Internal Audit function 6. Fraud and Internal Audit 7. Fraud Prevention 1. General Measures 2. Specific Preventive Measures 8. Elements of Fraud Auditing 9. Measures of Controlling Fraud in Banks 10. Statement of Internal Audit Standard No. 3 2.10.1 Deterrence of Fraud CHAPTER THREE: Research MethodologyRead MoreCredit Risk Management of Basic Bank23409 Words   |  94 Pagesrequirement, I was assigned to do my internship at Bangladesh Small Industries and Commerce Bank Limited popularly known as BASIC Bank Limited for the period of three months starting from December 20, 2006 to March 20, 2007 as an intern by the Internship Placement Committee of Department of Accounting Information Systems, University of Dhaka. Here at BASIC Bank, I was assigned to work at Loans and advances Division of BASIC Bank, Moulvibazar Branch, Dhaka, Mr.Khan Iqbal Hasan, Assistant General ManagerRead MoreI Love Reading Essay69689 Words   |  279 Pagesexperience Gender as a factor in entrepreneurship Sources of start-up phase funding Sources of self ï ¬ nancing Sources of self ï ¬ nancing – Variations according to gender Access to ï ¬ nance from banks at different phases Access to ï ¬ nance from banks – Variations according to family background A ccess to ï ¬ nance from banks – Variations according to time periods Perceptions on venture capital Investments by sector – Number of deals 5 6 10 11 12 13 13 14 15 17 18 18 23 24 24 25 25 29 30 30 31 32 32 33 41 ivRead MoreAnalysis of the Causes and Measures of Curbing Fraud in the Banking Sector25289 Words   |  102 Pagesfraudulent activities in the banking sector of the economy. The issue of fraud in the Nigerian banking sector is prevalent and not easily managed. Fraud is deep rooted in the social setting and the extent of growth depends on the wrong sense of value Nigerians choose to cultivate in terms of wealth acquisition. Therefore, the intense natural inclination to defraud of the ordinary Nigerian is the direct product of our materialistic society. The banks are merely a reflection of the society in which they operateRead MoreLoan Portfolio Management23089 Words   |  93 Pagesbusiness activity for most commercial banks. The loan portfolio is typically the largest asset and the predominate source of revenue. As such, it is one of the greatest sources of risk to a bank’s safety and soundness. Whether due to lax credit standards, poor portfolio risk management, or weakness in the economy, loan portfolio problems have historically been the major cause of bank losses and failures. Effective management of the loan portfolio and the credit function is fundamental to a bank’s

Immigration And The United States Essay - 1368 Words

In the 21st century, immigration is one of the most controversial and hotly debated topics. Thus, we have an extremely complex immigration process accompanied with extremely complex immigration laws. Consequently, reform to the United States immigration policy is absolutely necessary to continue to help build America into the most diverse nation on the planet. To reform immigration, three topics must be addressed: what to do with illegal immigrants already in the United States, how to stop future illegal immigration, and how to improve and streamline the process of legal immigration. Illegal Immigrants Currently in the United States Illegal immigrants currently in the United States need a path towards citizenship unless they are violent criminals. There are currently approximately 11 million illegal immigrants in the United States. While these immigrants have broken the law, deporting all of them would be unrealistic, expensive, and ineffective. First, deporting 11 million illegal immigrants is unrealistic. As former secretary of Homeland Security Michael Chertoff said, â€Å"I can’t even begin to picture how we would deport 11 million people in a few years where we don’t have a police state.† The 4th amendment of the Constitution would have to be repeatedly disregarded for this to happen. Therefore, unless the United States want to abandon the framework this country was built on an alternative solution other than deportation must be found. This does not even take intoShow MoreRelatedImmigration And The United States986 Words   |  4 Pag esImmigration in the United States continues to increase rapidly year by year. According to an analysis of monthly Census Bureau data by the Center for Immigration Studies, the immigration population in the United States, both legal and illegal, hit a record of 42.1 million in the second quarter of this year, an increase of 1.7 million since the same quarter of 2014 (CIS.org). Clearly, Immigrants make up a large part of the population in the United States, and for most immigrants, migrating to theRead MoreImmigration Of The United States1399 Words   |  6 Pages Michelle Faed English 126 Immigration in the United States The United States of America, being a country established by immigrants, is known all over the world as the land of great opportunities. People from all walks of life travelled across the globe, taking a chance to find a better life for them and their family. Over the years, the population of immigrants has grown immensely, resulting in the currently controversial issue of illegal immigration. Illegal immigrants are the people whoRead MoreImmigration And The United States965 Words   |  4 Pages Immigration is a highly controversial and big problem in the United States today. â€Å"While some characterize our immigration crisis as solely an issue of the 11 to 12 million unauthorized immigrants living in this country, our problems extend beyond the number of undocumented people to a broader range of issues. The lack of a comprehensive federal solution has created a slew of lopsided, enforcement-only initiatives that have cost the country billions of dollars while failing to end un authorizedRead MoreImmigration On The United States1302 Words   |  6 PagesImmigration Rights in the U.S. Immigration has occurred in the U.S. for for many years. Some say it’s the foundation of our country. America is the country where people leave their own country to live. People would leave due to mistreatment, hunger issues or job opportunities. America is known for starting over or accomplishing dreams, so immigrants travel over to follow those dreams. People emigrate from one country to another for a variety of complex reasons. Some are forced to move, due to conflictRead MoreThe Immigration Of The United States1711 Words   |  7 PagesThe vast majority of people living in the United States are descendants of immigrants, and yet majority of them are against them. It is quickly forgotten that America was built on immigrants that wanted a new life. A life free from harsh government, and the freedom from forced religion. The original settlers were immigrants that stole this land; immigrants continued to come for years. It is not a newly constructed concept that immigrants have always been a problem, ask any Native American. One usedRead MoreImmigration Of The United States1064 Words   |  5 Pages Camarota (2007, p.1), director of the Immigration Studies Center, reports there are 1.6 million documented and undocumented migrants take up residence in the United States every year. Camarota goes on to say that the immigrants occupy one-eighth of the total population who settled in the U.S. The flood of aliens, to a significant degree, hinders the development of the United States. Therefore, the issues which relate to immigration must not be neglected, and the government should keep the numberRead MoreImmigration And The United States Essay1377 Words   |  6 Pages Immigration has been a large conversation topic for such a long time in our country. We have worked on policies for immigration, and have made changes to them throughout the duration of our country’s existence. This topic is always worth mentioning and important, but has become a bigger topic once again due to presidential elections and the conversations being had about immigration from said elections. It is not necessarily easily seen if the concern with immigration is who is here legally or limitingRead MoreImmigration : The United States1087 Words   |  5 PagesThe United States is a popular and powerful which many people admire. It is very true that the country prospect and is more enrich. Opening the border might improve the economy or can impact the job market for American citizens. It is the jobs of American citizens to be given more to this illegal immigrant. I believe the U.S. borders should remain closed. While it is clear that opening the borders can have benefits, I believe it is more important to keep jobs available for Americans. In my opinionRead MoreImmigration Of The United States1565 Words   |  7 PagesA native of Mexico, Gonzalez came to the United States using a visa, to visit family members and in 1994, police convicted Gonzalez of the abduction and rape of a Waukegan, Illinois woman. During his conviction his attorney, Vanessa Potkin, addressed that at twenty years old, Gonzalez spoke very little English, had no criminal record, and yet the police wanted to pin the crime on him. Twenty years later, DNA from the crime cleared him of both charges, and Gonzalez is now threatened with deportationRead MoreThe Immigration Of The United States1632 Words   |  7 PagesFrench and European to settle in the New World. Since the colonial era, America has seen a wave of immigrants migrate in search of freedom and equality. Is this the same immigration today? Nearly 11.6 million immigrants from Mexico reside in the U.S. Today Immigration has a significant impact on many aspects of life in the United States, from the workforce and the classroom to communities across the country. Not all immigrants come to America legally whether as naturalized citizens, legal permanent residents

Individual Reflective Journal for Learning Process - myassignmenthelp

Question: Discuss about theIndividual Reflective Journal for Learning Process. Answer: Introduction The present article would reflect my learning and experience of the completing a research proposal and literature review on the advantages and disadvantages of social networking in business. The article has been written in the form of a reflective journal that my experience, learning process and future application. This journal would encourage me to think and analyse the elements of quality work. Effectiveness and my use of the learning experience Learning experience refers to the interaction or program through which learning takes place. It helps in strengthening the goal of educational interaction(Edglossary.org 2013). In my opinion, learning experience helps in updating the conceptions of how, when and where learning can take place. Learning experience helps in adding value to the learners and help in promoting further learning that is effective for future. For me, learning experience has provided value in terms of gaining insight about a specific topic. For instance, while developing literature review on the usage of social media in business, I came to know about different facts that are helpful for my future. This is helpful for my future, particularly, when I get into a job or become an entrepreneur. This learning experience would help to utilize social media for obtaining different advantages. Personal use of the learning process The learning process has become technological. Now a day, we can make use of different social media to communicate with the teachers and obtain their guidance. With the use of the internet, we can research our learning material and complete our projects. This help in obtaining more information about the facts that are taught in class. This new way of the learning process has helped students has helped in creating life-long learning experiences. This learning process has helped to complete my assignment and projects in course program, and obtain the required knowledge. This learning program would also be helpful for my future career, as I have gathered several real life information about the social media and its usage in business. In general, life, I can use this experience to impose my undertaking skill and ability. In future, I would be able to utilize the knowledge of social media usage for developing strategies for my organization. For instance, if I become a marketing planner or manager of any company, I would be able to use the social media in right direction for the company to attract the customers. Moreover, the barriers are also known and hence I can implement effective plans to overcome those shortcomings. I can refer to the different organization that has been successful in utilizing social media for their business. Description of learning Process The learning process began in the class. Our teacher discussed business research and its importance. Consequently, we were given the task to complete. The task consisted of one literature review and one business proposal. We selected our topic and presented it to our teachers. Our teacher provided us with guidelines and offered different lecture notes. After obtaining this learning experience about the business research, I carried out a thorough research on the social media. I analysed the usage of social media in business along with its benefits and challenges. I wanted some videos related to the usage of social media. After that, I researched current journals and books. Some books of research methodologies were assigned to us by our teacher, which I studied to frame up the methodology for the proposal. After careful analysis, I selected the sample size for the qualitative and quantitative research. When I encountered issues while searching the right journal I consulted with my teacher who guided me in the right direction. This was my entire learning process while carrying out the entire work. Evaluation of my learning Business research is the procedure of gather information for any function or operation of any industry (Collis Hussey 2013). The business research task, which was assigned needed secondary data collection about the usefulness as well as challenges of social media in business. This business research has been very helpful for me in the research learning process. The first benefit that I obtained was to develop skills in researching online. I explored journals, books and websites to gather information about the given topic. After this, I came to know about proper organization of data, which was essential for the proper presentation of literature. The structure of the proposal was provided and was similar for all. However, I need to present my literature review properly. Hence, I gained knowledge about information presentation. When I came to about different form research methodology and I selected my research methodology judicially after gaining knowledge about the same. Importance of different learning Activities The aforementioned section provides a detailed analysis of the learning activities carried out by me to complete my business research. The new insights which I developed as a result of this project understood about the business research methods. I came to know about different ways in which a researcher can be carried. I came to know about the ways of selecting the right methodology for the research. Moreover, I also learned about the varied usage of social media and what challenges can business face while integrating it. This proposal would help to carry out the entire research in future. The literature review helped to conclude that business can benefit from social media; however, it is essential to develop an effective strategy to overcome the challenges. Future Application of the Study As mentioned before, I can apply my learning process even in my future. While working as a marketing manager in any organization, I can develop effective social media strategies that would overcome the challenges. Moreover, the researcher skill that I have developed would help to analyse any issues or information related to any project or work. Organization and proper presentation of data would help me to create and present a report in my job, which would become strength. Conclusion This reflective journal helped to evaluate the learning process that I underwent while competing for a business research project. Development of literature review helped me to carry out proper research and understand the ways to organize and present information. The second assignment helped me to understand the basics of developing proposal followed by the ways of selecting proper research methodology for the research. Works Cited Collis, J Hussey, R, 2013, Business research: A practical guide for undergraduate and postgraduate students., Palgrave macmillan, London. Edglossary.org 2013, LEARNING EXPERIENCE, viewed 17 August 2017, https://edglossary.org/learning-experience/.

The Stranger is Meursaults Essay Example

The Stranger is Meursaults Paper In the two works, The Stranger, by Albert Camus, and Night, by Elie Wiesel, Death is portrayed differently, and this sheds light on the different attitudes toward death in French and Jewish societies. In order to compare these two works of literature, I will supply evidence of death in these two works of literature, and explain how the authors portray the instances of death in the two works and how the cultural background of each of the novels is reflected through the portrayal of death in the novels. In The Stranger, I will focus on the death of Meursaults mother, the death of the Arab that Meursault kills, and Meursaults own death. In Night, I will focus on the death of Elies father. In The Stranger, The death of Meursaults mother is one of the events central to the plot of the book. It is the first event mentioned in the book (and I mean the very first), and it is one of the reasons that the end of the book turns out the way that it does. Camus portrayal of Meursaults mothers, or Mamans, as she is affectionately entitled in the book, death is as if her death is a serious matter, but only a natural action that had to be done sometime. He does this by referring to Meursaults relatively apathetic reaction to his mothers death. We will write a custom essay sample on The Stranger is Meursaults specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Stranger is Meursaults specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Stranger is Meursaults specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In example, the very first line of the book reads Maman died today. Or yesterday, maybe, I dont know. This shows that Meursault doesnt really grieve about his mothers death, which is really because he is somewhat disillusioned with emotions altogether, but, to the reader, it connotes the idea that death isnt really that big of a deal. Because Meursault talks about events like his dinner that evening and what time he rode the bus to get to the nursing home, it shows that he didnt really care much about his mothers death. Camus uses that apathy that Meursault has to set a standard in the readers mind that death doesnt really matter all that much. Another example of death in The Stranger is Meursaults killing of the Arab. Meursault does not take the action of killing the Arab man seriously. In his action of killing the Arab, Meursault doesnt do it because he has any particular animosity towards the Arab, but because Raymond told him to, and he has no reason not to listen to Raymond. In example, When asked if he thinks Raymond should Let the Arab have it, Meursault says I thought that if I said no hed get himself all worked up and shoot for sure. All I said was He hasnt said anything yet. Itd be pretty lousy to shoot him like that. (56). This shows that Meursault wasnt really killing the Arab because he cared about the issue that Raymond was animate about; in fact, he didnt even really want the poor man to die. In the act of killing the Arab, Meursault doesnt talk about having a motive for his action, but instead blames it on physical stimuli. All I could feel were the cymbals of sunlight crashing on my forehead and, indistinctly, the dazzling spear flying up from the knife in front of me. The scorching blade slashed at my eyelashes and stabbed at my stinging eyes My whole being tensed and I squeezed my hand around the revolver. (59) This shows that Meursault didnt even really have an emotional or pre-cognized reason for killing the Arab, so the death of the Arab wouldnt mean all that much to him. Therefore, Camus is again using Meursaults reaction as an example of his reaction to death. The last example of death in The Stranger, or LEtranger is in Meursaults own execution and death.