The largest U.S. bank Bank of America reported second loss within one year. For the period July September financial institution has a negative financial result of 1 billion dollars or 26 cents a share. The last loss was reported for the fourth quarter of 2008. The result of the previous quarter, in contrast to profit of 1.18 billion dollars for the same period of 2008, analysts expect losses to be at the rate of 12 cents per share. The quarterly report will be the last that will be the responsibility of the current CEO Kenneth Lewis, who left the institution at the end of the year because of criticism that suffered after the acquisition of Meriil Lynch. Exactly acquired at the beginning of this year, investment bank has contributed to smaller losses in this quarter because of good results from trading in shares, debt securities and currencies.
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American financier and former governor of the Nasdaq was sentenced to 150 years in prison, delivered worldwide agencies. Sentencing is due to “financial pyramid” in which financier stole nearly 65 billion dollars. It is recalled that the March 12th, Madoff face first to the court in New York and is admitted guilty as charged. During the meeting on Monday Madoff receives maximum sentence, said agency AP and specifies that the judge has indicated the unprecedented nature of the offense, resulting in the imposition of fresh punishment. It turns out that not only Madoff financier who is convicted of greshksite or intentional fraud.
Here’s a famous case in the global corporate fraud:
Jerome Kerviel – French broker was held liable in January 2008 for abuse of trust, illegal access to computer networks and the Societe Generale losses amounting to 7 billion dollars. His work is not yet complete. The broker is authorized limit exceeded exposure futures linked to European stock indexes.
Dennis Kozlowski – former CEO of Tyco International was convicted in June 2005 for embezzlement of 400 million dollars of the funds of the company. Kozlowski is in prison for 25 years.
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