Essay: American Courts Ponder “Honest Service”

Essay: American Courts Ponder “Honest Service”
April 14, 2011 Comments Off on Essay: American Courts Ponder “Honest Service” Academic Papers on Politics,Sample Academic Papers admin

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As the ruling of court is concerned, it will take long time for them to decide. However, the point here is that the investors and shareholders, who invest the savings of their life in such big companies, need justice. Only the shareholders of Enron have lost $74 billion during the period of four years before the company’s bankruptcy, of which $40 to $45 billion was attributed to fraud (Axtman, 2005). The general people are now more reluctant to hand over their savings for the investment purpose. If there are limited savings, then there will be less lending for the general business activity from the banks. Ultimately whole of the economic system will suffer.

In this era of highly integrated economies and globalization, if the economy of one country likes US face economic downturn, the world as a whole feel its repercussions. No- a-days, because of the advancement in information technology, investors from all over the world can invest their money in a company working in any country. Now if that specific company become bank corrupt, the loss doesn’t remain confined to the boundaries of that country. It crosses borders and spreads its effects all over the world. The current economic recession in US is a very vivid example of this phenomenon. Take the case of Bernie Madoff’s Ponzi scheme, when it collapsed, its victims are more than 4,000 clients, who lost $65 billion (Sachs, 2009). He used to Promise unwavering 10%-to-12% returns whatever the market condition was, he  became known as “the Jewish T-bill,” as in risk-free(Sachs, 2009). When the scheme collapsed, not only the direct stake holders got effected by it, it also hurt  many of the charity scheme and programs running on the funds provided by this company. So the point here is that if such companies keep going on bank corrupt because of the fraudulent behaviour of some of their officials and later on get escaped form the courts by dint of the expertise of their highly paid lawyers, where the people will go for help and justice?  What about the losses of billions of dollars and the people who have lost their jobs? Is there any way to compensate the losers? Are we really served by the judicial system? Why such types of incident happen despite of the strict governmental action? These are questions of a common man, not only in the United States but all over the world. Is there any answer to them and who will give the answers?

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