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A Case Study on ‘Satyam Scam’ Accounting Scandal: When the 2008 recession hit the world, India was not only going through a financial crisis but also an ethical crisis. The firm was worth $1billion in 2003. The foundation of the metro plans was laid in the year 2003. Its financials too were perfect.
And I always use the exact same example, how will you invest in Google in 1998, or in Facebook in 2003? But I will tell you, I mean, when I first moved to Chicago from Spain, it was 2003, which is crazy, it’s like already 20 years ago. BERRUGA: This is 2003. RITHOLTZ: Yeah. RITHOLTZ: Really?
RITHOLTZ: So you launch your own firm IDW in 2003. WEINSTEIN: Table stakes, good intellectual horsepower, work ethic, training, and a history of results. So we were all learning as we went and just by virtue of doing really one search, it made me the expert because no one else was doing it and so I built my business from there.
And so, I was doing that in 2000, 2002, 2003, 2004. So it’s unusual though to have that much work ethic, that much drive and say, yeah, I want all the investors to have the money. And so, when you pulled Bloomberg and you type in like the Fidelity Magellan Fund and then you type DES, all that information …. RITHOLTZ: Yes.
Started in 2003 as little more than an online repository for résumés, the Microsoft-owned behemoth has recently transformed. With 950 million members as of July, LinkedIn is poised to soon have a billion users, joining a rarefied three-comma club with the likes of Facebook, Instagram, and TikTok.
As such, even the most ethical taxpayers may feel anxiety about these reports, since they may end up being punished despite the best intentions. FBAR compliance was enforced by the Treasury Department’s Financial Crimes Enforcement Network bureau, or FinCEN until 2003, when enforcement was delegated to the IRS.
As such, even the most ethical taxpayers may feel anxiety about these reports, since they may end up being punished despite the best intentions. FBAR compliance was enforced by the Treasury Department’s Financial Crimes Enforcement Network bureau, or FinCEN until 2003, when enforcement was delegated to the IRS.
Get ready for a ride as we examine it from all angles: regulatory, ethically, intellectually, etc. If we are comparing them to the Utopian idea of what a fraternity of ethics and competence testing should be, then we should find a way to implement it because daydreaming about what it ought to be is less useful.
I mean, there were some advisor pickup, but you had to be kind of on the front edge of finance, or a quant, or running your own models, which in 2003, was not that common. And you know, they had this vision of understanding that ETFs, which at that point, were still largely institutional vehicles, early 2000s, right?
01:00:49 And, you know, ethically, it’s hard for us to generate that dramatic right. So you can actually, there’s, there’s a lot of sources of data besides just say the lab experiments I talked about in my book from 2003, sneaking the plugin. And the, these are not, we’re not super stress testing. 01:17:48 Hmm.
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