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Essay on Mo' Money, Mo' Greed & Corruption

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Mo' Money, Mo' Greed & Corruption

The American dream: a spouse, a few children, a lucrative job, a nice home, and of course, some material luxuries. Those who are able to realize this goal have my respect and they should be proud of their accomplishments. However, my beef arises with the very few Americans who greatly surpass this dream. Yes, I mean the multi-millionaires and billionaires of America.

The wealthiest one percent of our nation owns half the financial assets and 38 percent of the total wealth. They have more money than the bottom 90 percent combined. The next richest nine percent also have more money than the bottom 90 percent combined. These people are so filthy rich they can literally burn hundred dollar bills and …show more content…

If you follow financial news, then the name Tyco should also ring a bell. Tyco International’s two top executives have been accused of looting $600 million from the company's accounts. The CEO, Dennis Kozlowski, squandered much of this money on excessive luxuries, like a $6,000 shower curtain for his penthouse apartment. He also spent $2 million of Tyco's money on his wife's fortieth birthday party. The party was on the Mediterranean island of Sardinia and featured fireworks, ice sculptures, flaming messages in the sky, a private Jimmy Buffet concert, and many other extravagances. Kozlowski is currently on trial in New York. The list of companies involved in this sort of corporate fraud is long, and includes MCI/WorldCom, HealthSouth, and several other Fortune 500 firms.

The financial services industry people who work with these corrupt companies are also far from innocent. In April of this year, the Securities and Exchange Commission (SEC) fined ten top Wall Street firms a total of $1.4 billion because of improper analyst research activities. Analysts are highly paid researchers who focus specifically in one industry, or even on one company, and give recommendations on whether to buy, sell, or hold a certain financial security. The SEC found that over the last five years or so, many analysts were unfairly rating companies based on their bank's relationship with that company. For instance, if Microsoft did a lot of investment banking business with Goldman

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