- Examine the manner in which investment banks previously used leverage to multiply profits and thus endangered the entire global financial system. Determine the role that the 1999 elimination of the Glass-Stegall Act played in the endangerment of the global financial system.
- Discuss the role of Special Purpose Entities (SPEs) in the fall of Enron. Examine the method in which Enron used SPEs to hide its liabilities. Determine the key reasons why accountants, investors, and creditors found it challenging to determine the real assets and liabilities of the company.
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Very informative post. In addition the Glass-Steagall Act was created by President Roosevelt and passed by Congress after the Great Depression in 1933. This act was created to regulate the bank to make them safer and more effective by separating the banks through commercial banking and investment banking. This was later changed in 1999 by President Clinton, which then allowed the two banks to intertwine. In regards to the SPE’s in the fall of Enron, I agree that Enron used off balance sheet practices to deceive their investors financial statements. They tried to hide important information from their shareholders and left investors in the hole.
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