Topic > Who killed the American economy? - 2371

According to the reading known as "The Anatomy of Murder: Who Killed the American Economy", the author states that there are a number of causes that have influenced and impacted the US financial system . In his article, for example, banks, investors, rating agencies, regulators, mortgage brokers and politicians are explained. Furthermore, the author mentions that there are some significant factors such as financial regulations and political systems that are linked to the financial crisis. However, the author also gives the result of who should be blamed as banker, but there is not enough information about the blame of large companies such as Enron and Lehman Brothers, which also played a significant role. One of the most significant reasons that raises this issue is that “moral hazard” had a primary motivation in banks and high ranks during the US and global financial crisis. The consequence of this problem is the collapse of large companies and banks leading to the financial crisis. Furthermore, the author does not explain the financial crimes that should be addressed as a main factor, since tax evasion plays a significant role in the global financial market. system. This is due to the fact that tax evasion is a product of financial crime and that leads to financial crisis. Furthermore, the author does not provide any information in the form of financial regulation and financial organizations which should be explained as the main idea in the financial crisis. The author does not explain well in the case how to prevent the financial crisis, because the point of view of his article usually covers the main part of "who to blame and what caused" rather than how p...... middle of paper ......ark, 'The Enron Collapse: An Overview of Financial Issues' (Research Report, Congressional Research Service, March 28, 2002) Komisar, Lucy, 'Profit Laundering and Tax Evasion' (2005) 52(2 ) DissentLucci, John Paul, 'Enron-The Failure Heard Around the World and the International Rebound of Sarbanes-Oxley' (2003) 67 Albany Law ReviewRidgeway, Jame, 'Enron Finds Refuge' (2002) 47(4) The Village VoiceSharman, JC, “South Pacific Tax Havens: From Leaders in the Race to the Bottom to Laggards in the Race to the Top?” (2005) 29(3) Accounting ForumSikka, Prem & Hampton, Mark P, “The role of accounting firms in tax avoidance: some evidence and issues” (2005) 29 Accounting ForumStiglitz, Joseph E, “The anatomy of a Murder: Who Killed the American Economy?" in J Friedman (ed.) What Caused the Financial Crisis (2011 University of Pennsylvania Press)