Word: scandal
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Dates: during 2000-2009
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Insider trading hasn't always been a crime. On the contrary, it was once considered logical and efficient to let any competitive advantage inform decision-making in the free market - a position many economic libertarians continue to embrace today. What some consider to be America's first insider-trading scandal took place shortly after the nation's birth; a former Assistant Treasury Secretary named William Duer capitalized on his government connections to make bets on the country's debt. His investments eventually soured, however, and Duer's bankruptcy brought down much of New York's economy in 1792; he died...
These days, you don't have to work on Wall Street to get entangled in an insider-trading scandal - just ask Martha Stewart. The homemaking guru spent five months in prison in 2004 after a series of events triggered by her sale of $228,000 in shares of biomedical firm ImClone Systems, the day before its value plunged 15%. Thanks to a 1997 Supreme Court ruling, even those who lack a connection to a company cannot trade on inside information if they know it is meant to remain confidential. (ImClone was run by Stewart's friend, Sam Waksal.) Ultimately, Stewart...
...Even the President has come under scrutiny for his slow response to the scandal. A week after the President appointed the team to investigate the allegations, he, too, voiced his support for the anticorruption team he formed five years ago. "Our anticorruption commission will continue to be given a role in the fight against corruption because they have proven to be successful and effective in the fight against corruption," he told TIME in an exclusive interview on Nov. 2. "Even though they are currently having some problems, they remain an important part of our fight against corruption." The President admitted...
...With demonstrators taking to the streets in several cities in support of the KPK and demanding transparent handling of the case, the government is facing mounting pressure to resolve a case that grows more complicated with each new revelation. The last major banking scandal, in 1999, dashed the political future of former President B.J. Habibie and culminated with protests in the streets. "By taking so long to get to expose the truth, SBY is putting stability of the country at risk," says Rizky. "Businesses need stability and without it they will rethink any plans they have to invest...
...time when SBY hopes to attract $200 billion in foreign capital each year to improve the country's crumbling infrastructure, any delays in resolving this latest scandal could prove a serious setback. Anger is mounting toward those believed to be above the law (a giant poster of businessman Anggodo in a police uniform carried at the rally summed feelings up nicely) and is motivating people to take to the streets. "In terms of numbers the protests won't be like 1998 against [former President] Suharto but in terms of pressure it could get just as big," says Eep Saefulloh Fatah...