The Corruption Files

Thomas Fox

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What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard will detail some of the most audacious corruption cases from the modern era of anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.

EPISODE 1

Lockheed and Birth of the FCPA

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this first episode of Season 2, Tom and Mike review the Lockheed corruption scandal which led directly to the passage of the FCPA. The discussion covers the significant bribery and corruption charges that led to the creation of the Foreign Corrupt Practices Act (FCPA). The hosts explore the international political fallout from the scandal, its impact on various countries including Japan, Italy, and the Netherlands, and the consequences for Lockheed. The episode highlights how the case influenced the development of anti-bribery laws worldwide and the roles played by figures like Stanley Sporkin in shaping these regulations. The conversation also touches on the ongoing challenges in combating corruption in the aerospace industry and its global implications. Key Highlights · The Lockheed Scandal: An Overview · High-Level Corruption and Its Unveiling · International Repercussions of the Lockheed Scandal · The Birth of the FCPA · Modern Implications and Compliance Resources Mike DeBernardis on LInkedIn HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

25 min
EPISODE 2

Tyco, Dennis Kozlowski and The Era of Excess

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike take a deep dive into the historical case of Tyco, a quintessential example of dot-com era excess. Tom and Mike discuss Tyco’s journey from a small semiconductor company to a corporate giant under CEO Dennis Kozlowski. Kozlowski’s aggressive growth strategies and extreme personal expenditures, such as a $6,000 shower curtain, became infamous. The discussion covers fraudulent activities, including unauthorized bonuses and misuse of loan programs, ultimately leading to Kozlowski and CFO Mark Swartz’s convictions. The episode also examines the implications for corporate governance and the sweeping changes in third-party risk management prompted by the scandal. Key Highlights: The Rise of Tyco Dennis Kozlowski’s Leadership and Excesses Uncovering the Fraud The Loan Programs and Misconduct The Trial and Conviction Compliance Lessons from Tyco Board Oversight and Final Thoughts Resources: Mike DeBernardis on LInkedIn HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Mentioned in Podcast Taking Down the Lion by Catherine Neal How Compliance Saved Tyco by Joe Mont Texas Tax rate at 80% of 8.25%

23 min
EPISODE 3

BCCI - The Bank That Changed Global Banking Regulations

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike take a deep dive into the sordid history of the Bank of Credit and Commerce International (BCCI) (AKA Bank of Crooks and Criminals International). BCCI was founded in 1972 to facilitate banking for developing countries. BCCI quickly devolved into a hub for money laundering, terrorism financing, and regulatory evasion. They discuss the bank’s complex web of shell companies and insider loans and how a 1991 investigation led by Senator John Kerry exposed these illicit activities. The episode also highlights the involvement of notable figures like Clark Clifford and Robert Altman in BCCI’s operations and the subsequent legal battles they faced. Finally, the hosts examine the long-lasting impact of the BCCI scandal on global and U.S. banking regulations, including the establishment of stricter anti-money laundering laws and enhanced international cooperation. Key Highlights: The Rise and Fall of BCCI BCCI’s Regulatory Evasion Tactics BCCI’s Involvement in Terrorism and Illegal Activities The Congressional Investigation and Shutdown BCCI’s U.S. Operations and Legal Troubles High-Profile Trials and Acquittals Modern Parallels Resources: Mike DeBernardis on LInkedIn HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

19 min
EPISODE 4

Exploring The Teapot Dome Scandal: Lessons from a Century-Old Corruption Case

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike take a deep dive into one of the seminal scandals of the 20thcentury, the Teapot Dome scandal. The infamous Teapot Dome scandal occurred during Warren Harding administration. Tom and Mike take a deep dive into a historical overview of the event, detailing steps taken by key figures like Albert Fall, who leased federal oil reserves to his associates without competitive bidding, resulting in massive corruption and eventual convictions. The discussion highlights the scandal’s significant impact on U.S. governance, including the first conviction of a former cabinet member, and underscores enduring compliance lessons relevant to modern-day corruption cases. Key Highlights: Historical Context of the Teapot Dome Scandal The Scandal Unfolds: Key Players and Actions Investigations and Revelations Legal Consequences and Fallout Lessons and Reflections Resources: Mike DeBernardis on Linkedin HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

19 min
EPISODE 6

Stranger Than Fiction: The Bre-X Mining Scandal

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike take a deep dive into the Bre-X mining scandal of the mid-1990s. Tom and Mike explore the fraudulent gold discovery announced by the Canadian company in Indonesia, which led to a massive media frenzy, skyrocketing stock prices, and eventually, a colossal financial collapse. The discussion includes the scandal’s sensational aspects, lack of individual prosecutions, and the regulatory responses that followed. Fox and DeBernardis also examine the greed and desperation driving the fraud and draw vital compliance lessons for today’s professionals. Key Highlights: Overview of the Bre-X Mining Scandal The Sensational Details of the Fraud The Aftermath and Lack of Prosecution Regulatory and Legal Responses Compliance Lessons for Today Resources: Mike DeBernardis on LinkedIn HughesHubbardReed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

26 min
EPISODE 7

The Hutchinson Whampoa Scandal

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike explore a unique corporate scandal from early 2000s Hong Kong involving Hutchison Whampoa Limited. Unlike typical cases, there were no allegations of bribery, corruption, or significant financial penalties. Instead, the scandal revolved around the complex corporate governance issues and the control wielded by billionaire Li Ka-shing. The conversation delves into the importance of robust corporate governance, particularly in safeguarding the interests of minority shareholders in companies dominated by powerful individuals or families. Tom and Mike highlight the expanding role of compliance professionals in overseeing corporate governance, especially with the rise of Environmental, Social, and Governance (ESG) criteria. They discuss the importance of board independence, the need for effective internal controls, and how compliance professionals can aid in board training. With compelling examples, such as the interlock of directors in the energy sector and the Bluebell Ice Cream scandal, the episode provides a thorough insight into how corporate governance issues can impact reputations and operational integrity. Key Highlights: Corporate Governance and Compliance The Role of Boards in Risk Management Compliance Professionals and Corporate Governance Importance of Independent Board Members Internal Controls and Compliance Training Boards for Effective Governance Resources: Mike DeBernardis on LinkedIn HughesHubbardReed Tom Fox Instagram Facebook Texas Tax rate at 80% of 8.25%

26 min
EPISODE 9

How One Person Brought Down Barings Bank

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws. In this episode of Season 2, Tom and Mike explore the Barings Bank scandal The focus is on the actions of Nick Leeson, a trader who single-handedly bankrupted the historic institution. The discussion highlights the critical mistakes made by the bank, including a lack of oversight and the dangerous combination of trading and settlement roles. The podast also explores the broader implications for compliance and risk management in financial institutions, emphasizing the importance of segregation of duties and the pressures that can lead to unethical behavior. Key Highlights: The Rise and Fall of Barings Bank The Role of Oversight in Financial Institutions Lessons Learned from the Barings Bank Scandal How does the Fraud Triangle apply? Segregation of Duties-as basic a control as you can have in place Memorable Quotes (all from Mike DeBernardis) “Nick single-handedly bankrupted the oldest merchant bank.” “He was a golden boy trader making tons of money.” “Barings Bank was sold for one pound.” Resources: Mike DeBernardis on LinkedIn Hughes Hubbard & Reed Tom Fox Instagram Facebook YouTube Twitter LinkedIn Texas Tax rate at 80% of 8.25%

25 min

See All Season 2 (7)

great show

06/10/2024

uuuuuuuuuuudu

interesting and informative

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard will detail some of the most audacious corruption cases from the modern era of anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.

Creator

Thomas Fox
Episodes

25
Seasons

1
Rating

Clean
Copyright

© Thomas Fox
Show Website

The Corruption Files