Thanks to the new technology we have smart phones available on every corner. Every smartphone has the access to Internet. For example: Many people today buy those beautiful android phones and use them. Every android device has access to Google Play Store and you can download every day whatever you want to. No one looks what those applications can do with your private information. The Google can locate you wherever you are, and those people can know where are you, and what are you doing. Do you think that this is dangerous? No one is taking care for his information on mobile phones, and I don’t want to talk about the social network behaviour.
Everyone has their Facebook account and share their life every day with friends and other users. We don’t know that our information can be in danger. Someone can use them for an illegal business, and we cannot know it until it’s late. Also someone can make a fake account, filled with our information and pictures, presenting themselves as us. Every day we post different comments on Facebook and Twitter and some people can know much about us, even if we don’t want to. And the religion isn’t a private thing anymore. Political commitments can cause big problem, and those information are not for publicity. We can only wait when someone will take them against us. Those are things that no one takes care about.
Thanks to every country in the whole world, there are agencies that protect our information. For any information about any person on the basis of which can be determined on which person comes from, the Law on Personal Data Protection stated the conditions under which only the identity of the person can be announced to the public.The identity of the person can be known if you know its name, its last name, where its lives but also based on a number of other details, so of any such details you must be very careful. Many people want to know from where are you and want to take your money. You must be totally aware what information you give in publicity. Feel free to contact for more advice on suing a bank.
Many sites say that we need to fill out some kind of polls in order to watch a movie or to play a game, and the guarantee as that we will stay anonymous. You can never stay anonymous on Internet. All that you are doing is written somewhere and someone knows exactly what are you interested for. This is not good for us. People who make those sites want to know who is interested for their publications. All our real information that we give to any sites on internet were stored somewhere and they have our complete personal profile. From pictures to bank accounts. So be very careful what information you give on internet, all of them can be used against you. And the internet is not the safest place in the world. Sometimes we forget that the outer world exists.
Former Chicago Schools CEO Pleads Guilty
On Tuesday, Barbara Byrd-Bennett who is a former head of Chicago Public schools, pleaded guilty to charges of fraud. It is alleged that she received illegal payments of $2.3 million from education firms to give them no-bid contracts of $23 million.
66 year old Barbara Byrd-Bennett pleaded guilty to a single fraud count in the Chicago federal court. Initially, she was facing twenty counts of fraud but prosecutors have dismissed 19 of these charges because Byrd-Bennett pleaded guilty to one of these charges.
Barbara Byrd-Bennett could face a 7 ½ year prison sentence. This will be decided later by the US District Edmond Chang. During her hearing, she nervously replied to each of the judge’s questions by simply saying ‘Yes, your honor”.
In 2012 Barbara Byrd-Bennett became head of the Chicago Public Schools after being hired by Mayor Rahm Emanuel. She resigned earlier this year after spending 3 years in this position.
Problems Facing Chicago Public Schools
A wide range of problems are affecting CPS including its large budget shortfall and underfunded pension system. To make matters worse, many schools were closed in 2013 in an attempt to improve Chicago’s education system.
The latest controversy involves the owners of two education service and training companies who are alleged to have given Byrd-Bennett a large payment and offered her another position. When she left Chicago Public Schools all of this was disguised as a signing bonus.
Email Evidence and Amounts Received
According to the indictment, an email from one of the executives involved highlights the amounts offered. The executive states that “If you only join for the day, you will be the highest paid person on the planet for that day.”
It is also alleged that Barbara Byrd-Bennett would receive $2.3 million in kickbacks. The actual amount that changed hands is unclear. However it’s believed that the money received was redirected to trust accounts setup for 2 of her family members who were referred to as Relatives A and B.
Further evidence suggests that Byrd-Bennett’s main interest was money. This is obvious in an email send by her on Sept. 10, 2012 where she states that she has “tuition to pay and casinos to visit”.
Involvement with SUPRES Academy
It is understood the wrongdoing began in 2012, after she was appointed to her new position by the Democratic Mayor. However, after 3 years in the position, Barbara Byrd-Bennett was forced to step down when it emerged that there was a federal investigation taking place into dealings between CPS and a former employer of hers called SUPES Academy.
Gary Soloman and Thomas Vranas have also been implicated in this controversy. They are alleged to have offered money, sports events tickets and other illegal payments in return for lucrative contracts.
These two company owners could be charged with bribery and conspiracy to defraud. SUPES Academy and a related company called Sysnesi Associates LLC are being charged too. However, the attorney for Gary Solomon stated that his client is cooperating but mistakes were made. There was no comment from Thomas Vranas representative.
Contracts between CPS and SUPES Academy have been put on hold. Barbara Byrd-Barrett has been ordered to give a DNA sample by the judge and will appear in court again on Jan 27th.
How to Cure Corporate Mistakes and Wrong Actions
In recent years, class action suits have become a popular way of bringing justice to victims of corporate mistakes. In 2009, the Securities and Exchange Commission (SEC) took the top executives of Bank of America to task over their $50 billion acquisition of doomed bank, Merrill Lynch and the case was settled for $150 million. Meanwhile, a private class action suit was brought against the bank. This settled for $2.4 billion, which was a lot more than the original settlement figure obtained by the SEC.
This pattern has been repeated many times over in recent years. The Enron case was settled by the SEC for $450 million, but a later class action suit achieved a far higher settlement figure: $7.2 billion to be exact. Similarly, class action suits against Citigroup in 2010 settled for $1.3 billion, compared to the SEC settlement of $75 million.
Huge Settlements in Class Action Suits
At first glance, you might look at the figures and think that the defrauded shareholders who brought these class action suits did very well out of the cases, when compared to the settlement figures obtained by the SEC, but all is not what it seems.
What usually happens is that settlement figures are paid out by the companies themselves rather than the executives responsible for making the poor decisions that led to the case in the first place. As such, the current shareholders who have invested in the company prior to the fraud are in effect paying out the second group of shareholders who were defrauded. In essence, the only beneficiaries of the whole debacle are the lawyers, who stand to make millions in fees as a result of the long and protracted court cases.
A Contentious Form of Litigation
Class action lawsuits are highly contentious forms of litigation. Advocates say they provide an opportunity for ordinary people to play their part in combatting corporate misconduct, but critics argue that class action suits do nothing to hold executives responsible for misconduct accountable. Rather, class action suits merely line the pockets of self-interested lawyers.
John Coffee Book
The publication of a book by John C. Coffee Jr, a Colombia law professor, seeks to shed light on the merits and demerits of class action suits by appraising the strengths and weaknesses of it as a judicial process.
The book, entitled Entrepreneurial Litigation, is a highly comprehensive study of class actions. Coffee examines the history of class action lawsuits, from the 19th century right through to the modern day. He looks at the many different types of class action suits and discusses who benefited from them, and why. One thing he does note is that in almost all cases, class action suits were lawyer driven. Sometimes this was for ideological purposes, perhaps to identify more claimants in order to address their concerns, but in most cases the primary driver was financial.
John Coffee concludes by the end of his book that securities class action suits do serve a purpose, but they need to be better regulated by the government and class action bar if they are to be truly effective.