World Scientific
Skip main navigation

Cookies Notification

We use cookies on this site to enhance your user experience. By continuing to browse the site, you consent to the use of our cookies. Learn More
×

System Upgrade on Tue, May 28th, 2024 at 2am (EDT)

Existing users will be able to log into the site and access content. However, E-commerce and registration of new users may not be available for up to 12 hours.
For online purchase, please visit us again. Contact us at customercare@wspc.com for any enquiries.

Chapter 10: Trust and Financial Regulations: A Survey and Its Implication on Shanghai FTA

    https://doi.org/10.1142/9781938134777_0010Cited by:0 (Source: Crossref)
    Abstract:

    Trust is the cornerstone of finance. However, in recent years, events of trust crisis in global finance sector occurred constantly. In 2000, Enron financial fraud was exposed and triggered a series of fraud and bankruptcy storm of America enterprise, resulting in the launch of Sarbanes–Oxley Act by U.S. Congress, the strictest act against corporate governance. The global financial crisis of 2007–2009, which led to a credit crunch, large scope of enterprise bankruptcy and serious unemployment, heavily struck the global financial system and economic system and seriously undermined public confidence in financial institutions and government supervision departments. “In the long run, this is more serious than any economic loss” (Zingale, 2011). In 2008, the Ponzi scheme of Bernard Madoff, the financier who had been making waves in Wall Street for decades, crashed and the moment when Madoff was arrested by American Federal Bureau of Investigation, it shocked the world…