From the course: Accounting Foundations: Internal Controls
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Classic cases: Stock market crash of 1929
From the course: Accounting Foundations: Internal Controls
Classic cases: Stock market crash of 1929
- The Securities and Exchange Commission, the SEC, was created by the US Congress in 1934. - Congress was acting in response to the widespread securities fraud, speculation and misinformation that contributed to the stock market Crash of 1929. - Yes, and I'm sure that you are old enough to remember exactly what it was like to live through the Crash of 1929. - That's really funny. But of course the crash itself was not funny. Even though the crash directly affected only the value of investments, the collateral damage created unemployment, despair and global malaise that persisted for over a decade. - Unfortunately, lax accounting rules and almost non-existent regulation of security markets were key contributors to the conditions that led to the crash. - The decade of the 1920s was called the Roaring Twenties in the United States. - [Instructor] From 1921 through 1929, the DOW Jones Industrial Average and prominent…
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