A Financial History of Modern U.s. Corporate Scandals: From by Jerry W Markham

By Jerry W Markham

The writer of the award-winning trilogy A monetary heritage of the USA now presents a definitive new reference or the main mess ups of yank company governance at first of the twenty first century. a necessary source for college students, academics and execs in enterprise finance, and securities legislations, this exhaustive paintings offers in-depth assurance of the cave in of the Enron company and different monetary scandals that erupted within the wake of the marketplace downturn of 2000. The authoritative quantity lines the industry growth and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial ruin lawsuits, the prosecution of Enron officers, and Enron's function within the California strength concern. It examines the function of the SEC's complete disclosure approach in company governance, and the position of accountants in that process, together with Arthur Andersen LLP, the Enron auditor that used to be destroyed after it used to be accused of obstructing justice. the writer chronicles the meltdown within the telecom quarter that gave upward push to accounting scandals at Nortel, Lucent, Qwest, worldwide Crossing, Adelphia, and WorldCom. He strains different accounting and governance disasters at ceremony reduction, Xerox, machine affiliates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham additionally covers such Wall highway scandals because the Martha Stewart trial, the monetary analyst conflicts, and the mutual fund buying and selling abuses. He analyzes the Sarbanes-Oxley laws that was once followed based on those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally lines the striking marketplace restoration that the scandals and addresses the erroneous efforts of company governance reformers that resulted in the abuses.

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Extra resources for A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform

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2 million as a civil penalty in an SEC action. R. Baron & Co. went bankrupt in 1996, but not before manipulating the prices of several stocks. The company’s sales force was buying stocks for customer accounts without authorization. When customers complained, the stock was transferred to a firm error account, which bankrupted the firm when the stock declined. R. 5 million to the SEC to settle charges arising from that debacle. 5 million to a Canadian investor by a jury in New York. The investor, Henryk de Kwiatkowski, was a wealthy businessman who owned Calumet Farms, the famous thoroughbred horse farm in Lexington, Kentucky.

The falsified announcement was intended to drive up the employee’s holdings of his company’s stock. “Cyber smear” tactics were used for short sale manipulations. Presstek Inc. filed a suit in 1997 claiming that various individuals were making false statements over the Internet about the company in order to make profits as short sellers. , a fiber-optics producer, dropped from $103 to $45 in fifteen minutes on August 26, 2000, after a false press release. That release reported that the company was restating its earnings and that its chief executive had resigned.

In still another Internet case, the defendants were selling bonds in a Panamanian shell company. 75 percent annually. The promoters claimed that the company was providing investment capital to Latin American businesses. The company claimed to publish a magazine called the World Financial Report and published articles from it on the Web, which touted the bonds it was offering. Another Internet scam involved the use of false reports. An individual in Raleigh, North Carolina, was arrested for a false report of a takeover of his employer that was supposed to have been issued by Bloomberg News.

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