By Jerry W Markham
The writer of the award-winning trilogy A monetary heritage of the U.S. now offers a definitive new reference or the most important mess ups of yankee company governance before everything of the twenty first century. an important source for college kids, lecturers and pros in company 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 industry downturn of 2000. The authoritative quantity strains the industry increase and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial ruin court cases, the prosecution of Enron officers, and Enron's position within the California strength quandary. It examines the position of the SEC's complete disclosure method in company governance, and the position of accountants in that approach, together with Arthur Andersen LLP, the Enron auditor that used to be destroyed after it was once accused of obstructing justice. the writer chronicles the meltdown within the telecom zone that gave upward thrust 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 notable industry restoration that the scandals and addresses the faulty efforts of company governance reformers that resulted in the abuses.
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Additional info for A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform
Of Penngrove, California. The SEC sued that company and its president, Jesse Dean Bogdonoff, for fraud. Two individuals were convicted and three acquitted in Florida prosecution involving their sale of viatical contracts for Lifetime Capital, Inc. Bank regulators imposed $20 million in penalties against the New York branch office of the Bank of China as a result of fraudulent loans. , of as much as $1 billion in aggregate. Operating out of New Jersey, the culprits were trading metals using a number of fictitious trading companies.
Investors were told that they could obtain large profits from a worldwide telephone lottery that would use a 900 number for payment. The lottery was falsely claimed to have receipts of $300 million. The company failed to disclose the legal, regulatory, and technical obstacles to this proposal. Internet fraud spread to Latin America. The SEC charged an individual with soliciting funds through the Web for investment in two Costa Rican companies by making false claims that the individual had major distribution contracts with the A&P supermarket chain.
The company failed to disclose the legal, regulatory, and technical obstacles to this proposal. Internet fraud spread to Latin America. The SEC charged an individual with soliciting funds through the Web for investment in two Costa Rican companies by making false claims that the individual had major distribution contracts with the A&P supermarket chain. Another defendant was charged by the SEC with soliciting funds over the Internet for investments that were to be used to finance construction of a proposed ethanol plant in the Dominican Republic.