By Jerry W Markham
The writer of the award-winning trilogy A monetary background of the USA now presents a definitive new reference or the main disasters of yank company governance firstly of the twenty first century. an important source for college kids, lecturers and execs in company finance, and securities legislations, this exhaustive paintings presents 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 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 power obstacle. It examines the position of the SEC's complete disclosure procedure in company governance, and the function of accountants in that process, together with Arthur Andersen LLP, the Enron auditor that was once destroyed after it was once 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, desktop affiliates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham additionally covers such Wall road 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 strains the notable industry restoration that the scandals and addresses the inaccurate 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
Check fraud claimed another $19 billion, and some $64 million was stolen in bank robberies, but strong-arm robberies were down in number. Los Angeles cut the number of its bank robberies during the 1990s by 400 percent. Electronic robbery was now posing a danger. A group of criminals made off with $37 million from Citigroup in 1999. The funds were obtained through the Citigroup fund-transfer operations. Of that amount, $22 million was returned by a bank that became suspicious, but $15 million was able to be withdrawn by the individuals from a Turkish bank that received those funds.
ECNs and Internet trading were, in all events, causing an upheaval at the stock exchanges. Recognizing the competitive pressure from the ECNs, the SEC allowed the exchanges to restructure themselves as for-profit organizations. Traditionally, the exchanges had been operated as not-for-profits. This change was intended to allow the exchanges to demutualize and raise capital in order to compete with the electronic markets. The NYSE considered demutualizing but that effort bogged down, and it remained a not-for-profit organization.
He claimed that his “Womack Dow Principle” would provide large profits and falsely claimed that he had retained brokers on the floor of the NYSE to execute his trades. This was another classic Ponzi scheme with some investors given large returns, but most of the money was used to maintain Womack’s extravagant lifestyle, which included cosmetic surgery for his wife, artworks, and jewelry. 3 billion as the new century began. Check fraud claimed another $19 billion, and some $64 million was stolen in bank robberies, but strong-arm robberies were down in number.
A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform by Jerry W Markham