By Jerry W Markham
The writer of the award-winning trilogy A monetary background of the U.S. now presents a definitive new reference or the main disasters of yank company governance at the beginning of the twenty first century. a necessary source for college students, academics and execs in enterprise finance, and securities legislation, 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 marketplace increase and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial disaster lawsuits, the prosecution of Enron officers, and Enron's function within the California strength difficulty. It examines the position of the SEC's complete disclosure method in company governance, and the function of accountants in that procedure, 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 area 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, desktop 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 according to those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally strains the striking industry restoration that the scandals and addresses the inaccurate efforts of company governance reformers that ended in the abuses.
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Extra info for A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform
The SEC required those companies to disclose such practices to shareholders. Options have special advantage for small start-up companies, like those that fueled the market boom in the 1990s. Those entrepreneurs did not have the resources to attract talented executives and staff with large salaries. They were given options instead, motivating them to succeed by garnering large profits from their options when the company went public. In one famous instance, D’Anne Schjerning was hired as a secretary for an executive at Mosaic Communications and was given stock options in lieu of a raise.
State securities administrators in thirty-five states had received complaints of such activity. 5 million over a fourteen-year period starting in the late 1980s. Jerry A. Womack defrauded 400 investors of $19 million between 1997 and 1999. 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.
Trichet was acquitted and assumed his position at the ECB. The Executive Life Insurance Company was the center of another scandal involving Crédit Lyonnais. Executive Life’s portfolio of junk bonds was sold for $3 billion to Crédit Lyonnais, a bank then owned by the French government. Crédit Lyonnais resold the bonds to a French businessman, François Pinault, a friend of French THE STOCK MARKET BUBBLE 23 president Jacques Chirac. S. government to claim that the arrangement was fraudulent. Those authorities also charged that Crédit Lyonnais secretly gained control of the insurance company through third parties in violation of state and federal laws.
A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform by Jerry W Markham