By Jerry W Markham
This significant new reference for college students, school, and pros of yankee company governance, sleek monetary heritage, and securities legislations starts with an exam of the cave in of the Enron company and different monetary scandals that arose within the wake of the industry downturn of 2000. Jerry W. Markham, writer of the award-winning monetary heritage of the USA and previous SEC tips, offers context and research to the fashionable period of company curruption.
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Extra resources for A Financial History of Modern US Corporate Scandals From Enron to Reform
The number of employees receiving stock options increased during the 1990s from about 1 million to 10 million. On average, corporations listed in the S&P 500 index were awarding to employees stock options valued at $170 million annually. Executive compensation increased by almost 450 percent in the 1990s, rising from an average of $2 million to over $10 million. Some of the pay packages were mind-boggling. , made $706 million on his options in a year when the company’s share price dropped by 57 percent.
Held options worth a comparatively paltry $64 million. Excessive compensation became the norm in the 1990s. , was given a bonus of $102 million in 1996 and total compensation of $200 million during his tenure, leaving a ruinous $20 billion of subprime loans on the company’s THE STOCK MARKET BUBBLE 33 books. Those high-risk loans were motivated by a desire to take advantage of accounting rules that allowed the company to report large short-term profits, while creating a time bomb that threatened the long-term prospects of the company.
Greenspan made those prophecies self-fulfilling by crushing the stock market through a series of punitive interest rate increases. It is unclear why the stock market run-up was viewed as a bad thing. The economy was surging, productivity was up, inflation and unemployment levels were low, and national wealth was increasing. The Fed had pursued a policy of low rates since the 1980s, provided there was no risk of inflation. Although there was no threat of inflation from the stock market bubble in the 1990s, Greenspan concluded that the bubble itself was sufficient reason for raising rates.
A Financial History of Modern US Corporate Scandals From Enron to Reform by Jerry W Markham