By Jerry W Markham
The writer of the award-winning trilogy A monetary historical past of the us now offers a definitive new reference or the most important disasters of yank company governance initially of the twenty first century. an important source for college students, lecturers and execs in company finance, and securities legislation, 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 industry 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 lawsuits, the prosecution of Enron officers, and Enron's position within the California strength drawback. It examines the position of the SEC's complete disclosure procedure 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, international Crossing, Adelphia, and WorldCom. He lines different accounting and governance disasters at ceremony relief, Xerox, computing device 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 used to be followed according to those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally lines the outstanding 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
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 Of that amount, $22 million was returned by a bank that became suspicious, but $15 million was able to be withdrawn by the individuals from a Turkish bank that received those funds. State and federal authorities charged over 1,000 telemarketers with fraud during a thirty-month period at the end of the century.
Twenty-one people were given prison sentences in connection with those activities. Organized crime was involved in the manipulation of the stock price of HealthTech International Inc. One of the individuals pleading guilty to that misconduct was a capo of the New York Genovese crime family and another individual was a member of the Bonanno crime family. Meanwhile, the Gambino crime family was suing its investment adviser for fraud. The adviser, Mohammad Ali Khan, had stolen millions of dollars from his customers, including some members of the Mafia.
That problem was readily solved by having the corporation extend a loan to the needy executive that could be paid off with the company’s stock, effectively draining the treasury without calling it a salary, as was done at Enron. Another concern was that the issuance of new stock upon the exercise of stock options had the effect of diluting earnings per share and placed downward pressure on the stock price. To avoid those effects, many companies engaged in buybacks of their own stock, sometimes draining needed funds.