By Jerry W Markham
The writer of the award-winning trilogy A monetary heritage of the us now offers a definitive new reference or the most important mess ups of yankee company governance first and foremost of the twenty first century. an important source for college students, lecturers and pros in company finance, and securities legislation, this exhaustive paintings offers in-depth insurance 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 marketplace growth and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial ruin complaints, the prosecution of Enron officers, and Enron's position within the California power concern. It examines the function of the SEC's complete disclosure procedure in company governance, and the position of accountants in that method, 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 region 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 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 used to be followed in accordance with those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally lines the amazing industry restoration that the scandals and addresses the faulty efforts of company governance reformers that ended in the abuses.
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Additional info for A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform
The first stocks to be traded on Primex were those in the Dow, followed by stocks in the Standard & Poor’s 100 Stock Index. By 2000, some 150 electronic communication networks were conducting bond transactions. That number would be cut almost in half over the next two years as interest rates dropped. Brokerage firms were seeking to internalize the execution of customer orders. , aided by the internalization of its orders, was making about $1 billion from its market making activities. Schwab was said to be the “king of internalization” through its wholly owned subsidiary, Schwab Capital Markets.
Executives at some companies received “reload” options that granted new options each time an option was exercised. “Reset” options were also popular. These options lowered their exercise price when the company’s stock dropped in value, allowing the executives to profit even where they were not increasing the value of the stock. Some companies allowed their executives to rescind their decision to exercise options when the stock price increased after their exercise. The SEC required those companies to disclose such practices to shareholders.
This was achieved by oversupplying countries neighboring the European Union. Fraud and Abuses Fraud Schemes Fraud was burgeoning in the financial markets at the end of the century even before Enron. Popular scams involved Internet fraud, investment seminars that touted get-rich schemes, affinity group fraud in which religious or other groups were targeted for fraudulent investments, abusive sales practices, and telemarketing fraud. Some eighty companies were buying the life insurance of individuals over sixty-five who were in poor health through “viatical” contracts.
A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform by Jerry W Markham