A Financial History of Modern U.S. Corporate Scandals: From by Jerry W Markham

By Jerry W Markham

The writer of the award-winning trilogy A monetary background of the us now presents a definitive new reference or the most important mess ups of yankee company governance firstly of the twenty first century. an important source for college students, academics and pros in enterprise 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 marketplace increase and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial disaster court cases, the prosecution of Enron officers, and Enron's function within the California strength problem. It examines the function 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 was once destroyed after it was once accused of obstructing justice. the writer chronicles the meltdown within the telecom area that gave upward push to accounting scandals at Nortel, Lucent, Qwest, international Crossing, Adelphia, and WorldCom. He lines different accounting and governance mess ups at ceremony relief, Xerox, machine 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 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 notable marketplace restoration that the scandals and addresses the inaccurate efforts of company governance reformers that resulted in the abuses.

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Extra info for A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform

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Manipulated six stocks that it had sold to the public as an underwriter in IPOs for $600 million. Twenty-four brokers in that firm were convicted of felonies. Morgenthau prosecuted and convicted the chairman of the firm, Victor Wang, who was sentenced to a prison term of seven to twentytwo years. Sterling Foster & Co. was another brokerage firm that was manipulating the price of stocks underwritten by the firm through highly structured boiler room operations. Twenty-one people were given prison sentences in connection with those activities.

A federal circuit court in New York reversed the award, however, and threw out the case. Bear Stearns remained a very independent-minded firm. Its longtime chief executive officer, Alan (Ace) Greenberg, required employees to donate 4 percent of their income to charity. 28 THE STOCK MARKET BUBBLE AND ENRON Pump and dump schemes often involved more conventional boiler rooms employing hundreds of salesmen to pump up prices through high-pressure sales pitches. Market makers at such firms were used to inflate prices.

The SEC requires public companies to report their earnings quarterly. Those reports 32 THE STOCK MARKET BUBBLE AND ENRON are closely followed by financial analysts and money managers. Management at Enron and elsewhere became “laser focused” on their company’s quarterly earnings because money managers and financial analysts demanded everincreasing earnings each quarter or they would dump the stock, causing a precipitous drop in its price. Such a decline relieved the executives of millions of dollars in compensation in their now worthless options.

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