By Jerry W Markham
The writer of the award-winning trilogy A monetary heritage of the us now presents a definitive new reference or the most important mess ups of yankee company governance in the beginning of the twenty first century. a necessary source for college students, academics and execs 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 industry downturn of 2000. The authoritative quantity lines the industry growth 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 predicament. It examines the position of the SEC's complete disclosure method in company governance, and the function of accountants in that process, together with Arthur Andersen LLP, the Enron auditor that used to be destroyed after it was once accused of obstructing justice. the writer chronicles the meltdown within the telecom quarter that gave upward push to accounting scandals at Nortel, Lucent, Qwest, international Crossing, Adelphia, and WorldCom. He lines different accounting and governance disasters at ceremony reduction, 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 in accordance with those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally lines the impressive industry restoration that the scandals and addresses the faulty 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
Check fraud claimed another $19 billion, and some $64 million was stolen in bank robberies, but strong-arm robberies were down in number. 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.
3 million in 1999, triple the amount he received the prior year. Merrill’s chief financial officer, E. 1 million. Morgan Stanley Dean Witter (now Morgan Stanley) paid its two top executives, Philip J. Purcell and John J. Mack, $26 million each in 1999. Goldman Sachs was ranked the number one firm for merger and acquisition activity in investment banking. Merrill Lynch finished second in that category and lost its position as the leading underwriter for stocks in 2001. Merrill was beaten out by Citigroup, which had been freed of the shackles of the Glass-Steagall Act, which had limited its ability to engage in underwritings.
Goldmen. S. Goldmen defrauded customers of over $100 million. S. Goldmen’s president, Anthony Marchiano, was given a prison sentence of 10 to 30 years. S. Goldmen pleaded guilty to criminal charges in connection with that firm’s fraudulent operations. Duke & Co. 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.