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 heritage of the USA now presents a definitive new reference or the most important mess ups of yank company governance at first of the twenty first century. an important source for college students, academics and execs in company finance, and securities legislations, this exhaustive paintings offers 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 strains the marketplace growth and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial disaster complaints, the prosecution of Enron officers, and Enron's function within the California strength main issue. It examines the function of the SEC's complete disclosure process in company governance, and the function of accountants in that process, 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 push to accounting scandals at Nortel, Lucent, Qwest, worldwide Crossing, Adelphia, and WorldCom. He strains different accounting and governance mess ups 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 was once followed in accordance with those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally strains the extraordinary industry restoration that the scandals and addresses the faulty efforts of company governance reformers that ended in the abuses.

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

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Stratton-Oakmont was a notorious boiler room that was pumping and dumping securities on unsuspecting investors. Several brokers at that firm were jailed, as was Steve Madden, who was involved in their fraud. He was a famous shoe designer and the head of a public company bearing his name. Madden was subjected to an SEC order that barred him from serving as an officer or director of any public company for seven years. Martha Stewart would be compared to Madden as an example of the downfall of the mighty, after her conviction for obstruction of justice in the wake of the Enron scandal.

Similar problems would arise on the NYSE after Enron. Five German banks were fined $90 million for fixing commissions on currency exchange transactions. Unilever sued Mercury Asset Management, which was owned by Merrill Lynch, for negligently managing the company’s pension plan. Merrill Lynch agreed to pay $107 million to settle that claim, which was about half the damages claimed by Unilever. A Merrill Lynch broker, Tania Torruella, was the subject of much litigation after she was fired from Merrill Lynch.

The firms employing such individuals must adopt heightened supervisory requirements for those individuals. Most brokers require their customers to agree to binding arbitration of any claims they might have concerning the handling of their account. The Supreme Court, reversing earlier rulings, began enforcing such agreements, resulting in the removal of most litigation involving broker-dealers and their customers from the judicial system. The number of arbitrations filed with the NASD was up 24 percent in 2001 as a result of the market downturn.

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