A Financial History of Modern U.S. Corporate Scandals: From Enron to ReformM.E. Sharpe, 2006 - 742 páginas The author of the award-winning trilogy A Financial History of the United States now provides a definitive new reference or the major failures of American corporate governance at the start of the 21st century. An essential resource for students, teachers and professionals in business finance, and securities law, this exhaustive work provides in-depth coverage of the collapse of the Enron Corporation and other financial scandals that erupted in the wake of the market downturn of 2000. The authoritative volume traces the market boom and bust that preceded Enron's collapse, as well as the aftermath of that failure, including the Enron bankruptcy proceedings, the prosecution of Enron officials, and Enron's role in the California energy crisis. It examines the role of the SEC's full disclosure system in corporate governance, and the role of accountants in that system, including Arthur Andersen LLP, the Enron auditor that was destroyed after it was accused of obstructing justice. The author chronicles the meltdown in the telecom sector that gave rise to accounting scandals at Nortel, Lucent, Qwest, Global Crossing, Adelphia, and WorldCom. He traces other accounting and governance failures at Rite Aid, Xerox, Computer Associates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham also covers such Wall Street scandals as the Martha Stewart trial, the financial analyst conflicts, and the mutual fund trading abuses. He analyzes the Sarbanes-Oxley legislation that was adopted in response to these scandals, the burdens it imposes, and continuing flaws in full disclosure. Markham also traces the remarkable market recovery that followed the scandals and addresses the misguided efforts of corporate governance reformers that led to the abuses. |
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Contenido
The Stock Market Bubble | 3 |
Fraud and Abuses 21 Fraud Schemes 21 Ponzi Schemes | 23 |
Electronic Fraud 25 Pump and Dump Schemes 27 Other Problems | 33 |
Damage Is Done 39 Deficits and International Problems 40 Prelude | 44 |
Enron Fails 75 The Death Spiral 75 Sherron Watkins 76 | 76 |
Implosion 82 Chewco 83 Whitewing 84 Influence Fails 85 Death | 91 |
Prosecution of Enron Executives 108 Other Abuses 108 Andrew | 118 |
Bank Involvement 119 Prepaid Forward Transactions 119 | 127 |
Analysts Scandals 400 The Role of the Analyst 400 Supervising | 410 |
Frank Quattrone 412 Analysts Settlement 416 Congressional | 420 |
Mutual Fund Scandals 421 Some History 421 Investment Company | 439 |
More Scandals and Reform | 443 |
SarbanesOxley Is No Panacea 467 More Costs 467 Executive | 472 |
More Audit Failures 477 Travel and Taxes 479 Executive | 482 |
More Fraud 484 Pump and Dump Schemes 484 Ponzi Schemes | 494 |
NYSE Problems 501 Spitzer Again | 506 |
Flawed System 131 Enron Games the Market 133 Crimes | 137 |
Full Disclosure | 143 |
The Accountants as Gatekeepers 158 Disclosure Requirements | 158 |
Accounting in Great Britain 163 British Accountants Move | 170 |
Arthur Andersen and Other Scandals | 197 |
Full Disclosure Fails 212 SEC Role 212 Accrual Versus Cash | 217 |
Channel Stuffing 218 Statement of Cash Flows 220 Pro Forma | 223 |
Critical Path and Others 224 Still More Problems 229 Round Trips | 234 |
The Scandal Begins 238 The Scandal Broadens 239 Kozlowskis | 244 |
Fiduciary Duties 277 Trustees 277 The Business Judgment Rule | 278 |
Fiduciary Duty of Loyalty 285 Executive Compensation 288 Close | 292 |
Back to Delaware 299 Delaware Excesses 301 For Whom Does | 306 |
Telecoms and WorldCom | 311 |
The Company 330 MCI 332 WorldCom | 341 |
Breedens World 341 Like Enron 344 Litigation 348 Criminal | 354 |
HealthSouth 360 Freddie Mac and Fannie Mae 364 | 364 |
Lord Black 368 Grocery Store Accounting | 372 |
Market Recovery | 521 |
The New Year2003 536 Taxes 536 Trading Places 538 More | 544 |
Banking 551 Credit Cards 551 Banking Consolidation | 552 |
The Year 2004 558 The Recovery Strengthens 558 Market | 577 |
Market Development 582 Enron Continues 586 More Problems | 590 |
Reforming the Reforms | 596 |
The SEC Fails 612 Fraud Before the SEC 612 The American | 623 |
Attorney General Wolf Packs 629 Private Securities Litigation 633 | 633 |
Pension Funds as Managers 638 Calpers Governance | 644 |
Manipulation 651 Mulherens Prosecution 652 CFTC 653 Market | 659 |
Notes | 665 |
677 | |
693 | |
733 | |
About the Author 743 | |
Otras ediciones - Ver todas
A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform Jerry W Markham Vista previa limitada - 2015 |
A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform Jerry W Markham Vista previa limitada - 2015 |
Términos y frases comunes
accounting firm agreed to pay allowed American analysts Andrew Fastow announced Arthur Andersen assets attack attorney audit auditors bankruptcy Calpers cash chairman chief executive officer Citigroup claimed class action clients committee Corp corporate governance court debt disclosed dropped earnings Ebbers Eliot Spitzer employees Enron stock Exchange Fastow federal fiduciary duty filed financial statements fraud full disclosure Global Crossing hedge fund income increased indicted insider trading investigation investors involved issue JPMorgan Chase Kozlowski late trading lawyers loans losses manipulations ment merger Merrill Lynch million to settle Morgan Stanley mutual funds Nasdaq NYSE operations options paid payments percent pleaded guilty Ponzi scheme problems profits public companies Refco regulation restated result revenues rule scandal SEC charged SEC's securities sell shareholders shares sold Spitzer Stewart stock market stock price tion transactions Tyco United Wall Street WorldCom York