"Corporate Fraud" when you hear those words the first‚ most recent incident‚ many think of is The Enron Scandal. This same scandal produced the Public Company Accounting Reform and Investor Protection Act of 2002. This much needed act created the Public Company Accounting Oversight Board under the Security Exchange Commission ’s supervision. This board sets accounting standards and investigates Certified Public Accountants and companies to ensure they are following the guidelines set forth. This
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The Olympus Scandal Hot Potatoes and Flying Funds Summary This paper describes the case of Olympus‚ a Japanese manufacturer of optic equipment‚ at which in early 2012 a scandal was uncovered which was soon dubbed to be one of the largest loss-concealment schemes of Japan. In the 1990’s‚ Olympus incurred significant losses on financial investments made. These were subsequently hidden with the aid of investment companies by shifting the investments around. In the 2000’s‚ these losses were
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The Accounting Scandal Enron Corp. Collapse and WorldCom Accounting Scandal 11/18/2020 The Enron Corp. collapse Formed in 1985 from a merger of Houston Natural Gas and Inter-north‚ Enron Corp. was the first nationwide natural gas pipeline network. Over time‚ the firm’s business focus shifted from the regulated transportation of natural gas to unregulated energy trading markets. The guiding principle seems to have been that there was more money to be made in buying and selling financial
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ENRON Q1. Summary of Enron Scandal. Enron‚ a Houston-based energy firm founded by Kenneth Lay‚ transformed itself into the world’s largest energy-trading company over its sixteen years of lifespan. In 2001‚ Enron was one of the world’s largest energy groups‚ operating mainly in the USA. Though Kenneth played a smaller role in management‚ following the takeover‚ he soon became chief executive officer (CEO) and moved the headquarters from Omaha to Houston. During 2001‚ it had become apparent
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www.ccsenet.org/ijbm International Journal of Business and Management Vol. 5‚ No. 10; October 2010 The Case Analysis of the Scandal of Enron Yuhao Li Huntsman School of Business‚ Utah State University‚ Logan city‚ U.S.A E-mail: wyl_2001_ren@126.com‚ carolee1989@gmail.com Abstract The Enron scandal‚ revealed in October 2001‚ eventually led to the bankruptcy of the Enron Corporation‚ an American energy company based in Houston‚ Texas‚ and the dissolution of Arthur Andersen‚ which was one of the
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In history‚ the American Government has their fair share of scandals; these scandals may include corruption within the American Government‚ or even more personal as a sex scandal. Scandals can be a wide variety of different things. Ari Adut‚ a professor in the sociology department at University of Texas at Austin‚ describes how he perceives scandal in his book On Scandal. Adut explains his definition of scandal as‚ Scandal is a polysemic word. A real‚ apparent or alleged but significant transgression
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lWatergate Scandal Timeline A Complicated President There have been many scandals throughout American presidential history‚ but only one has ever brought down a presidency. To understand Watergate‚ it is helpful to have an understanding of the culture of the administration‚ and of the psyche of the man himself. Richard M. Nixon was a secretive man who did not tolerate criticism well‚ who engaged in numerous acts of duplicity‚ who kept lists of enemies‚ and who used the power of the presidency to
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The 10 Worst Corporate Accounting Scandals of All Time If there is one theme to rival terrorism for defining the last decade-and-a-half‚ it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here’s a chronological look back at some of the worst examples. Waste Management Scandal (1998) Company: Houston-based publicly traded waste management company What happened: Reported $1.7 billion in fake earnings. Main players:
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light massive financial finagling. and its failure was the biggest bankruptcy in American history. Read more: http://www.referenceforbusiness.com/history2/57/Enron-Corporation.html#ixzz2M4woQw7u Enron Scandal And Ethics The 2001 Enron scandal gave business ethics a new lease on life. Enron‚ an energy firm in Texas‚ was considered an economic success story. Its stock had grown quickly‚ and the board of directors was satisfied with management. It was discovered‚ however
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THE WATERGATE SCANDAL JAMAULA T. SYKES COLORADO TECHNICAL UNIVERSITY ONLINE HIST101-1302B-03 PROFESSOR J. CARPENTER JUNE 2‚ 2013 THE WATERGATE SCANDAL Scandal as defined by Bing.com (2013) is “something causing public outrage: a situation or event that causes public outrage or censure”. This was the case with Richard Nixon and the Watergate Scandal during his term in office. This was an event that happened in United States history that brought down Nixon during his tenure in Presidential
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