Accounting Fraud: A White Collar Crime Accounting Fraud: A White Collar Crime The CEO and CFO of a Swiss security systems company named Tyco‚ stole 150 million dollars from their company before being caught in 2002. At the height of the scandal‚ the CEO threw a 2 million dollar birthday party for his wife on a private island with guest performer Jimmy Buffet. After being caught‚ the CEO and CFO were sentenced to 8-25 years in prison and Tyco had to repay its investors 2.92 billion dollars (The
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Introduction The parade of corporate accounting scandals of the last decade‚ with lion’s share occurring in 2002‚ has developed deep antipathy and distrust towards corporations and their reporting practices‚ and casted doubts on the opinions of audit firms. As majority of these accounting frauds occurred in the US (See Appendix)‚ there was a widely-held view that rules-based accounting standards have allowed failure of large corporations like Enron and World Com‚ since US GAAP is perceived to
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reform and delayed the process all to the benefit of the businesses it should be regulating. “Fraud has never been legal‚ so why has it not been prosecuted?” (Prasch) Renewed interest of ethical issues in the accounting profession is due to scandals involving accounting fraud‚ i.e. Enron‚ WorldCom‚ and Tyco. “Client pressure to present a favorable financial picture of a corporation’s health may lead to ethical breaches” (Adkins & Radke) “New calls for regulations…are specifically concerned with
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References: “Enron Scandal‚” Microsoft Encarta Online Encyclopedia 2009. http://encarta.msn.com. Copyright 1997-2009. Microsoft Corporation. Kobrak‚ Christopher (2009). Innovation Corrupted: The Origins and Legacy of Enron ’s Collapse. Business History Review‚ 83(1)‚ 173-177
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and how he saved a lot of people life’s and was rewarded the Medal of Honor. He saw the first blacks to enter an all white school and when she dropped her book he went and picked it up and gave it to her. Forrest is also woken up in the Watergate scandal because of the lights and reported it to the hotel. Going to the Whitehouse where they were protesting the Vietnam War. Meeting the black panthers at the protest and getting in a fight with them. Also the hippie era which was significant because
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action was dangerous‚ but required president approval. This means that the government has been perfecting there technique for holding on to important information. The rights of an American citizen were established for a reason. After the Watergate scandal‚ President Gerald R. Ford put forth the effort to put the Privacy Act Amendments of 1974 into effect. Patrick Martin said that the bush administration pressured the media to cover up the adversaries of the war drive in Central Asia. It is unacceptable
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and communications. In the year 2000‚ Enron claimed revenues of over $100 billion. By the end of 2001‚ it was reported that Enron Corporation’s financial was sustained by a systematic and creatively planned accounting fraud known as the Enron Scandal. The company claimed bankruptcy in 2001‚ which was the largest‚ and most complex bankruptcy cases in United States history. By November 2004‚ Enron was given a plan of reorganization by the court. Enron Corporation’s name was changed to Enron
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did a “third rate burglary” lead to the resignation of the president? Because the people found out that it was Nixon who planned the whole thing. Resignation Speech 11. Why did Nixon say he was resigning at that time? Because of the Watergate scandal. 12. Do you think he made the right decision to resign when he did? Or should he have gone through the impeachment process? Explain your answer. Yes‚ because people found about his lies and he wouldn’t be elected next term
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Watergate Paper April Overstreet HIS/145 October 24‚ 2011 Jerome Reilly Watergate Paper “On Oct. 20‚ 1973‚ in the so-called “Saturday Night Massacre‚” President Richard M. Nixon abolished the office of special Watergate prosecutor Archibald Cox‚ and accepted the resignation of Attorney General Elliot L. Richardson and fired Deputy Attorney General William B. Ruckelshaus for their refusal to fire Mr. Cox. The president took the action to prevent Mr. Cox from obtaining audiotapes of White
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war Significance: • Ended with US withdrawal of troops • Failure of foreign diplomacy in Vietnam Related Events: • Anti-Vietnam protest anthems • Saigon‚ capital of South Vietnam‚ falls to communist forces Event: Watergate Scandal • Political scandals during presidency of Nixon • Began with five men breaking into Democratic National Committee Headquarters in Watergate hotel • Attempted cover up of break in Significance: • Burglary
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