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New PDF release: A Financial History of Modern U.s. Corporate Scandals: From

By Jerry W Markham

The writer of the award-winning trilogy A monetary heritage of the us now offers 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 kids, lecturers and execs in enterprise 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 increase and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial ruin lawsuits, the prosecution of Enron officers, and Enron's function within the California strength trouble. It examines the position of the SEC's complete disclosure procedure in company governance, and the function of accountants in that procedure, 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 quarter that gave upward thrust to accounting scandals at Nortel, Lucent, Qwest, international Crossing, Adelphia, and WorldCom. He strains different accounting and governance disasters at ceremony reduction, Xerox, desktop 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 line with those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally lines the outstanding industry restoration that the scandals and addresses the faulty efforts of company governance reformers that resulted 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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Optimark had a supercomputer that was being used to match orders automatically. In addition, Nasdaq was considering whether it should develop an Internet trading system and was meeting with Instinet to discuss centralizing the trading of Nasdaq stocks. Nasdaq announced in December 1999 that it was entering into an agreement with Primex Trading to create an electronic auction market system to trade its issues and those listed on the stock exchanges. Nasdaq planned to expand its systems to allow the display of quotes from ECNs so that investors would have more information on available prices.

It received strong support from start-up companies that needed options to attract critical personnel. Senators Joseph Lieberman, Barbara Boxer, and Diane Feinstein were among the sponsors of that legislation. S. Senate then passed a resolution condemning the proposal to expense options in May 1994 by a vote of 90–9. That ended the debate until Enron imploded and raised the issue once again. An alternative to options are “stock appreciation rights” (SAR) and “phantom stock,” which are incentive compensation plans that pay the executive cash in an amount equal to increases in the value of the company’s stock or the value of dividends.

Cyber smear” tactics were used for short sale manipulations. Presstek Inc. filed a suit in 1997 claiming that various individuals were making false statements over the Internet about the company in order to make profits as short sellers. , a fiber-optics producer, dropped from $103 to $45 in fifteen minutes on August 26, 2000, after a false press release. That release reported that the company was restating its earnings and that its chief executive had resigned. A regulatory sweep by state and federal authorities was conducted against promissory note schemes that were targeting elderly investors.

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