Differences
This shows you the differences between two versions of the page.
| Both sides previous revision
Previous revision
Next revision
|
Previous revision
Last revision
Both sides next revision
|
biggest_scams [2021/09/13 04:35]
eziothekilla34 |
biggest_scams [2021/09/13 04:38]
eziothekilla34 |
| |
| Like Keating in the 80's, the Enron brand has been used to represent Wall Street's corporate greed, white-collar thievery and powerless regulation in the early 2000s. The top brass of the energy company has built a vast network of accounts aimed at inflating earnings, covering debts and fooling regulators and investment companies alike. Once a Wall Street boy, the Enron stock peaked at $90.75 and fell to barely 26 cents per share. The stockholders lost 74 billion USD as a result of what was the greatest bankruptcy in history at that time. [([[https://www.investopedia.com/updates/enron-scandal-summary/|Investopedia]])] | Like Keating in the 80's, the Enron brand has been used to represent Wall Street's corporate greed, white-collar thievery and powerless regulation in the early 2000s. The top brass of the energy company has built a vast network of accounts aimed at inflating earnings, covering debts and fooling regulators and investment companies alike. Once a Wall Street boy, the Enron stock peaked at $90.75 and fell to barely 26 cents per share. The stockholders lost 74 billion USD as a result of what was the greatest bankruptcy in history at that time. [([[https://www.investopedia.com/updates/enron-scandal-summary/|Investopedia]])] |
| | |
| | ===== Tyco ===== |
| | |
| | Dennis Kozlowski (Tyco CEO) and a number of key employees in 2002 were accused with fabricating reports using Enron-esque accountancy, lying to authorities and scamming hundreds of millions of dollars at its investors. They utilized the savings to support the prolific life of a $6,000 shower curtain and umbrella stand, including cartooning. Kozlowski was imprisoned for 61⁄2 years and freed in 2015. [([[https://www.nytimes.com/2002/09/13/business/2-top-tyco-executives-charged-with-600-million-fraud-scheme.html|NYTimes]])] |
| | |
| | ===== Worldcom ===== |
| | |
| | In 2002, the WorldCom telecom company filed bankruptcy on account of its participation in the Enron crisis only one month after its auditor, Arthur Andersen LLP, was convicted. With simple but successful deception, the firm collapses and loss for investors after Tyco and Enron even faded. CEO Bernard Ebbers was condemned to 25 years' imprisonment by WorldCom executives who exaggerated revenue and cash flow with a list of costs for investment. [([[https://www.investopedia.com/terms/w/worldcom.asp|Investopedia]])] |
| | |
| | ===== HealthSouth ===== |
| | |
| | HealthSouth was formerly one of the world's leading healthcare corporations but was a sticky bank for its leaders between 1996 and 2002. Top managers have carried out $2.8 billion in fraud based on the same accounting techniques that have been permitted to hide for so long by Enron, WorldCom and Tyco. For their part in covering up debt, exaggerating revenue, reporting fraudulent reports and, like their contemporaries, making unrecovered gains to fund abominably prickly lives, Richard Scrushy and other key officials were condemned to jail. [([[https://www.cfo.com/fraud/2017/03/two-cfos-tell-tale-fraud-healthsouth/|CFO]])] |
