and the tactics and behaviors that would ultimately lead to the downfall and closure of the company. One of the most famous was Enron‚ but another well known failure was that of WorldCom. WorldCom was a big player in the telecommunications industry‚ being the largest telecom carrier of Internet traffic. In 2002‚ WorldCom joined the ranks of failed companies mostly because of the tactics that management and its accountants used to show that the company was earning more money than it was. This was
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The Bofors scandal was a major corruption scandal in India in the 1980s; the then Prime Minister Rajiv Gandhi and several others were accused of receiving kickbacks from Bofors AB for winning a bid to supply India’s 155 mm field howitzer. The scale of the corruption was far worse than any that India had seen before‚ and directly led to the defeat of Gandhi’s ruling Indian National Congress party in the November 1989 general elections. It has been speculated that the scale of the scandal was to the
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affiliated with. The focus of this paper is on the creation of Enron’s business model that resulted in the fall of Enron. Also‚ how the SPEs and the Raptors come to play in assisting Enron. After the Enron scandal broke out‚ a new legislation was introduced and passed to prevent similar scandals from erupting again. In investigating Enron on their deregulatory schemes‚ it will help other companies in realising the consequences that can result from such accounting manipulation. An overview of the
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obligation to bring to the attention of Enron ’s Board (or the Audit and Compliance Committee) concerns about Enron ’s internal contracts over the related-party transactions" (“Enron Scandal”). After reading about the scandal it seems as if Arthur Andersen was being pressured by Enron’s executive management
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Management Planning Paper Vernita M. Blacksher Introduction: We will be evaluating the planning function of the upper level management of the Company formerly called WorldCom. We will look at some of the actions taken by upper level management‚ their decision making and what actions were taken to achieve short-term goals. We will be analyzing the influence legal issues‚ corporate social responsibility‚ and ethics had on WorldCom’s management planning
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The City of Bell Scandal The story of the City of Bell scandal is one of corruption and deceit where top city council officials are the perpetrators and the residents‚ their victims. The city of Bell was a prime and easy target for Robert Rizzo‚ Bell city manager‚ and several other city officials‚ including some within the Bell police force. This small town in the County of Los Angeles has a population of less than 40‚000‚ and over the past decade there has been a substantial decrease in public
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Is it greed or simply ignorance which caused the Enron Scandal? Enron once was known as "America’s Most Innovative Company" and as of today‚ known as one of the most popular business bankruptcies and failures. Enron appeared to be doing really well‚ producing a lot of cash and new businesses‚ in October of 2001 that all changed. Enron reported a $618 million third-quarter loss and declares a $1.01 billion non-recurring charge against its balance sheet. Partially related to "structured finance" operations
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Trip Winkel Finance 303 May‚ 27 2005 Dr. Namorato The Enron Scandal Enron was established in 1930 as Northern Natural Gas Company and joined with three other companies to undertake this industry. The four companies eventually began to break apart between 1941 and 1947 as a result of a public stock offering. In 1979‚ Northern Natural Gas was placed under new management when it was bought by InterNorth Inc. In 1985‚ Kenneth Lay‚ CEO of Houston Natural Gas Company devised a transaction
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has data. Insensibly one begins to twist facts to suit theories‚ instead of theories to suit facts" (Scandal‚ 3). For his cases‚ Holmes gathers up data and information in any way he can‚ one being the art of disguise. The use of disguises play a significant part in crime solving because they allow Holmes to conceal his identity so he can gather information and ultimately deceive society. In “A Scandal in Bohemia”‚ the King of Bohemia hires Sherlock Holmes to retrieve a photograph from Irene Adler‚
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Introduction Hallmark is the recent largest banking scam in Bangladesh‚ which occurred due to regulatory inefficiency of commercial banking sectors. It is a pointer to the fact that if you do not tighten the regulatory belt of the banks‚ serious problems could creep in. Source suggests‚ this particular business house is assumed to have resorted to fraudulent loan. A fraudulent loan is one in which the borrower is a business entity controlled by a dishonest bank officer or an accomplice; the “borrower”
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