Cited: HealthSouth Press Release. (2003‚ March 20). Retrieved from HealthSouth: http://apps.shareholder.com/sec/viewerContent.aspx?companyid=HLSS&docid=2212626 SEC charges HealthSouth Corp.‚ CEO Richard Scrushy with $1.4 Billion Accounting Fraud HealthSouth Press Release. (2005‚ July 27). Retrieved from HealthSouth Corporation - Annual Report: http://files.shareholder.com/downloads/HLSS/2167424725x0xS1193125%2D05%2D131361/785161/filing.pdf
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from: Wall Street CEOs and CFOs attesting to fraudulent financial filings with the SEC‚ money laundering‚ lying in prospectuses‚ illegal foreclosures‚ rigging the Libor interest rate benchmark and then selling interest rate swaps based on a rigged index to school districts‚ cities and counties across America‚ manipulating the futures market with a rigged Libor interest rate‚ and so forth. From this documentary alone it strikes me as odd that not a single Wall Street CEO or CFO is sitting behind bars
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21st century is the century of technology‚ and spreadsheet is one of the great technological inventions that greatly improve working efficiency. Spreadsheet is a computer application with functions that can improve the user’s productivity in collecting‚ analyzing‚ and sharing tabular data sets. It displays multiple cells usually in a two-dimensional matrix or grid making up of rows and columns. Each cell contains alphanumeric text‚ numeric values‚ or formulas (Wikipedia‚ 2011). Bagranoff (2010) thought
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had merged with MCI and the company was regarded for being innovative and growth hungry. However‚ in the midst of all the mergers WorldCom CEO Bernard Ebberly began to mismanage the company. WorldCom was no longer meeting their numbers and it looked like stock prices would fall. Rather than letting this happen‚ executives at WorldCom doctored the books. CFO Scott Sullivan and auditors used accounting practices and judgments that were highly illegal and unethical (Mintzberg 2003). Over the course
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misconduct of Dennis Kozlowski‚ the former chairman of Tyco and Mark Swartz‚ the former CFO lead them 30 counts of corruption‚ conspiracy‚ fraud‚ conspiracy‚ grand larceny‚ and falsifying business records. While Mark Belnick ‚ the former general counsel was charged of obscuring $14 million. 2.) The scandal of Tyco happened in the rise of Kozlowski as the new CEO of Tyco. He greatly admires his friend‚ mentor‚ and previous CEO of Tyco‚ Joseph Gaziano. His style also became extravagant and lavish like his
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Those who review and approve the use of company resources‚ as well as monitoring the effectiveness of the governance practices. An example of issues facing the board of directors within the Kmart Corporation was from their former CEO‚ Joseph Conaway and former CFO‚ John McDonald who were pardoned on claims stating that they made misleading statements in the Management’s Discussion and Analysis section of the Kmart quarterly and annual reports. It was stated that the two had lead the corporation
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of Diamond’s board was conducting an investigation of Diamond’s accounting for certain crop payments to walnut growers. This is where the scandal sort of took off. Filings done to approve the accounting practices were signed off by the companies CEO and CFO. Then there was an independent audit committee who was assigned to probe the company’s practices. The committee concluded that payments to growers of about $60 million in September 2011 and about $20 million in August 2010 weren’t accounted for
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Phar-Mor. Incentives/Pressures Annual reoccurring losses due to small margins put pressure on the CFO and controller to divide the overall loss incurred by Phar-Mor upon each of the individual stores‚ making the dollar amount of loss per store appear much less material than the millions actually incurred. Phar-Mor’s threat of facing bankruptcy was an incentive for the president‚ CFO‚ accounting manager and controller to find ways to “cook the books”‚ such as overstating the price of inventory
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The 10 biggest frauds in recent U.S. History Enron: The energy company’s bankruptcy in 2001 after allegations of massive accounting fraud wiped out $78 billion in stock market value and led to the collapse of Arthur Andersen and the passage of the Sarbanes-Oxley Act of 2002. A class action settlement of $7.185 billion was the largest of all time. Former President Jeff Skilling is serving a 24 year sentence. Bernard Madoff: New York money manager Bernard Madoff’s $65 billion Ponzi scheme‚ the
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Indra Nooyi: Keeping Cool in Hot Water Indra Nooyi joined PepsiCo in 1994 and was named president and CFO in 2000. Nooyi has directed the company’s global strategy for more than a decade and led PepsiCo’s restructuring‚ including the 1997 divestiture of its restaurants into Tricon‚ now known as Yums! Brand. Because of her desire to win‚ Nooyi fought hard for PepsiCo’s successful $3.3 billion acquisition of Tropicana in 1998‚ eyeing the transaction as a vehicle to increase PepsiCo’s earnings
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