Before the summer of 1972‚ the word "Watergate" meant nothing more than an office and luxurious apartment complex in Washington‚ D.C. As a result of a "third-rate burglary" on June 17 of that year‚ it came to be associated with the greatest political scandal of that century and would change the lives of the many people involved — especially President Richard M. Nixon. While doing his rounds at the Watergate Hotel in the early morning of June 17‚ 1972‚ security guard Frank Wills found a door‚ located
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Corporate Finance AIG Accounting Scandal Explained December 8th‚ 2012 ________________________________________________________________________________ On February 9th‚ 2006‚ the SEC and the Justice Department settled with AIG for an amount in excess of $1.6B related to alleged improper accounting‚ bid rigging (defined by Investopedia as a scheme in which businesses collude so that a competing business can secure a contract for goods or services at a pre-determined price)‚ and practices involving
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Charles Ponzi .. The Scandal !!! By: Rawan Al-Deraibi Class of: Prof. Alan J. Pan Who is Ponzi?!! Born in 1882 in Parma‚ Itlay‚ Charles Ponzi was the infamous swindler who payed out returns (To give money in exchange for goods or services) with other investors’ money. The "Ponzi scheme" is named after him. After running a highly profitable and expansive investment scheme‚ Ponzi was arrested on August 12‚ 1920‚ and charged with 86 counts of mail fraud. Owing an estimated $7 million‚ he pleaded
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Xerox Corporation Xerox Corporation is a $16 billion technology and services enterprise that helps businesses deploy smart document management strategies and find better ways to work. It’s intent is to constantly lead with innovative technologies‚ products and solutions that customers can depend upon to improve business results. Xerox provides the document industry’s broadest portfolio of offerings. Digital systems include color and black-and-white printing and publishing systems‚ digital presses
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provides information the Enron scandal which is revealed in 2001. The main reasons for scandal have been described. There are many individuals as well as companies involved in the scandal. The mechanisms in governance chain which could prevent the scandal and the required changes in the corporate governance to prevent from scandal have been explained in order to provide other companies to take into consideration to protect their companies from this kind of scandals. Table of Contents Executive
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reported a taxable profit only once in its 15 years of operating in the UK‚ often posting losses‚but on the other hand it reported profitability and good perfomance to its investors. corporation tax in the uk is charged in respect of the company’s accounting period‚ which is normally the 12-month period for which the company prepares its accounts.If your company or organisation is based in the UK‚ you’ll have to pay Corporation Tax on all your taxable profits - wherever in the world those profits come
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HIH Insurance Company Background HIH was originally found in 1968 by Ray Williams‚ then was acquired by British company CE Health PLC in 1971‚ and renamed as "HIH" in 1995. Before its collapse‚ HIH was the second largest insurance company in Australia‚ and covered several insurance segments‚ including worker’s compensation‚ public and private liability‚ property‚ industrial and commercial insurance. It also expanded globally into the US and UK markets. On March 15‚ 2001‚ HIH insurance was
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energy related financial products such as derivatives. Enron looked like a great company that makes a lot of profit however‚ in 2001‚ after the firm’s accounting fraud went public‚ the company filed for bankruptcy. After Enron Scandal‚ in 2002‚ the Sarbanes-Oxley Act was passed to prevent potential financial fraud. This act regulate the accounting standard and especially its transparency‚ as follows. • All companies must have a majority of independent directors. • Independent directors must comply
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ENRON Q1. Summary of Enron Scandal. Enron‚ a Houston-based energy firm founded by Kenneth Lay‚ transformed itself into the world’s largest energy-trading company over its sixteen years of lifespan. In 2001‚ Enron was one of the world’s largest energy groups‚ operating mainly in the USA. Though Kenneth played a smaller role in management‚ following the takeover‚ he soon became chief executive officer (CEO) and moved the headquarters from Omaha to Houston. During 2001‚ it had become apparent
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Waste Management Scandal Dean Buntrock established Waste Management‚ Inc. in 1968. Its main purpose is to pick recycling and garbage up from residential housing and businesses. WM also disposes of the garbage in landfills. It has grown to be the largest garbage disposal company in the U.S. today. This company has managed to survive “one of the most egregious accounting frauds we have seen” said Thomas C. Newkirk of the SEC. This accounting scandal lasted from 1992 to 1997 and was the result
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