definitions‚ such as: bribery‚ conspiracy‚ obstruction of justice‚ phone tapping‚ tax fraud‚ etc. However the above all watergate is synonymous with abuse of power. The exact reasoning a distraught economy four years two years after this scandal took place. The watergate scandal is one of the most infamous crimes to date in U.S history. The break-in took place early in the Watergate building in Washington D.C. one morning on June 17‚ 1972. There were several burglars arrested who allegedly
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This paper will explain the fraudulent accounting practices that led to the collapse of Worldcom. Other objectives of this paper will be to demonstrate how these activities were able to go undetected. Also‚ what motives drove the individuals involved to commit these acts. And finally the ethical accounting issues involved. Worldcom got its start as a small discount long distance provider in Mississippi. Founded by Bernard Ebbers and a number of others the idea for Worldcom was simple‚ buy long
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Lewinsky scandal * The Lewinsky scandal was a political sex scandal emerging in 1998‚ from a sexual relationship between United States President Bill Clinton and a 22-year-old White House intern‚ Monica Lewinsky. The news of this extra-marital affair and the resulting investigation eventually led to the impeachment of President Clinton in 1998 by the U.S. House of Representatives and his subsequent acquittal on all impeachment charges of perjury and obstruction of justice in a 21-day Senate
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National TV and lying to the public. Imagine that President then getting caught. This is the Scandal that caused the first ever resignation in United States History‚ Watergate. The Scandal involved approximately 70 people‚ but only 25 were actually found guilty. Many people who were found guilty were some of President Nixon’s top officials. Including G. Gordon Libby‚ John Dean‚ and H. R. Haldeman. The watergate scandal resulted in a loss of trust in the federal government‚ many people being found guilty
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Enron Scandal In 1985‚ Enron was formed by Kenneth Lay after the merging of Houston Natural Gas and InterNorth. In the 1990s‚ Lay helped to initiate the selling of electricity at market prices. Markets made it easier for Enron to sell energy at higher prices‚ which caused the company to get richer. Enron was the largest merchant of natural gas in 1992. In November 1999‚ the creation of EnronOnline enabled Enron to develop‚ negotiate and manage its trading business. By 2001‚ Enron became a
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PRIORITY DEVELOPMENT ASSISSTANCE FUND (PDAF) By: PEREZ‚ Chrysalyka C. I. INTRODUCTION PDAF or Priority Development Assistance Fund is a form of pork barrel which has been a very controversial issue in our country today. These are funds given or allocated to government officials in order to support and be spent on community projects and/or repairs and improvements. G. Luis Igaya of Institute for Popular Democracy defined pork barrel
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The Watergate scandal had everything. Nixon disgraced the presidency by lying to the country and abusing his power and his committees were involved in illegal acts and a big cover up‚ all leading to little side roads of corruption and lies. Watergate is by far one of the worst presidential scandals in the history of the United States. In the story of Watergate‚ five burglars were found breaking into democratic offices at the Watergate complex in Washington DC. The break-in was passed off as just
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WorldCom Scandal Formerly known as WorldCom‚ now known as MCI‚ this U.S.-based telecommunications company was at one time the second-largest long distance phone company in the U.S. Today‚ it is perhaps best known for a massive accounting scandal that led to the company filing for bankruptcy protection in 2002. In 1998‚ the telecommunications industry began to slow down and WorldCom’s stock was declining. CEO Bernard Ebbers came under increasing pressure from banks to cover margin calls on
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Current issue: Scandals in auditing Enron Scandal 1. Introduction Accounting scandals are political or business scandals which arise with the disclosure of financial misdeeds by trusted executives of corporations or governments. These days‚ not too often‚ these scandals are splashed as headlines across media. Why? Because there are complex groups of stakeholders who might be seriously affected by the scandals. Enron scam was the most remarkable scandal in 20 centuries by their institutionalized
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North Country Auto‚ Inc.. North Country Auto‚ Inc.. is a company that also is authorized dealer for service for several brands of cars such as Ford‚ Saab‚ and Volkswagen. North Countru Auto has two partners‚ namely George Liddy and Andrew Jones. Andrew Jones is the owner of Country Auto Noerth first since the company was founded‚ while George Liddy joined the last few years. When George Liddy joined‚ the company experienced a change in management control systems company. North Country Auto‚ Inc.. has
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