Get A Financial History of Modern U.s. Corporate Scandals: From PDF

By Jerry W Markham

ISBN-10: 0765615835

ISBN-13: 9780765615831

The writer of the award-winning trilogy A monetary background of the us now offers a definitive new reference or the most important mess ups of yankee company governance initially of the twenty first century. an important source for college students, lecturers and pros in enterprise finance, and securities legislation, this exhaustive paintings offers in-depth insurance of the cave in of the Enron company and different monetary scandals that erupted within the wake of the marketplace downturn of 2000. The authoritative quantity lines the marketplace increase and bust that preceded Enron's cave in, in addition to the aftermath of that failure, together with the Enron financial disaster complaints, the prosecution of Enron officers, and Enron's position within the California power main issue. It examines the function of the SEC's complete disclosure approach in company governance, and the position of accountants in that procedure, together with Arthur Andersen LLP, the Enron auditor that was once destroyed after it was once accused of obstructing justice. the writer chronicles the meltdown within the telecom quarter that gave upward push to accounting scandals at Nortel, Lucent, Qwest, worldwide Crossing, Adelphia, and WorldCom. He lines different accounting and governance disasters at ceremony reduction, Xerox, laptop affiliates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham additionally covers such Wall road scandals because the Martha Stewart trial, the monetary analyst conflicts, and the mutual fund buying and selling abuses. He analyzes the Sarbanes-Oxley laws that used to be followed in keeping with those scandals, the burdens it imposes, and carrying on with flaws in complete disclosure. Markham additionally strains the extraordinary industry restoration that the scandals and addresses the inaccurate efforts of company governance reformers that ended in the abuses.

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Additional resources for A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform

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Archipelago, a rapidly growing ECN, agreed to form a fully electronic stock market with the Pacific Exchange. The latter was the fourth-largest stock exchange in the United States on the basis of trading volume. The new market planned to match customer buy and sell orders. The Pacific Exchange planned to close its trading floors in San Francisco and Los Angeles, but continued operation of its options market. , Salomon Smith Barney, Morgan Stanley Dean Witter, and Bernard L. Madoff Investment Securities formed Primex Trading NA.

The Gramm-Leach-Bliley Act, passed in 1999, allowed banks to engage broadly in nearly all aspects of finance. Arthur Levitt, the SEC chairman, was critical of stockbrokers acting as investment advisers for retail customers. He claimed that small investors could monitor a short list of companies for investment by following information about those companies, allowing them to compete with professional stock pickers, a view that ignored modern portfolio theory. The bull market was raising concerns about sales practices on Wall Street.

The Chicago Stock Exchange began two-hour evening sessions in several NYSE and Nasdaq stocks. The Chicago Stock Exchange was then trading about 50 million shares a day. After seeing those volume figures, Nasdaq announced that it was expanding its trading hours to allow evening trading sessions. Broker-Dealers The securities industry had record profits of $16 billion in 1999. Executives at large brokerage firms were receiving large compensation packages. The 18 THE STOCK MARKET BUBBLE AND ENRON head of Merrill Lynch, David H.

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A Financial History of Modern U.s. Corporate Scandals: From Enron to Reform by Jerry W Markham

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