A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform

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M.E. Sharpe, 2006 - 742 ページ
The author of the award-winning trilogy A Financial History of the United States now provides a definitive new reference or the major failures of American corporate governance at the start of the 21st century. An essential resource for students, teachers and professionals in business finance, and securities law, this exhaustive work provides in-depth coverage of the collapse of the Enron Corporation and other financial scandals that erupted in the wake of the market downturn of 2000. The authoritative volume traces the market boom and bust that preceded Enron's collapse, as well as the aftermath of that failure, including the Enron bankruptcy proceedings, the prosecution of Enron officials, and Enron's role in the California energy crisis. It examines the role of the SEC's full disclosure system in corporate governance, and the role of accountants in that system, including Arthur Andersen LLP, the Enron auditor that was destroyed after it was accused of obstructing justice. The author chronicles the meltdown in the telecom sector that gave rise to accounting scandals at Nortel, Lucent, Qwest, Global Crossing, Adelphia, and WorldCom. He traces other accounting and governance failures at Rite Aid, Xerox, Computer Associates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger. Markham also covers such Wall Street scandals as the Martha Stewart trial, the financial analyst conflicts, and the mutual fund trading abuses. He analyzes the Sarbanes-Oxley legislation that was adopted in response to these scandals, the burdens it imposes, and continuing flaws in full disclosure. Markham also traces the remarkable market recovery that followed the scandals and addresses the misguided efforts of corporate governance reformers that led to the abuses.
 

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目次

The Stock Market Bubble
3
Fraud and Abuses 21 Fraud Schemes 21 Ponzi Schemes 23
23
Electronic Fraud 25 Pump and Dump Schemes 27 Other Problems
33
Damage Is Done 39 Deficits and International Problems 40 Prelude
44
Enron Fails 75 The Death Spiral 75 Sherron Watkins 76
76
Chewco 83 Whitewing 84 Influence Fails 85 Death
91
Prosecution of Enron Executives 108 Other Abuses 108 Andrew
118
Bank Involvement 119 Prepaid Forward Transactions 119
127
Analysts Scandals 400 The Role of the Analyst 400 Supervising
410
Frank Quattrone 412 Analysts Settlement 416 Congressional
420
Mutual Fund Scandals 421 Some History 421 Investment Company
439
More Scandals and Reform
443
SarbanesOxley Is No Panacea 467 More Costs 467 Executive
472
More Audit Failures 477 Travel and Taxes 479 Executive
482
More Fraud 484 Pump and Dump Schemes 484 Ponzi Schemes
494
NYSE Problems 501 Spitzer Again
506

Flawed System 131 Enron Games the Market 133 Crimes
137
Full Disclosure
143
The Accountants as Gatekeepers 158 Disclosure Requirements
158
Accounting in Great Britain 163 British Accountants Move
170
Arthur Andersen and Other Scandals
197
Full Disclosure Fails 212 SEC Role 212 Accrual Versus Cash
217
Channel Stuffing 218 Statement of Cash Flows 220 Pro Forma
223
Critical Path and Others 224 Still More Problems 229 Round Trips
234
The Scandal Begins 238 The Scandal Broadens 239 Kozlowskis
244
Fiduciary Duties 277 Trustees 277 The Business Judgment Rule
278
Fiduciary Duty of Loyalty 285 Executive Compensation 288 Close
292
Back to Delaware 299 Delaware Excesses 301 For Whom Does
306
Telecoms and WorldCom
311
The Company 330 MCI 332 WorldCom
341
Breedens World 341 Like Enron 344 Litigation 348 Criminal
354
HealthSouth 360 Freddie Mac and Fannie Mae 364
364
Lord Black 368 Grocery Store Accounting
372
Market Recovery
521
The New Year2003 536 Taxes 536 Trading Places 538 More
544
Credit Cards 551 Banking Consolidation 552
552
The Year 2004 558 The Recovery Strengthens 558 Market
577
Market Development 582 Enron Continues 586 More Problems
590
Reforming the Reforms
596
The SEC Fails 612 Fraud Before the SEC 612 The American
623
Attorney General Wolf Packs 629 Private Securities Litigation 633
633
Pension Funds as Managers 638 Calpers Governance
644
Manipulation 651 Mulherens Prosecution 652 CFTC 653 Market
659
Notes
665
Selected Bibliography
677
Name Index
693
Subject Index
733
About the Author 743
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