wk9_Accounting Fraud - Accounting scandals Cited from...

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Unformatted text preview: Accounting scandals Cited from http://www.huffingtonpost.com/ Waste Management - $1.9 Billion In Fake Earnings While hauling away America's refuse in 1998, Waste Management execs were busy reworking the company's earnings from the previous 5 years to the tune of $1.9 billion. This marked the biggest accounting scandal before Enron took the title in 2001. WM settled the lawsuit with a mere $26.8 million on behalf of its "trashy" execs. 1 9 9 9 A r t h u r A n d e r s o n Enron - Shareholders Lose $74 Billion Once America’s seventh largest company, Enron collapsed in 2001. Executives used special purpose entities – which went by names like ‘Whitewing’ and ‘Raptor’-- to keep huge debts off the firm’s balance sheet. During an infamous 2001 conference call, then CEO Jeff Skilling attacked an analyst who questioned the firm’s creative accounting by calling him an “..." Ken Lay, Enron's former CEO, and Jeff Skilling were later convicted of a host of criminal charges. (Lay died in 2006 before he could serve time....
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This note was uploaded on 03/25/2012 for the course FINS 3616 taught by Professor Curry during the Three '10 term at University of New South Wales.

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wk9_Accounting Fraud - Accounting scandals Cited from...

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