Accounting and Ethics- Notes

Commodities energy and service corporation what

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Unformatted text preview: gain at other expense • Extreme imbalance Examples of Accounting Ethics: 1) Enron: Houston based commodities, energy and service corporation What happened: Shareholders lost $74 billion, thousands of employees and investors lost their retirement and many employees lost their jobs. They kept huge debts off balance sheets. Main Players: CEO Skilling and former CEO Ken Lay 2) WorldCom: Telecommunications Company What happened: Inflated assets as much as $11Billion, 300,000 lost jobs and $180 billion losses for investors. The internal auditing dept. uncovered 3.8billion in fraud. Main Players: CEO Bernie Ebbers 3) Lehman Brother Scandal: Global Financial Services firm What happened: Hid over $50 billion in loans disguised as sales. They allegedly sold toxic assets to Cayman Island banks with the understanding they would get it back eventually. Speakers:...
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This document was uploaded on 02/28/2014 for the course MKT 342 at Loyola New Orleans.

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