ENRON- A Study of FAILURES Who, How, Why! Arthur Gudikunst, Ph.D. Revised: April, 2003 Professor of Finance Finance Department Bryant College Introduction: The saga of the ENRON Corporation has been unfolding in the media for well over a year. In the span of only three years, ENRON has gone from public and professional acclaim of the company and its senior executives to scorn, infamy and bankruptcy. Its public auditing firm, Arthur Andersen, has basically been destroyed, as well
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this name and each of them has had a huge effect on history of the USA. In this paper we will discuss such processes as Clinton’s sexual scandal with Monica Lewinsky and Clinton recovery as well as their impact on American economy and history. The Clinton's Scandal The point of Bill Clinton and Monica Lewinsky sexual scandal was in the following: from 1995 to 1997 Monica was a trainee in The White house and intimate relations between Monica and the President
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break-in by taping the doors in the Watergate building after they had been removed once by a security guard. This raised suspicion and the security guard called police which showed up in plain clothes and arrested 5 burglars that night. (Watergate Scandal Timeline, 2012) McCord was one of the first to take the fall, and was convicted on 6 counts. He claims he was told that Nixon and the white house knew about and approved the Watergate attempt. He also wrote a letter to the judge after being convicted
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Enron Case 10.8.2014 Melissa Becker Boya Du Sidi (Fiona) Chen Wei (David) Yu In June of 2001 Enron’s new CEO, Jeff Skilling, was heralded as the “No. 1 CEO in the entire country and Enron was saluted as “America’s most innovated company.” Just six months later, in December, Enron filed for bankruptcy. The failure shocked the public and angered investors. How could this have happened? Did no one see this coming? Where were the accountants? Where were the controls? Enron’s public troubles
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WorldCom Characters: 1. Val- Scott Sullivan (CFO) 2. Mila- Cynthia Cooper (Internal auditor) 3. Leslie- Employee 1 4. Kylie- Employee 2 (a junior auditor working with Cynthia Cooper) 5. Donna- Arthur Andersen 6. Brynner- David Myers (Controller) 7. Patrick- Bernard Ebbers (ex-CEO) 8. Ivy- The Government (SEC) 9. Ruby- Employee 3 Scene 1: INTERROGATION Setting: Interrogation room Individual frames on each interviewee (Scott, Cynthia, The Employees, Andersen
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Nortel Accounting Scandal History Nortel Networks Corporation, formerly known as Northern Telecom Limited and sometimes known simply as Nortel, was a multinational telecommunications and data networking equipment manufacturer headquartered in Mississauga, Ontario, Canada. It was founded in Montreal, Quebec in 1895. At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the Toronto Stock Exchange (TSX), employing 94,500 worldwide, with 25,900
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A code of professional conduct is an essential factor that contributes to an effective business environment, and overall business success. In accounting, a code of conduct is vital due to the sensitivity and exposure of confidential information. When there’s a lack of compliance to the code of ethics, there is a greater chance/opportunity for crimes to begin to engage. Some examples of the biggest crimes in regards to businesses involve the Enron case, a case concerning an energy company declaring
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known for the motto “Think Straight and Talk Straight” (Parrino, Kidwell, & Bates, 2012). This motto served as an ethical guideline for the organization. Mistakes Made within the Organization Arthur Andersen quickly fell victim to accounting scandals within the accounting practice. The first mistake made within the organization was due to financial conflicts between the auditing department and the consulting department. Some of the consulting clients were also auditing clients and when the consulting
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............................... 1 2. Summary of facts of the scandals at Enron ................................................................................. 1 3. Summary of facts of the scandals at WorldCom ........................................................................ 2 4. Enron and WorldCom executives prosecution ........................................................................... 5 5. Effects of the scandal, legislative perspective ....................................
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analyses of why things went wrong, the story of Enron’s rise and fall continues to mystify the general public as well as generate continued interest in what actually happened. The broad purpose of this paper is to investigate the Enron scandal from a variety perspectives. The paper begins with a narrative of the rise and fall of Enron as the seventh largest company in the United States and the sixth largest energy company in the world. The narrative examines the historical, economic,
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