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

By Jerry W Markham

The writer of the award-winning trilogy A monetary background of the USA now offers a definitive new reference or the foremost disasters of yankee company governance in the beginning of the twenty first century. a vital source for college kids, academics and pros in company finance, and securities legislation, this exhaustive paintings presents in-depth assurance of the cave in of the Enron company and different monetary scandals that erupted within the wake of the industry downturn of 2000. The authoritative quantity strains the marketplace growth 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 function within the California strength quandary. It examines the position of the SEC's complete disclosure approach in company governance, and the position of accountants in that process, together with Arthur Andersen LLP, the Enron auditor that used to be destroyed after it used to be accused of obstructing justice. the writer chronicles the meltdown within the telecom quarter that gave upward thrust to accounting scandals at Nortel, Lucent, Qwest, international Crossing, Adelphia, and WorldCom. He lines different accounting and governance mess ups at ceremony reduction, Xerox, computing device 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 lines the outstanding industry restoration that the scandals and addresses the inaccurate efforts of company governance reformers that ended in the abuses.

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

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Electronic trading was available after normal trading hours on the exchanges. This too raised concerns. An SEC staff study revealed wide price disparities in transactions conducted in after-hours trading. ECNs and Internet trading were, in all events, causing an upheaval at the stock exchanges. Recognizing the competitive pressure from the ECNs, the SEC allowed the exchanges to restructure themselves as for-profit organizations. Traditionally, the exchanges had been operated as not-for-profits.

The increasing availability of computer linkages renewed some long held concerns that such systems could be used to divert volume from public ex- THE STOCK MARKET BUBBLE 17 changes, reduce market transparency, and result in disparate execution prices, as well as cause the fragmentation of markets. The SEC, under chairman Arthur Levitt, issued a concept release seeking the public’s views on how the market should be structured in light of the availability of alternate electronic trading systems and whether fragmentation was a threat to competitive executions.

Primex was used to obtain securities at prices better than those posted prices in other markets. The first stocks to be traded on Primex were those in the Dow, followed by stocks in the Standard & Poor’s 100 Stock Index. By 2000, some 150 electronic communication networks were conducting bond transactions. That number would be cut almost in half over the next two years as interest rates dropped. Brokerage firms were seeking to internalize the execution of customer orders. , aided by the internalization of its orders, was making about $1 billion from its market making activities.

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