Tracing the market boom and bust that preceded Enron's collapse, as well as the aftermath of that failure, the book chronicles the meltdown in the telecom sector that gave rise to accounting scandals globally. Featuring expert analysis of the Sarbanes-Oxley legislation that was adopted in response to these scandals, the author also investigates the remarkable market recovery that followed the scandals. An exhaustive guide to the collapse of the Enron Corporation and other financial scandals that erupted in the wake of the market downturn of , this book is an essential resource for students, teachers and professionals in corporate governance, finance, and law.
Corporations, Other Limited Liability Entities, Statutory and Documentary Supplement, Thomas Lee Hazen, Jerry W Markham This supplement is designed for a basic business organizations course focusing on corporations, limited liability companies, and partnerships.
Bloggat om Financial History of Modern U. The prosecutors then indicted his wife, Lea, and demanded that the Fastows be tried together so that their two children would be orphaned if they were convicted. That worked and both pleaded guilty even though the income tax charges brought against Lea were a bit phony. Andrew also tearfully testified at the Skilling and Lay trial that Lea did not know anything about the transaction, but that had no effect on prosecutors.
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Lea was sent to a maximum security prison, placed in an over-crowded cell and kept under harsh lights for a year so that Andrew would know what was in store for him if he did not bring down Skilling and Lay. Stacking the deck against any executive demanding a trial was the next phase for the government. This included issuing target letters such as was done with Nancy Temple in order to keep anyone from testifying in favor of the defendants.
That tactic was employed against Skilling and Lay and is the subject of an appeal by Bernie Ebbers, the convicted former head of WorldCom Inc. According to the Justice Department, cooperation means waiving the attorney client privilege, firing any executive targeted by prosecutors before trial or even indictment and cutting off their attorney fees even if those fees are required to be paid by contract or state law. Federal Judge Lewis A.
Kaplan has criticized and is holding hearings on the legality of this last tactic, but other judges joined in with aid and comfort to any and all abuses by prosecutors.
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Federal Judge Richard Owen assured the conviction of investment banker Frank Quattrone through constant one-sided rulings and biased instructions. Sentencing abuses were next on the agenda. Prosecutors wanted a year sentence for 80 year old John Rigas at Adelphia, but the judge only gave him a shorter death sentence of 15 years.
Bernie Ebbers, who was 63 and suffering from heart problems, was given a death sentence of 25 years by Judge Barbara Jones. Terrorists fared better.
Take the case of Ahmed Ressam who was sentenced at about the same time to only 22 years. Then there is John Walker Lindh, the American Taliban, who was captured on the battlefields of Afghanistan trying to kill American soldiers. He was given only 20 years. Prosecutors and judges were supposed to be the good guys protecting our rights, not abusing them.
A Financial History of Modern U.S. Corporate Scandals. From Enron to Reform
A was actually sickened as I read this pathetic defense of greed and criminality. Essentially this is a long diatribe complaining that that the Federal government treated the criminals at Arthur Anderson and Enron, shockingly, like actual criminals instead of dinner guests. I love this gem The only destroyed thousands of lives, and stole billions of dollars. That's all. Fred, you can lament all you want about the fact that no one has shown any prosecutorial misconduct in the AA case, but the facts are the facts. What evidence of "gross prosecutorial misconduct" do you have?
As for "When a superior court excepting the fruits and nuts 9th circuit dumps a case for this small reason, they are saying that the whole thing is wrong, and never should have been made", this is clearly wrong.
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Cases are overturned by the Supreme Court all the time for a variety of reasons. Rarely is it a case of "this case should never have been prosecuted" "poor employees"? If you are referring to employees that had nothing to do with Enron, then I have already said that I feel sympahty for them. If you are talking about the "poor employees" that got target letters, then IMHO, your sympathy is misplaced. They recieved "target letters" because there was good evidence that they had engaged in criminal conduct. You may recieve a yarget letter if you do. Nice serve. I will try to volly.
In any case, is this puny charge reason enough to destroy 38, jobs and a 9 billion dollar company? Goons are not an acceptable model for US legal officers. Lest this wonderful exchange grow into the Scopes trial, I bid thee adieu until the next earthshaking matter rumbles forth from the bowels of HNN.
I like to think every comment I make is well researched. In this matter, the case was remanded to the District Court, where the Government was free to retry the case with the proper Jury instruction.
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The Supreme Court did not find that AA did not obstruct justice, they found that the jury instruction was invalid and overturned the conviction. Markham, it sounds to me as if she was doing her best to represent her client and position it for litigation. While that litigation was only a rumor, she tried to skate a line which is pretty indefinite at times.
I have difficulty in faulting her as you do. It seems clear to me that Ms. And what occurred at AA was clearly not ordinary compliance with a document destruction policy. What occurred was extraordinary document destruction of only Enron documents, in violation of a company document destruction policy.
If perp walks, mass arrests without evidence, and piling on of charges are OK in your book, you are in the wrong country. A surprisingly well-presented and well-researched response. The recital was masterly. I am impressed, but not convinced. The Supremes, by overturning the conviction, voided it.
Without a conviction, a "not guilty" verdict is constitutionally mandated. True, AA may have violated some of its internal policies and common law document retention precedents, but did it commit RICO offenses, fraud and conspiracy on a grand scale as alleged? The Supremes apparently thought not. Name Index. Subject Index.
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About the Author. II Full Disclosure and the Accountants. Corporate Scandals: From Enron to Reform.