A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform: From Enron to Reform

, by Markham; Jerry W

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ISBN: 9780765615831 | 0765615835
Cover: Hardcover
Copyright: 3/15/2006

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Supplemental Materials

Preface

Acknowledgments

xiii

Introduction

I. The Stock Market Bubble and Enron

The Stock Market Bubble

(46)

Financial Markets

(18)

The Market Boom

(1)

Raising All Boats

(1)

Run-Up in IPO Prices

(2)

Structured Finance

(1)

Collateralized Debt Obligations

(1)

New Instruments

(2)

Commodities Futures Modernization

(2)

Traditional Markets

(2)

Electronic Communications Networks

(2)

Broker-Dealers

(3)

Merger Activity

(1)

Fraud and Abuses

(13)

Fraud Schemes

(2)

Ponzi Schemes

(2)

Electronic Fraud

(2)

Pump and Dump Schemes

(2)

Other Problems

(1)

Executive Compensation

(3)

Expensing Options

(1)

Attacks on the Markets

(15)

The First Attack

(1)

The Market Reacts

(2)

The Fed Reverses Course

(1)

Economic Decline

(2)

The Damage Is Done

(1)

Deficits and International Problems

(2)

Prelude to September 11

(1)

The 9/11 Attack

(2)

Restarting Wall Street

(2)

Coping With Terror

(3)

The Enron Corp.

(46)

A Company Is Born

(12)

Creating a Name

(1)

Enron's Management

(1)

Jeffrey Skilling

(1)

Andrew Fastow

(1)

Enron Values

(1)

Pipeline Operations

(1)

Deregulation

(1)

Trading Operations

(2)

Mark-to-Market

(2)

Wind Farms

(1)

Foreign Operations

(1)

Foreign Problems

(1)

Enron Growth

(14)

Enron Online

(1)

Electricity Market

(1)

Broadband

(2)

Merchant Investments

(1)

Financial Results

(1)

Fancy Finance

(1)

Halcyon Days

(1)

An Icon

(2)

Special Purpose Entities

(1)

Securitizing the Balance Sheet

(2)

Cactus and Jedi

(3)

Beneath the Mask

(1)

Enron Fails

(20)

The Death Spiral

(1)

Sherron Watkins

(2)

Accounting Disclosures

(1)

LJM

(1)

New Power Company

(2)

Implosion

(1)

Chewco

(1)

Whitewing

(1)

Influence Fails

(2)

Death Throes

(1)

Bankruptcy

(1)

The Powers Report

(3)

Media Circus

(2)

Congressional Hearings

(2)

The Enron Scandal

(48)

Enron Finance

(13)

The SPEs

(1)

Debt and Equity

(2)

Nikita, Backbone, and Others

(1)

Blockbuster

(1)

Business Model and Disclosure

(2)

Executive Bonuses and Stock Sales

101

(1)

Employee Losses

102

(2)

Lockdown

104

(2)

Other 401(k) Problems

106

(2)

Prosecution of Enron Executives

108

(11)

Other Abuses

108

(1)

Andrew Fastow

109

(3)

Extorting a Guilty Plea

112

(1)

Lea Fastow

112

(2)

Other Defendants

114

(1)

Kenneth Lay

115

(3)

Jeffrey Skilling

118

(1)

Bank Involvement

119

(10)

Prepaid Forward Transactions

119

(1)

The Prepays

120

(2)

The Sureties

122

(1)

Citigroup

123

(2)

Liability of Financial Institutions

125

(1)

Merrill Lynch

126

(1)

Other Institutions

127

(2)

California Trading Scandals

129

(14)

California Deregulates

129

(2)

Flawed System

131

(2)

Enron Games the Market

133

(3)

Crimes and Investigations

136

(1)

Round-Trip Trades

137

(6)

II. Full Disclosure and the Accountants

Full Disclosure

143

(54)

Full Disclosure Background

143

(15)

Disclosure History

143

(3)

The Panic of 1907

146

(1)

Federal Actions

146

(1)

Blue-Sky Laws

147

(1)

The Stock Market Crash of 1929

148

(1)

Franklin D. Roosevelt

149

(2)

Laying the Groundwork for Full Disclosure

151

(2)

The Securities Act of 1933

153

(3)

The Securities Exchange Act of 1934

156

(2)

The Accountants as Gatekeepers

158

(17)

Disclosure Requirements

158

(2)

FASB

160

(1)

Certification

161

(1)

Early Accounting History

161

(2)

Accounting in Great Britain

163

(2)

British Accountants Move to America

165

(1)

Homegrown Accounting

166

(2)

Licensing Accountants

168

(1)

Accountants' Liability

169

(1)

Accounting Shortcomings

170

(3)

Accounting Problems Spread

173

(1)

Flaws in Full Disclosure

174

(1)

Accounting Reform Efforts

175

(22)

The Metcalf Report

175

(2)

The Cohen Committee

177

(1)

The Treadway Commission

178

(2)

Financial Scandals Embroil the Accountants

180

(2)

S&L Crisis

182

(3)

Other Audit Failures

185

(1)

Liabilities Mount

186

(3)

The Independence Controversy

189

(3)

Other Consulting Issues

192

(2)

Accountants as Policemen

194

(1)

The LLPs

195

(2)

Arthur Andersen and Other Scandals

197

(49)

Arthur Andersen & Co.

197

(15)

Background

197

(1)

Early Years

197

(2)

Andersen Audit Problems

199

(2)

Andersen's Problems Mount

201

(3)

Accenture

204

(1)

Enron Erupts

205

(1)

The Indictment of Arthur Andersen

206

(1)

The Trial of Arthur Andersen

207

(3)

Conviction

210

(2)

Full Disclosure Fails

212

(23)

SEC Role

212

(1)

Accrual Versus Cash Accounting

213

(3)

Secret Reserves

216

(1)

Cookie Jar Reserves

217

(1)

Channel Stuffing

218

(2)

Statement of Cash Flows

220

(1)

Pro Forma Results

221

(1)

Rite Aid

221

(1)

Computer Associates

222

(1)

Xerox

223

(1)

Critical Path and Others

224

(5)

Still More Problems

229

(2)

Round Trips

231

(3)

Kmart

234

(1)

The Tyco Scandal

235

(11)

The Growing of Tyco

235

(1)

Tyco Business

235

(1)

Tyco's Problems Emerge

236

(1)

Tyco's Problems Grow

237

(1)

The Scandal Begins

238

(1)

The Scandal Broadens

239

(1)

Kozlowski's Indictment

240

(1)

Restructuring

241

(1)

The Trial

242

(2)

Belnick's Trial

244

(2)

Fiduciary Duties and Corporate Governance Principles

246

(65)

Corporate Governance

246

(31)

Joint Stock Companies

246

(2)

Early Corporate Governance Concerns

248

(1)

Charter Wars

249

(2)

General Incorporation Laws

251

(2)

Modern Corporate Law

253

(1)

Delaware and the Model Business Act

254

(2)

The Board of Directors

256

(1)

Outside Directors

257

(5)

More Board Reforms

262

(2)

Corporate Officers

264

(1)

Shareholder Responsibilities

265

(1)

Shareholder Rights

266

(1)

Shareholder Voting

267

(3)

Proxy Votes

270

(1)

Proxy Fights

271

(2)

SEC Proxy Regulation

273

(4)

Fiduciary Duties

277

(16)

Trustees

277

(1)

The Business Judgment Rule

278

(2)

Fiduciary Duty of Care

280

(1)

Delaware Duty of Care

281

(4)

The Fiduciary Duty of Loyalty

285

(3)

Executive Compensation

288

(1)

Close Corporations

289

(3)

New Business Structures

292

(1)

More Fiduciary Duties

293

(18)

Fiduciary Duties of Controlling Shareholders

293

(1)

Derivative Suits

294

(2)

Fiduciary Duties Redux

296

(3)

Back to Delaware

299

(2)

Delaware Excesses

301

(1)

For Whom Does Management Manage?

302

(3)

Social Responsibility

305

(1)

The Contractarians

306

(5)

III. Full Disclosure Fails

Telecoms and WorldCom

311

(66)

Telecommunications

311

(19)

Meltdown

311

(1)

Nortel

312

(2)

Lucent

314

(2)

Qwest

316

(3)

Other Telecom Troubles

319

(1)

Global Crossing

320

(1)

Accounting Manipulations

321

(2)

Bankruptcy

323

(1)

Accounting Failures

324

(1)

Reorganization

324

(1)

Adelphia

325

(2)

Internal Investigation

327

(1)

Criminal Charges

328

(2)

WorldCom

330

(24)

The Company

330

(2)

MCI

332

(1)

WorldCom Accounting

333

(1)

Bernard Ebbers

334

(1)

Scott Sullivan

335

(1)

Free Fall

335

(3)

Internal Investigations

338

(3)

Corporate Monitor

341

(1)

Breeden's World

341

(3)

Like Enron

344

(4)

Litigation

348

(1)

Criminal and Other Charges

348

(3)

Ebbers's Indictment

351

(3)

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A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform: From Enron to Reform

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