"Publicly held companies, whether they make
turbines or tiramisu, are programmed to maximize efficiency and increase sales
every quarter - no matter what. Inevitably this leads to cutting corners." -
"The current accounting standards give those
preparing financial statements great latitude and the tremendous use of
judgement in coming up with numbers.
That latitude and judgement can be
used very handily to misrepresent the information provided to investors." -
Lynn Turner, former chief accountant Securities and Exchange Commission
09/17/071974 to 1976
Albert John Dunlap
engineers a massive accounting fraud at Nitec, a paper-mill company in Niagara
Falls, New York.
"Chainsaw Al" Dunlap is hired to resurrect Sunbeam.
"Chainsaw Al" arranges a
"massive financial fraud" eventually paying a $500,000 SEC civil fine and is
barred from serving as an officer or director of a public company.
Lay replaces Richard
Kinder as head of Enron.
Kenneth Lee Lay
is convicted in May 2006 of conspiracy,securities fraud,
wire fraud and making false
July 30, 2002 Sarbanes-Oxley Act
The US Labor Department dismisses 841 cases out of 1,273 complaints
filed while ruling in favor of corporate whistleblowers only 17 times shortly
Many of the were based "on the technicality that workers at
corporate subsidiaries aren't covered" by the Sarbanes-Oxley Act
2004 Martin Grass, CEO of Rite Aid is sentenced to 8 years
in prison for his role in a massive accounting fraud at the drugstore
chain his father co-founded. Five other executives are also found
CEO John J. Rigas is convicted of
bank, wire and securities fraud
and is sentenced to 15 years in federal prison.
Timothy J. Rigas and
Michael J. Rigas, his sons, as well as Peter Venetis, his son-in-law, and
Michael Mulcahey are also charged.
They concealed $2.3 billion in
liabilities from corporate investors and the three Rigases had taken $3.1
billion in loans that were not recorded on the books.
Scott D. Sullivan, an American Certified Public
Accountant and the former CFO, Treasurer, and Secretary of WorldCom,
engineered WorldCom's $11-billion accounting fraud.
Sullivan is sentenced to five years in prison and agrees to testify against
WorldCom Incorporated CEO Bernard J.
Ebbers who received 25 years for his role in the $11-billion
accounting fraud and subsequent
$180 billion dollar loss to investors.
L. Dennis Kozlowski of
Tyco International Ltd. received a sentence of eight and one-third to 25
years in prison for misappropriation of
Tyco's corporate funds, grand larceny for $150 million in unauthorized
bonuses and fraud against the company shareholders for an amount of more than
CEO Richard M. Scrushy is formely
charged with fraud, money laundering,
conspiracy, and making false
statements in a $2.7 billion accounting fraud.
days of deliberation, he is acquitted.
"I sat in that courtroom for six
months, and I did everything possible to advocate for his cause. Scrushy
promised me a lot more than what I got." - Audrey Lewis
received $10,000 from Richard M. Scrushy through the Lewis Group, a public
relations firm, and another $1,000 to help buy a computer.
2006 Enron Corporation CEO Jeffrey K. Skilling is sentenced to
24 years and 4 months in prison for conspiracy, insider trading, making
false statements to auditors and securities fraud.
Kumar Chairman and CEO of
Computer Associates International is sentenced to 12 years in prison and
fined $8 million after pleading guilty to leading a $2.2 billion
accounting fraud at the software
2007 Richard M.
Scrushy is later found guilty of
bribery, conspiracy and
mail fraud in a
conspiracy trial with co-defendent
Alabama Govenor Don Siegelman in a different case.
Richard M. Scrushy
settles other charges with the SEC over the $2.7 billion
accounting fraud and agrees to
pay the SEC $81 million before settling into his new trade as a television
preacher in Birmingham, Alabama.
Walter A. Forbes,
CEO of CUC International
which merged with HFC Incorporated to form Cendant, is convicted of
securities fraud and two counts
of making false statements. Walter A. Forbes is sentenced to 12 years 7 months
and must pay $3.275 billion in restitution.
CEO of Qwest Communications
International Inc., is sentenced to 6 years in prison for
insider trading based on
knowledge of improper accounting
The stock of Qwest Communications International
Inc. plunges from $60 per share to $2 per share when accounting
irregularities came to light.
Joseph Nacchio claims his conviction was
based on his company's refusal to
cooperate with NSA requests to spy on its customers. This seems
His version of events matches reporting by USA Today in 2006, in
which the paper noted that Qwest was the lone holdout from the government's
warrantless surveillance operations and that defiance "might affect its ability
to get future classified work with the government."
Nacchio is barred
from using any evidence of potential retaliation in his defense, given that the
material was considered classified, and his judge refused requests to allow the
evidence in trial.
Reports from the Washington Post on evidence that has been
made public on his case since that time seem consistent with the CEO's
New Department of Labor Rule Gives Whistleblowing Employees
Greater Protections Against Retaliation (do not believe
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elevation of self-centered behavior and the destruction of global ecosystems.
Civilization is based on cooperation. Cooperation does not occur at the point
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American social mores and values have declined precipitously
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destruction of social structures that do not adhere to the corrupt
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bulk of the population has been directed toward solutions proposed by the
corrupt international elite that further consolidates their power and which
further their purposes.
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