"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
1976 Albert John
Dunlap engineers a massive accounting fraud at Nitec, a paper-mill company in
Niagara Falls, New York.
1996 "Chainsaw Al" Dunlap is hired to resurrect
"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.
Kenneth Lee 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
Adelphia CEO John J. Rigas
is convicted of bank, wire and securities fraud and is sentenced to 15 years in
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
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
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 $400 million.
HealthSouth CEO Richard M.
Scrushy is formely charged with fraud,
conspiracy, and making false
statements in a $2.7 billion accounting fraud.
After 21 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
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.
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
Sanjay Kumar Chairman and CEO of Computer Associates
International is sentenced to 12 years in prison and fined $8 million after
pleading quilty 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
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
CEO of Qwest
Communications International Inc., is sentenced to 6 years in prison for
trading based on knowledge of improper accounting practices.
The stock of Qwest Communications International Inc. plunges
from $60 per share to $2 per share when accounting irregularities came to
Joseph Nacchio claims his conviction was based on his company's
refusal to cooperate with
NSA requests to spy on its customers. This seems likely.
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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forged a populace unable to discern propaganda
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international corporate cartel through
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relation with the Creator and Sustainer through the pursuit of the knowledge of
reality in the hope of curing the spiritual corruption that has enveloped the
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This web site in no way condones violence. To the contrary the
intent here is to reduce the violence that is already occurring due to the
international corporate cartels
desire to control the human
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economic system, corporate media worldwide, the global industrial military
entertainment complex and is responsible for the collapse of morals, the
elevation of self-centered behavior and
the destruction of global ecosystems. Civilization is based on cooperation.
Cooperation does not occur at the
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American social mores and values have declined
precipitously over the last century as the corrupt international cartel has
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populace in general through corporate media by pressing emotional buttons which
have been preprogrammed into the population through prior mass media
psychological operations. The results have been the destruction of the family
and the destruction of social structures that do not adhere to the corrupt
international elites vision of a perfect
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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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