"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.
1996 "Chainsaw Al" Dunlap is hired to resurrect
Sunbeam. "Chainsaw Al" arranges a
"massive financial fraud" eventually he had to pay a $500,000 SEC civil fine
and was barred from serving as an officer or director of a public company.
Lay replaced Richard Kinder as head of Enron.
Lee Lay is convicted in May 2006 of
securities fraud, wire fraud and
making false statements.
2004 Martin Grass,
CEO of Rite Aid Corp. 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 were 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. Scott 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 $l1-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. 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
trading, making false statements to auditors and
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.
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
practices. 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. 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 claims.
This web site is not a commercial web site and
is presented for educational
This website defines a
new perspective with which to engage reality to which its author adheres. The
author feels that the falsification of reality outside personal experience has
created a populace unable to discern propaganda from reality and that this has
been done purposefully by an international corporate cartel through their
agents who wish to foist a corrupt version of reality on the human race.
occurs when any group refuses to tolerate religious practices, religious
beliefs or persons due to their religious ideology. This web site marks the
founding of a system of philosophy named The Truth of the Way of Life - a
rational religion based on reason which requires no leap of faith, accepts no
tithes, has no supreme leader, no church buildings and in which each and every
individual is encouraged to develop a personal 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 human spirit. The tenets of The
Truth of the Way of Life are spelled out in detail on this web site by the
author. Violent acts against individuals due to their religious beliefs in
America is considered a "hate crime."
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
race. The international corporate cartel already controls the world
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 point
of a gun.
American social mores and values have declined precipitously
over the last century as the corrupt international cartel has garnered more and
more power. This power rests in the ability to deceive the 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
world. Through distraction and coercion the direction of thought of the
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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their writings, showed the capacity for intelligent, reasonable, rational,
insightful and unpopular thought. All factual information presented on this web
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facts truthfully. Opinion and thoughts have been adapted, edited, corrected,
redacted, combined, added to, re-edited and re-corrected as nearly all opinion
and thought has been throughout time but has been done so in the spirit of the
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clearer and relevant to the reader in the present time.
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