Enron scandal

Phar-Mor Inc. was a discount drugstore chain that was founded in 1982 by Michael J. “Mickey” Monus. Within ten years of their first store opening, Phar-Mor had 310 stores, and over 20,000 employees in 34 states. Mickey Monus also owned Tamco warehouse, which was the distributer for Phar-Mor. Mickey Monus also owned 60% of each of the ten teams in the World Basketball Leage (WBL). While everything seemed to be growing, and succeeding rapidly, in reality the company was losing money. Between…

Sumitomo Copper Scandal (1995) Impacts on the Sumitomo Corporation The Sumitomo Copper estimated that the copper scandal, the financial scandal, gave rise to losses of $1.8 billion in June 1995. According to the company, the case would not affect their activeness and they would swallow the entire loss in the current fiscal year, which was about nine months after it took place. In order to cover the $1.8 billion losses, they would set aside a fund from the original executive bonuses and canceled…

Mesothelioma settlements Part 3 Mesothelioma verdicts if the plaintiff doesn’t agree to a settlement, the case will go to courtroom. In asbestos-related cases, the plaintiff will receive a verdict at the end of the trial. The compensation varies depending on whether the jury considers the defendants are legally responsible for their actions that harmed the plaintiff. In such cases, the legal responsibility would be for exposure to asbestos and the harm is often untreatable disease (mesothelioma…

In Shall We Tell the President? by Jeffery Archer Andrews is put into several situations that determine his fate. It should have been his skills to problem solve, however it was pure dumb luck that saved his life and job. As an author and a member of the British Parliament from 1969-74, Jeffrey Howard Archer’s career is reflected in his fiction and his fiction has influenced his career (“Archer” 21-2). In 1959 he trained to be an Army Officer and held a police officer position for five months…

Richard Dickey Scruggs is a famed Mississippi tort lawyer, who was born on May 17, 1946, grew up in Pascagoula, Mississippi. He was raised by his mother, because his father left the family when Scruggs was five years old. His mother worked as a legal secretary at the Ingalls shipyard. Dickie is known for tobacco and asbestos case and amassed more than 1 billion in judgments against various companies. According Joseph B. Treaster, Scruggs became one of the richest America lawyers, by forcing…

state income state, credit support from the U.S. Treasury; moreover, they are not subject to standard financial disclosures. Lack of effective and sufficient internal control is also another reason for this accounting fraud in 2003. The accounting scandal of Freddie Mac and Fannie Mae is strongly related to two of the three main points of the fraud triangle, which are opportunity and rationalization. The fact that these two enterprises are implicitly backed…

The act of submitting fraudulent claims is nothing new; many third-party payers are often the victim of these crimes. As a working individual that pays taxes through payroll deductions, like many Americans that have a contribution towards the Medicare program. I have a right to know where funds go and how they are disbursed. The reason I chose this particular regulation because there was a similar case of an Optometrist submitted fraudulent claims to Medicare. Dr. Sponseller was sentenced to…

Brian Cruver was a firsthand witness to the disturbing, surreal, and hilarious moments of Enron's long dance with death. When he first entered Enron's office complex, "the Death Star," he was the epitome of the Enron employee: young, brash, sporting a shiny new MBA, and obscenely overpaid. From his first day, however, when he was told that some colleagues hadn't really wanted to see him hired, he found himself in the middle of a venal greed machine whose story unfolded with all the absurdity and…

became an increased interest in authentic leadership due to the great deal of societal upheaval and instability that the United States experienced beginning in the late 1990s through 2000s. The attacks of 9/11, widespread corporate scandals at companies such as Enron and WorldCom, as well as massive failures in the banking industry all created a great deal of fear and uncertainty amongst the population. People were longing for leaders who were honest and good. These factors made the study of…

Following the disastrous impact of a number of corporate and accounting scandals, especially those involving major corporations such as Worldcom and Enron, U.S Congress decided to pass the Sarbanes-Oxley Act of 2002 (SOX). This had come not long after investors and companies lost billions of dollars due to the result of such corruption, thus having a negative impact on financial markets and investor trust. The enactment of SOX set forth new standards and provisions which sought to improve the…