Download A Financial History of Modern US Corporate Scandals From by Jerry W Markham PDF

By Jerry W Markham

This significant new reference for college students, college, and pros of yankee company governance, glossy monetary heritage, and securities legislation starts off with an exam of the cave in of the Enron company and different monetary scandals that arose within the wake of the marketplace downturn of 2000. Jerry W. Markham, writer of the award-winning monetary historical past of the USA and previous SEC assistance, offers context and research to the fashionable period of company curruption.

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Extra resources for A Financial History of Modern US Corporate Scandals From Enron to Reform

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Stock options emerged as a prime culprit in the greed exposed at Enron and in other scandals. Options give executives the right to buy a specified amount of the company’s stock at a specified price. If the price of the stock rises above that price, the executive obtains the stock by exercising the option and then sells the stock for a profit. “The use of stock options as a form of THE STOCK MARKET BUBBLE 31 compensation grew out of the ‘shareholder value’ movement of the 1980s. Options, it was said, made the interests of managers and the interests of shareholders the same.

Investors were given promissory notes and assured of returns ranging from 12 to 25 percent. Federal prosecutors charged in October 1999 that a stock promoter engaged in a $300 million Ponzi scheme. , which defrauded clients in Mexico of $475 million. Another popular fraud involved promissory notes issued by companies that would then abscond with customers’ monies. Many of these operations were Ponzi schemes. State securities administrators in thirty-five states had received complaints of such activity.

Boeing acquired McDonnell-Douglas in 1997, reducing the number of large aircraft manufactures in the world to three. Airbus in Europe was one of those survivors. The pharmaceutical industry was undergoing a worldwide consolidation during the 1990s. Pfizer acquired Warner-Lambert and later purchased Pharmacia for $60 billion, making it the largest pharmaceutical company in the world, with revenues of $48 billion; GlaxoWellcome merged with SmithKline Beecham. Automobile companies were also consolidating.

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