By Jerry W Markham
This significant new reference for college kids, college, and pros of yankee company governance, sleek monetary historical past, and securities legislations 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 background of the us and previous SEC information, presents 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
The Justice Department then settled the matter with only minor concessions being made by Microsoft. Nine of the eighteen states that had joined in the antitrust suit against Microsoft refused to agree to that settlement, but a federal appeals court approved the settlement over their objections. S. federal court inadequate, imposed a $603 million fine on Microsoft and required it to disclose its source code. Microsoft paid the fine pending an appeal and also paid Novell Inc. $536 million to drop claims that were driving the European Union’s action.
The exercise of options required the executive to pay cash for the stock, which could require a massive amount of funds. That problem was readily solved by having the corporation extend a loan to the needy executive that could be paid off with the company’s stock, effectively draining the treasury without calling it a salary, as was done at Enron. Another concern was that the issuance of new stock upon the exercise of stock options had the effect of diluting earnings per share and placed downward pressure on the stock price.
He tried to conceal his activities through fictitious financial statements and claimed to be associated with a Catholic trust, a guise that he hoped would deflect regulatory inquiries. Frankel fled but was arrested in Germany with twelve passports in different names and diamonds worth millions of dollars. He and his lawyer, John Jordan, were convicted of fraud. Frankel was sentenced to seventeen years in prison. Patrick Bennett was convicted of criminal violations in connection with one of the largest Ponzi schemes in American history.