By Jerry W Markham
This significant new reference for college students, college, and execs 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 historical past of the USA and previous SEC guidance, presents context and research to the fashionable period of company curruption.
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Extra info for A Financial History of Modern US Corporate Scandals From Enron to Reform
They were given options instead, motivating them to succeed by garnering large profits from their options when the company went public. In one famous instance, D’Anne Schjerning was hired as a secretary for an executive at Mosaic Communications and was given stock options in lieu of a raise. She became an instant millionaire when the company went public as Netscape in 1995. Microsoft Corp. alone produced 21,000 millionaires through stock options. This was more than two-thirds of its employees. Expensing Options The growing size of compensation packages of executives as a result of options grants was soon raising criticism from the same reformers who had 34 THE STOCK MARKET BUBBLE AND ENRON advocated the use of options in the first place.
Presstek Inc. filed a suit in 1997 claiming that various individuals were making false statements over the Internet about the company in order to make profits as short sellers. , a fiber-optics producer, dropped from $103 to $45 in fifteen minutes on August 26, 2000, after a false press release. That release reported that the company was restating its earnings and that its chief executive had resigned. A regulatory sweep by state and federal authorities was conducted against promissory note schemes that were targeting elderly investors.
Goldmen. S. Goldmen defrauded customers of over $100 million. S. Goldmen’s president, Anthony Marchiano, was given a prison sentence of 10 to 30 years. S. Goldmen pleaded guilty to criminal charges in connection with that firm’s fraudulent operations. Duke & Co. manipulated six stocks that it had sold to the public as an underwriter in IPOs for $600 million. Twenty-four brokers in that firm were convicted of felonies. Morgenthau prosecuted and convicted the chairman of the firm, Victor Wang, who was sentenced to a prison term of seven to twentytwo years.