Jerry W Markham's A Financial History of Modern US Corporate Scandals From PDF

By Jerry W Markham

This significant new reference for college students, college, and execs of yankee company governance, smooth monetary historical past, 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 industry downturn of 2000. Jerry W. Markham, writer of the award-winning monetary historical past of the USA and previous SEC information, presents context and research to the fashionable period of company curruption.

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The investor, Henryk de Kwiatkowski, was a wealthy businessman who owned Calumet Farms, the famous thoroughbred horse farm in Lexington, Kentucky. He lost $215 million trading currencies over a five-month period in 1994–1995. A federal circuit court in New York reversed the award, however, and threw out the case. Bear Stearns remained a very independent-minded firm. Its longtime chief executive officer, Alan (Ace) Greenberg, required employees to donate 4 percent of their income to charity. 28 THE STOCK MARKET BUBBLE AND ENRON Pump and dump schemes often involved more conventional boiler rooms employing hundreds of salesmen to pump up prices through high-pressure sales pitches.

There were some setbacks. The Federal Trade Commission blocked a merger between Staples and Office Depot, but allowed Chevron to merge with Texaco in September 2001. Phillips Petroleum Co. merged with Conoco Inc. later in the year. Exxon had earlier been taken over by Mobil in an $80 billion merger. 5 billion transaction. In 1999 WorldCom tried to merge with Sprint, in what would have been the largest merger in American history, but the Justice Department blocked that effort on antitrust grounds.

The students made almost $350,000 in trading on four stocks. In another case, two individuals were indicted in February 2000 for promoting penny stocks through thousands of e-mail messages. The securities were worthless, and the defendants were pumping up the value of the stock in order to profit on their own holdings. A fifteen-yearold boy in New Jersey was charged by the SEC in September 2000 with manipulating stock prices through a pump and dump scheme on the Internet. He agreed to return $285,000 in profits.

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A Financial History of Modern US Corporate Scandals From Enron to Reform by Jerry W Markham

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