Arthur Anderson, a waste management company reported around $1.7 billion in fake earnings. They deliberately increased the time period of depreciation of their plant, equipment, and property. While the new CEO, A. Maurice Meyers and his team members went through the books of accounts, they found out this unprecedented scenario. Arthur Anderson has to pay $7 million as a penalty to Securities and Exchange Commission (SEC) and the shareholder class-action suit settled for $457 million. After all, was settled, the CEO, A. Maurice Meyers started an anonymous hotline
Timeline: Refco Inc. announced on October 10, 2005 that it’s CEO and chairman, Phillip R. Bennett had hidden information about $430 million in bad debts from the company's auditors and investors, and that now he had agreed to take a leave of absence. It was discovered through an internal review over the preceding weekend that a receivable was owed to the company by an unnamed entity that eventually turned out to be controlled by Mr Bennett, as much as approximately US$430 million. It was later known that, Bennett had been buying bad debts from Refco so that it would need to write them off, and he was paying for the bad loans with money borrowed by Refco itself. How he managed to pull this off is, at the end of every quarter he had arranged
Chrysler Group would officially become Chrysler Holding LLC with two subsidiaries – Chrysler Motors LLC which would produce Chrysler/Dodge/Jeep vehicles, and Chrysler Financial Services LLC which will look over Chrysler Financial. This led Robert Nardelli to become new Chairman and CEO. The new management was faced with its first labor dispute on October 10, 2007. Most Chrysler’s unionized workers walked off their jobs. On November 5, 2008 Chrysler sales were fallen 34.9% in the US market.
Included in the cabinet, the Ohio Gang, also the president’s poker-playing cronies, soon caused a great deal of embarrassment. Harding appointed Charles Evans Hughes as secretary of state and Herbert Hoover the secretary of commerce. Andrew Mellon was the secretary of treasury, however, he was later found guilty of bribery and became the first American to be convicted of a felony while holding a cabinet post. His corrupt friends used their offices to become wealthy and Charles R. Forbes, the head of the Veterans Bureau, was caught illegally selling government and hospital supplies to private companies. Colonel Thomas W. Miller, the head of the Office of Alien Property, was caught taking a bribe.
According to 2007 news reports, financial firms and hedge funds owned more than $1 trillion in securities backed by these now-failing subprime mortgages - enough to start a global financial tsunami if more subprime borrowers started defaulting. The subprime crisis's unique issues called for both conventional and unconventional methods, which were employed by governments worldwide. In a unanimous move, central banks of several countries resorted to coordinated action to provide liquidity support to financial institutions. The idea was to put the interbank market back on its feet. The Fed started slashing the discount rate as well as the funds rate, but bad news continued to pour in from all sides.
When five men were caught bugging and stealing from the Democratic National Convention (DNC) at the Watergate Hotel and Complex on June 17, 1972, the burglary was reported briefly and soon forgotten amidst other headlining news. Months later, the Watergate Burglary exploded when ties were found between the break-in and Richard Nixon’s Committee to Reelect the President (CREEP) (Bernstein). Thus began the Watergate Scandal: the bugging and burglary at the Watergate Complex, the cover-up ordered by President Nixon himself, and the Watergate trials which revealed patterns of ethical misconduct within the Nixon administration. The scandal’s traditional timeline ranges from the break-in at the Watergate Complex, Washington D.C. in June of 1972
Anchored in India and committed to its traditional values of leadership with trust, the Tata group is spreading its footprint globally through excellence and innovation The Tata group’s revenues for 2007-08 from its international operations were $38.3 billion, which constitutes 61 per cent of its total revenues. Each operating company in the group develops its international business as an integral element in an overall strategy, depending on the competitive dynamics of the industry in which it operates. Exports from India remain the cornerstone of the Tata group’s international business, but different Tata companies are increasingly investing in assets overseas through greenfield projects(such as in South Africa, Bangladesh and Iran), joint
Overview about Tata’s business • Tata Motors Limited is India's largest automobile company and its the leader in commercial vehicles.The annual revenues of tata group is INR 2,61,796 crores (USD 42.04 billion) in 2014-15. IIt is one of the top passenger vehicles manufacturing companies presently in India. • Over 60,000 employees of the Tata group are guided by the mission "to be passionate in anticipating and providing the best vehicles and experiences that excite our customers globally." • The company was founded in the year 1945.The first car launch was in the year 1954 and since then over 8 million more automobiles have been launched which can be seen running on Indian roads. The manufacturing unit for tata companies are established in different parts of
CFO, Andrew Fastow not only lead Englads, BOD & audit committee on high risk accounting practices but also pressured Anderson to ignore the issues. Enrons shareholders filed a 40b $ law suit on to the company’s stock price which achieved a high of $90.75 but plommitted to less than $1 by the end of November, 2001. On December 2, 2001, Enron