Lessons Learned from Enron's Collapse: Auditing the Accounting
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Essays on Financial Communication in Earnings Conference Calls
Essays on Financial Communication in Earnings Conference Calls Xiaoxi Wu This dissertation is submitted for the degree of Doctor of Philosophy September 2019 Department of Accounting and Finance Abstract Earnings conference calls are an important platform of financial communication. They provide researchers with unique opportunities to observe firm managers’ and financial analysts’ interactions and natural communication style in a daily-task environment. Relying on multidisciplinary theories and methods, this dissertation studies financial communication in conference calls from both the managers’ and the sell-side analysts’ perspectives. It consists of three self-contained studies. Chapter 2 focuses on managers’ communication strategies in conference calls. It explores, in the small non-negative earnings surprises setting, whether non-manipulators design communication strategies to separate themselves from earnings manipulators, and whether manipulators pool through obfuscation. Chapters 3 and 4 focus on sell-side analysts’ communication behaviour in conference calls. Chapter 3 examines how analysts’ people skills affect their communication behaviour and relationships with firm management. Chapter 4 applies both qualitative and quantitative discourse analyses and investigates how analysts use linguistic politeness strategies to establish socially desirable identities in publicly accessible analyst-manager interactions. The three studies combined contribute to the accounting literature by furthering our understanding of managers’ and analysts’ -
Download the 2019 Edition of Catalyzing Corporate Change
SHAREHOLDERS CALLING THE WORLD’S MOST POWERFUL COMPANIES TO ADDRESS THEIR IMPACTS ON PEOPLE AND PLANET. CATALYZING CORPORATE CHANGE ICCR MEMBERS CELEBRATE A SUCCESSFUL 2019 PROXY SEASON The annual filing of shareholder More than a third (108) of ICCR mem- proposals at hundreds of compa- bers’ 2019 proposals resulted in Outcomes nies across nearly every sector is an changes in policies and practices. The important tool ICCR members employ majority of these corporate commit- to help catalyze corporate change on ments secured by our members con- environmental, social and governance cerned issues of workplace diversity concerns. and inclusion (26), as well as climate change (16) and human rights (18). ICCR members will typically use proposals in conjunction with other Of the 114 proposals that went to a vote engagement strategies such as in- at 2019 annual general meetings, ten vestor letters to spur dialogue with achieved majority votes, and 69 (61%) 41% - Went to vote companies. achieved votes of 25% or greater. By 39% - Agreement Reached contrast 54.5% of member-sponsored 8% - Omitted During the 2019 proxy season ICCR resolutions achieved 25% or higher in 6% - Awaiting Result members filed 277 resolutions at 184 2018. This increasing support dem- 4% - Withdrawn for other reasons publicly-traded companies. What fol- onstrates the growing understanding lows is a brief recap of the outcome among investors that ESG factors are of our 2019 proposals and company critical to building long-term value. dialogues. B.P.: (CLIMATE CHANGE) 99.14% 2019 MAJORITY VOTES GEO GROUP: (HUMAN RIGHTS) 87.90% MALLINCKRODT GROUP: (LOBBYING) 79.70% Ten resolutions filed this season MALLINCKRODT GROUP: (OPIOIDS) 78.86% by ICCR members achieved majority votes — a clear sign WALGREENS BOOTS: (OPIOIDS) 60.53% that our members’ concerns NEWELL: (DIVERSITY) 56.60% about ESG factors are shared by MACY’S: (POLTICIAL SPENDING) 53.06% mainstream investors. -
Congressional Directory LOUISIANA
114 Congressional Directory LOUISIANA ZIP Codes: 70001 (part), 70003 (part), 70053±54, 70056 (part), 70058 (part), 70062 (part), 70063, 70065 (part), 70067 (part), 70072 (part), 70073, 70094 (part), 70096, 70112±14, 70115 (part), 70116±17, 70118 (part), 70119 (part), 70121 (part), 70122 (part), 70123 (part), 70125±31, 70139, 70141, 70150±4, 70156±58, 70160±61, 70163, 70165, 70170, 70172, 70174±79, 70182, 70185±87, 70189±90 THIRD DISTRICT W.J. (BILLY) TAUZIN, Republican, of Thibodaux, LA; born in Chackbay, LA, June 14, 1943; graduated, Thibodaux High School, 1961; B.A., history, prelaw, Nicholls State University, 1964; honor student, Hall of Fame graduate, student body president, 1962±64; J.D., Louisiana State University, 1967, while serving four years in Louisiana State Senate, legislative aide; law- yer; admitted to the Louisiana bar in 1968; commenced practice in Houma, LA.; law partner, Marcel, Marcel, Fanguy and Tauzin, 1968±72; private practice, 1972; partner, Sonnier and Tau-Â zin, 1976; married Cecile Bergeron Tauzin; five children by previous marriage: Kristie Rene, W.J. (Billy) III, John Ashton, Thomas Nicholas, and Michael James; served in Louisana State Legislature, 1971±80; elected to the 96th Congress, May 22, 1980, in a special election to fill the vacancy caused by the resignation of David C. Treen; reelected to each succeeding Con- gress; freshman representative, Democratic Steering and Policy Committee; member, Commerce and Natural Resources Committees; cochairman, Congressional Coalition for America; chair- man, Telecommunications, Trade, and Consumer Protection Subcommittee. Office Listings http://www.house.gov/tauzin 2183 Rayburn House Office Building, Washington, DC 20515±1803 ....................... (202) 225±4031 Chief of Staff.ÐMartin Cancienne. -
Enron's Pawns
Enron’s Pawns How Public Institutions Bankrolled Enron’s Globalization Game byJim Vallette and Daphne Wysham Sustainable Energy and Economy Network Institute for Policy Studies March 22, 2002 About SEEN The Sustainable Energy and Economy Network, a project of the Institute for Policy Studies (Washington, DC), works in partnership with citizens groups nationally and globally on environment, human rights and development issues with a particular focus on energy, climate change, environmental justice, and economic issues, particularly as these play out in North/South relations. SEEN views these issues as inextricably linked to global security, and therefore applies a human security paradigm as a framework for guiding its work. The reliance of rich countries on fossil fuels fosters a climate of insecurity, and a rationale for large military budgets in the North. In the South, it often fosters or nurtures autocratic or dictatorial regimes and corruption, while exacerbating poverty and destroying subsistence cultures and sustainable livelihoods. A continued rapid consumption of fossil fuels also ensures catastrophic environmental consequences: Climate change is a serious, emerging threat to the stability of the planet's ecosystems, and a particular hazard to the world's poorest peo- ple. The threat of climate change also brings more urgency to the need to reorient energy-related investments, using them to provide abundant, clean, safe energy for human needs and sustainable livelihoods. SEEN views energy not as an issue that can be examined in isolation, but rather as a vital resource embedded in a development strategy that must simultaneously address other fundamentals, such as education, health care, public par- ticipation in decision-making, and economic opportunities for the poorest. -
Robert A. Scandlon, Jr., Et Al. V. Blue Coat Systems, Inc., Et Al. 11-CV
Case3:11-cv-04293-RS Document14 Filed10/31/11 Page1 of 2 1 Nicole Lavallee (SBN 165755) Anthony D. Phillips (SBN 259688) 2 BERMAN DEVALERIO One California Street, Suite 900 3 San Francisco, CA 94111 Telephone: (415) 433-3200 4 Facsimile: (415) 433-6282 Email: [email protected] 5 [email protected] 6 Liaison Counsel for Proposed Lead Plaintiff Inter-Local Pension Fund and 7 Proposed Liaison Counsel for the Class 8 Mark S. Willis SPECTOR ROSEMAN KODROFF & 9 WILLIS, P.C. 1101 Pennsylvania Avenue, NW 10 Suite 600 Washington, DC 20004 11 Telephone: (202) 756-3600 Facsimile: (202) 756 3602 12 Email: [email protected] 13 Attorneys for Proposed Lead Plaintiff Inter-Local Pension Fund and 14 Proposed Lead Counsel for the Class 15 UNITED STATES DISTRICT COURT 16 NORTHERN DISTRICT OF CALIFORNIA 17 18 ROBERT A. SCANDLON, JR., On behalf of ) Himself and All Others Similarly Situated, ) No. CV 11-04293 (RS) 19 ) ) DECLARATION OF ROBERT M. 20 Plaintiff, ) ROSEMAN IN SUPPORT OF THE ) MOTION OF THE INTER-LOCAL 21 v. ) ) PENSION FUND’S MOTION FOR APPOINTMENT AS LEAD 22 BLUE COAT SYSTEMS, INC., BRIAN M. ) NESMITH and GORDON C. BROOKS, ) PLAINTIFF AND FOR APPROVAL 23 Defendants. ) OF ITS SELECTION OF LEAD ) COUNSEL 24 ) ) CLASS ACTION 25 ) ) Date: December 8, 2011 26 ) Time: 1:30 p.m. ) Dept.: Courtroom 3 27 ) Judge: Hon. Richard Seeborg 28 [CV 11-04293 (RS)] D ECL . OF ROBERT M. ROSEMAN ISO I NTER-LOCAL PENSION FUND ' S M OT. FOR A PPOINTMENT OF L EAD PL . & A PPOINTMENT OF LEAD COUNSEL Case3:11-cv-04293-RS Document14 Filed10/31/11 -
Top 100 for 1H 2015
` Top 100 for 1H 2015 Securities Class Action Services, LLC Published: September 28, 2015 Executive Summary ISS Securities Class Action Services tracked 61 settlements for the first half of 2015, up from from 53 settlements seen duringthe first half of 2014. Out of the 61 settlement agreements, five settlements ranked in the ISS Securities Class Action Services Top 100 for 1H 2015, which amounted for a 450 percent increase in settlement funds when compared to the same period in the previous year. The cases identified include: › American International Group, Inc. (2008) (S.D.N.Y.), which brought the highest settlement fund($900 million for approximately 200 eligible securities). › Bear Stearns Mortgage Pass-Through Certificates › IndyMac Mortgage Pass-Through Certificates (Individual & Underwriter Defendants) › Activision Blizzard, Inc. › Federal National Mortgage Association (Fannie Mae) (2008) Out of the five settlements, four were filed in the federal courts during the midst of the financial credit crisis, while one was filed in the state court relating to the company’s private sale transaction. Two of the five were alleged violating Rule 10b-5 of the Securities and Exchange Act of 1934 (Employment of Manipulative and Deceptive Practices) while three were alleged violations of the Securities Act of 1933 (Civil Liabilities on Account of False Registration Statement). Two of the five settlements relate to Generally Accepted Accounting Principles and have restated their financial during the relevant periods. Of the five settlements, two were identified in the S&P Index. One SEC initiated settlement placed in the Top 30 SEC Disgorgement amounting to $200 Million. The Securities Class Action Services Tentative Settlement Pipeline stands $17.3 Billion as of 31 July 2015. -
A Case of Corporate Deceit: the Enron Way / 18 (7) 3-38
NEGOTIUM Revista Científica Electrónica Ciencias Gerenciales / Scientific e-journal of Management Science PPX 200502ZU1950/ ISSN 1856-1810 / By Fundación Unamuno / Venezuela / REDALYC, LATINDEX, CLASE, REVENCIT, IN-COM UAB, SERBILUZ / IBT-CCG UNAM, DIALNET, DOAJ, www.jinfo.lub.lu.se Yokohama National University Library / www.scu.edu.au / Google Scholar www.blackboard.ccn.ac.uk / www.rzblx1.uni-regensburg.de / www.bib.umontreal.ca / [+++] Cita / Citation: Amol Gore, Guruprasad Murthy (2011) A CASE OF CORPORATE DECEIT: THE ENRON WAY /www.revistanegotium.org.ve 18 (7) 3-38 A CASE OF CORPORATE DECEIT: THE ENRON WAY EL CASO ENRON. Amol Gore (1) and Guruprasad Murthy (2) VN BRIMS Institute of Research and Management Studies, India Abstract This case documents the evolution of ‘fraud culture’ at Enron Corporation and vividly explicates the downfall of this giant organization that has become a synonym for corporate deceit. The objectives of this case are to illustrate the impact of culture on established, rational management control procedures and emphasize the importance of resolute moral leadership as a crucial qualification for board membership in corporations that shape the society and affect the lives of millions of people. The data collection for this case has included various sources such as key electronic databases as well as secondary data available in the public domain. The case is prepared as an academic or teaching purpose case study that can be utilized to demonstrate the manner in which corruption creeps into an ambitious organization and paralyses the proven management control systems. Since the topic of corporate practices and fraud management is inherently interdisciplinary, the case would benefit candidates of many courses including Operations Management, Strategic Management, Accounting, Business Ethics and Corporate Law. -
List of Section 13F Securities
List of Section 13F Securities 1st Quarter FY 2004 Copyright (c) 2004 American Bankers Association. CUSIP Numbers and descriptions are used with permission by Standard & Poors CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved. No redistribution without permission from Standard & Poors CUSIP Service Bureau. Standard & Poors CUSIP Service Bureau does not guarantee the accuracy or completeness of the CUSIP Numbers and standard descriptions included herein and neither the American Bankers Association nor Standard & Poor's CUSIP Service Bureau shall be responsible for any errors, omissions or damages arising out of the use of such information. U.S. Securities and Exchange Commission OFFICIAL LIST OF SECTION 13(f) SECURITIES USER INFORMATION SHEET General This list of “Section 13(f) securities” as defined by Rule 13f-1(c) [17 CFR 240.13f-1(c)] is made available to the public pursuant to Section13 (f) (3) of the Securities Exchange Act of 1934 [15 USC 78m(f) (3)]. It is made available for use in the preparation of reports filed with the Securities and Exhange Commission pursuant to Rule 13f-1 [17 CFR 240.13f-1] under Section 13(f) of the Securities Exchange Act of 1934. An updated list is published on a quarterly basis. This list is current as of March 15, 2004, and may be relied on by institutional investment managers filing Form 13F reports for the calendar quarter ending March 31, 2004. Institutional investment managers should report holdings--number of shares and fair market value--as of the last day of the calendar quarter as required by Section 13(f)(1) and Rule 13f-1 thereunder. -
Ronald Reagan, Louisiana, and the 1980 Presidential Election Matthew Ad Vid Caillet Louisiana State University and Agricultural and Mechanical College
Louisiana State University LSU Digital Commons LSU Master's Theses Graduate School 2011 "Are you better off "; Ronald Reagan, Louisiana, and the 1980 Presidential election Matthew aD vid Caillet Louisiana State University and Agricultural and Mechanical College Follow this and additional works at: https://digitalcommons.lsu.edu/gradschool_theses Part of the History Commons Recommended Citation Caillet, Matthew David, ""Are you better off"; Ronald Reagan, Louisiana, and the 1980 Presidential election" (2011). LSU Master's Theses. 2956. https://digitalcommons.lsu.edu/gradschool_theses/2956 This Thesis is brought to you for free and open access by the Graduate School at LSU Digital Commons. It has been accepted for inclusion in LSU Master's Theses by an authorized graduate school editor of LSU Digital Commons. For more information, please contact [email protected]. ―ARE YOU BETTER OFF‖; RONALD REAGAN, LOUISIANA, AND THE 1980 PRESIDENTIAL ELECTION A Thesis Submitted to the Graduate Faculty of the Louisiana State University and Agricultural and Mechanical College in partial fulfillment of the requirements for the degree of Master of Arts in The Department of History By Matthew David Caillet B.A. and B.S., Louisiana State University, 2009 May 2011 ACKNOWLEDGEMENTS I am indebted to many people for the completion of this thesis. Particularly, I cannot express how thankful I am for the guidance and assistance I received from my major professor, Dr. David Culbert, in researching, drafting, and editing my thesis. I would also like to thank Dr. Wayne Parent and Dr. Alecia Long for having agreed to serve on my thesis committee and for their suggestions and input, as well. -
Off the Record
About the Center for Public Integrity The CENTER FOR PUBLIC INTEGRITY, founded in 1989 by a group of concerned Americans, is a nonprofit, nonpartisan, tax-exempt educational organization created so that important national issues can be investigated and analyzed over a period of months without the normal time or space limitations. Since its inception, the Center has investigated and disseminated a wide array of information in more than sixty Center reports. The Center's books and studies are resources for journalists, academics, and the general public, with databases, backup files, government documents, and other information available as well. The Center is funded by foundations, individuals, revenue from the sale of publications and editorial consulting with news organizations. The Joyce Foundation and the Town Creek Foundation provided financial support for this project. The Center gratefully acknowledges the support provided by: Carnegie Corporation of New York The Florence & John Schumann Foundation The John D. & Catherine T. MacArthur Foundation The New York Community Trust This report, and the views expressed herein, do not necessarily reflect the views of the individual members of the Center for Public Integrity's Board of Directors or Advisory Board. THE CENTER FOR PUBLIC INTEGRITY 910 17th Street, N.W. Seventh Floor Washington, D.C. 20006 Telephone: (202) 466-1300 Facsimile: (202)466-1101 E-mail: [email protected] Copyright © 2000 The Center for Public Integrity All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information and retrieval system, without permission in writing from The Center for Public Integrity. -
Return of Organization Exempt from Income
l efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93493316048040 Return of Organization Exempt From Income Tax OMB No 1545-0047 Form 990 Under section 501 (c), 527, or 4947( a)(1) of the Internal Revenue Code ( except black lung 2009 benefit trust or private foundation) Department of the Treasury • . Internal Revenue Service 0- The organization may have to use a copy of this return to satisfy state reporting requirements A For the 2009 calendar year, or tax year beginning 01 -01-2009 and ending 12 -31-2009 C Name of organization D Employer identification number B Check if applicable Please Pharmaceutical Research and Manufacturers of fl Address change use IRS of America 53-0241211 label or Doing Business As E Telephone number F Name change print or PHRMA type . See (202) 835-3400 F Initial return Specific N um b er and st reet (or P 0 box if mai l is not d e l ivered to st ree t a dd ress) R oom/suite Instruc - 950 F Street NW G Gross receipts $ 366,684,746 F_ Terminated tions . F-Amended return City or town, state or country, and ZIP + 4 Washington, DC 20004 1Application pending F Name and address of principal officer H(a) Is this a group return for Billy Tauzin affiliates? fl Yes F No 950 F Street NW Suite 300 Washington, DC 20004 H(b) Are all affiliates included ? fl Yes F_ No If "No," attach a list (see instructions) I Tax - exempt status F 501( c) ( 6 I (insert no ) 1 4947(a)(1) or F_ 527 H(c) Group exemption number 0- 3 Website : 1- www phrma org K Form of organization F Corporation 1 Trust F_ Association 1 Other 1- L Year of formation 1958 M State of legal domicile DE urnmar y 1 Briefly describe the organization's mission or most significant activities PhRMA's mission is winning advocacy for public policies that encourage the discovery of life-saving and life-enhancing new a, medicines for patients by pharmaceutical/biotechnology research companies 2 Check this box if the organization discontinued its operations or disposed of more than 25% of its net assets 3 Number of voting members of the governing body (Part VI, line 1a) . -
Conspiracy of Fools”
Submitted version of review published in GARP Risk Review Review of “Conspiracy of Fools” Joe Pimbley Kurt Eichenwald’s Conspiracy of Fools (Broadway Books, 2005) is a spellbinding account of the rise and fall of Enron. In nearly 700 pages the reader finds answers to “what happened?” and “how did it happen?” Based on retrospective interviews with more than a hundred primary and secondary actors in this drama, the author creates multiple, parallel story lines. He jumps back and forth between these sub-plots in a manner that maintains energy and gives the reader many natural stopping points. The great strengths of Conspiracy are that it’s thorough, extremely well- written, captivating, and, finally, it rings true. The author avoids the easy, simple conclusions that all the executives are “guilty” of crimes or plain greed and that the media-lionized whistle-blower is pure of heart. We see the ultimate outcome as personal tragedies for Jeff Skilling (President) and Ken Lay (CEO) even though they are undeniably culpable. Culpability and guilt are not synonymous, however, and different readers will have widely different judgments to render on these two men. The view of Andrew Fastow is not so murky. He and a handful of his associates did indeed lie, cheat, and steal for personal gain. Fastow’s principle “contribution” to Enron was the creation of structured finance transactions to skirt accounting rules. This one-sentence description doesn’t tell the reader much. Eichenwald gives many examples to flesh out the concept. The story of “Alpine Investors” provides the simplest case. The company wished to sell the Zond Corporation, a wind-farm operator, prior to the closing of Enron’s purchase of Portland General.