Word: audited
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Dates: during 2000-2009
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...Grubman, telecom analyst for the Salomon Smith Barney unit of Citigroup, to a July 8 hearing. Not to be outdone, House Energy and Commerce Committee chairman Billy Tauzin, a Louisiana Republican, announced his investigation and ordered that by July 11 WorldCom turn over all records relating to its internal audit and five years' worth of accounting-related documents...
...scandals at other telecoms--Global Crossing and Qwest--were spooking investors. The loans led to Ebbers' ouster at the end of April (with a golden handshake worth $1.5 million a year for life). That's when Sidgmore took over and asked Cynthia Cooper, 37, vice president of internal audit, to take a close look at WorldCom's books. She found the bogus accounting and alerted WorldCom's board...
...federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals to conflicts of interest and excessive compensation for senior executives - and did little or nothing about the alleged transgressions...
Clients of JPMorgan Private Bank pay top dollar for advice on how to increase their wealth. And for three years the bank has supplemented its investment advice with a list of summer "must reads." Want to audit the lessons the moneyed class will be taking on the beach this summer? Read...
...N.Y.S.E. proposals in this area are sound: more than half of a board should be independent of management, and those directors should make up all of the audit, nominating and compensation committees. But the proposals don't go far enough. Board members should buy a large chunk of a company's stock as the price of entry, and be paid only in shares or options with long vesting periods. Nothing promotes rigorous oversight like an economic stake. There needs to be a clear definition of "independent" director to exclude those who even indirectly receive any benefit from the company beyond...