Word: enronization
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Since fall this year, discoveries of misleading accounting and fraud by such prominent corporations as Enron, Xerox and WorldCom have profoundly shaken investors’ confidence, causing stock prices to plummet...
...detailed how the state’s public pension fund has been harmed by investments in companies recently accused of wrongdoing, saying that Massachusetts lost $24 million on deflated Enron stock, and $25.1 from WorldCom bonds...
...WorldCom's auditor--Arthur Andersen, the firm convicted of obstructing justice in the Enron case--somehow missed it. Andersen, which was paid $4.4 million a year to certify that WorldCom's books were honest, says WorldCom CFO Sullivan never handed over the material Andersen requested. "That's like a police officer saying the criminal didn't turn himself in," scoffs analyst Patrick Comack of the brokerage Guzman...
...reports. Over time, net income and cash flow from operations "should move in the same direction and at similar rates," he says. Cash flow is hard to finagle, so if net income rises faster than cash flow, that can be a sign of accounting tricks--as it was at Enron...
...three or four corporate scandals ago, but Playboy is just now catching up to the Enron debacle. The men's magazine invited all female employees affected by the company's demise to send in their pictures. Of the 300 who did, 10 made it into the August issue, now on sale. While most scandal veterans who disrobe for Playboy are already household names, having offered tearful press conferences or congressional testimony, chances are that few readers will have heard of CYNTHIA COGHLAN, CHRISTINE NIELSEN or CAREY LORENZO. But one thing is clear: from the looks of some of the naked...