Word: fraude
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...hold above their liabilities to policyholders - and crossing their fingers. CORPORATE ACCOUNTABILITY Making Scandals Add Up to Reform Faster than a plunging Enron share, tougher than a bear market, the U.S. Congress last week whisked through the biggest changes to business oversight in 60 years, creating harsh penalties for fraud and an independent board to regulate accounting. But the legislation is silent on one controversial accounting trick, treating stock options as expenses when companies do their taxes but not when they report profits. It's a sleight-of-hand, critics say, at the heart of many recent corporate scandals. "CEOs...
...that damage may be lasting. A new TIME/CNN poll finds that fewer than one-third of Americans expect the economy to improve in the next year. It is not just that we have confronted in WorldCom the worst case of fraud in U.S. corporate history; today the bluest of chips, from Merck to General Electric, are being challenged about their bookkeeping. The perception of deception is so widespread, the stakes so high and the costs so great that investors are choosing to forfeit a game they now think is rigged. The markets skidded last week straight past their 9/11 lows...
...case records to show that she had visited the children's home on July 1, scribbling into the report that Alfredo looked "happy." Alfredo's corpse was found in a ditch north of Tampa nearly two weeks later. Jones was not only fired but also charged with felony fraud under a new state law. Jones' supervisor was also fired...
President Bush last week called for doubling the maximum prison term for mail and wire fraud to 10 years. But the problem isn't the length of the sentence handed down for corporate malfeasance; it's winning a criminal conviction in the first place. Financial misdeeds are often difficult to explain to juries, and proving intent is even harder. More money for investigators would help, but the new $100 million that Bush pledged for the Securities and Exchange Commission is not nearly enough for the underfunded agency...
...CHARGED. IVAN LEXA, 41, former Slovak secret police chief, with armed robbery, fraud, kidnapping and corruption; in Bratislava. Lexa, who fled Slovakia in 2000, was detained at a South African beach resort near the port city of Durban as an illegal alien. He was deported to Bratislava where he was arrested...