Word: frauded
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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...
...wake of nearly daily reports of fraud and dishonesty in the business world, Mass. Democratic gubernatorial candidate Robert B. Reich on Monday told a crowd of over 50 Harvard Summer School students that there needs to be greater corporate accountability...
...York City residence and tried to interview him on the fly--evoking images of paparazzi stalking a movie star. "Nobody saw this coming," Grubman said, denying that his downgrade of WorldCom's stock to "underperform" the day before the firm restated earnings had anything to do with fraud rumors. Grubman, in fact, maintained a "buy" rating on the stock while it plummeted 90% from its peak in June...
...Wall Street Journal's conservative editorial page has suggested that he lacks credibility as the nation's top securities cop. Financial scandals are mounting so rapidly on his watch that Pitt's boldest acts--his recent proposal to create an independent oversight board for the accounting industry, the fraud charges he has brought against WorldCom--seem to come a few beats late. "He is not doing the job, in my opinion," Senate majority leader Tom Daschle declared as the WorldCom news broke...
Senate Democrats have begun pondering even tougher provisions, such as imposing criminal penalties for securities fraud now treated as a civil offense. And it seems a good bet that the Senate bill will prevail in conference over a weaker measure that the Republican-led House passed in April. The latest scandal has also breathed new life into legislation that would protect worker retirement accounts and change the way corporations report stock options...