Word: xeroxes
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...market crash doesn't always come in a day. It can sneak up, slow and surreal, and you can think you survived it only to find it has barely begun. Now each week brings a new shudder and crack--first Enron and Arthur Anderson, then WorldCom, Adelphia, Xerox and the trials of Martha Stewart. Most Americans--72% in the TIME/CNN POLL--fear that they see not a few isolated cases but a pattern of deception by a large number of companies. In one survey, more than half of corporate chief financial officers said they had been pressured by their bosses...
...market crash doesn't always come in a day. It can sneak up, slow and surreal, and you can think you survived it only to find it has barely begun. Now each week brings a new shudder and crack-first Enron and Arthur Anderson, then WorldCom, Adelphia, Xerox and the trials of Martha Stewart. Most Americans-72% in the TIME/CNN poll-fear that they see not a few isolated cases but a pattern of deception by a large number of companies. In one survey, more than half of corporate chief financial officers said they had been pressured by their bosses...
...this crisis was years in the making. Stocks kept climbing because executives kept finding creative new ways to hide the truth and fake a profit, to pretend they were investing money rather than just spending it. The revelations make for some dark magic now. When $2 billion disappears from Xerox's revenues, $4 billion from WorldCom's, it makes people feel poorer even if they personally lost nothing. The markets now look as if they could manage their third straight year of losses, for the first time since World War II, even though the economy grew...
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...
...Xerox restated $6.4 billion in revenues dating to 1997. A restatement had been expected under an agreement Xerox reached with the SEC three months ago, over the company's practice of immediately booking revenue from long-term leases of copiers and other equipment. But the amount turned out to be more than triple what investors had expected and sparked a 13% sell-off of Xerox's stock...