A corporate scandal is a A scandal involves widely publicized allegations of wrong-doing, disgrace or moral outrage. A scandal may be based on reality, or the product of false allegations. Some scandals are broken by a whistle-blower revealing wrongdoing within an organization or a group. Falsely alleged scandals can lead to a witch... scandal involving unethical behavior on the part of a company. A corporate scandal sometimes involves Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. Practitioners of accountancy are known as accountants. Also, refer to Chartered accountant and their equivalent in English speaking world as well as Certified public accountant in U.S.A. Accountancy... accounting In the broadest sense a fraud is any crime (or civil wrong) for gain that utilises some deception practiced on the victim as its principal method. In law, fraud is the crime or offense of deliberately deceiving another in order to damage them -- usually, to obtain property or services from... fraud of some sort. A wave of such scandals swept The United States of America — also referred to as the United States, the U.S.A., the U.S., America¹, the States, or (archaically) Columbia — is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii... United States companies in 2002 is a common year starting on Tuesday of the Gregorian calendar. It was designated: International Year of Ecotourism and Mountains National Science Year in the United Kingdom Autism Awareness Year in the United Kingdom Events January Euro banknotes in circulation throughout the twelve countries of the European Union that... 2002 ( In 2002, a wave of accounting scandals broke in the fraud, and a series of investigations have been launched by the U.S. Securities and Exchange Commission. In several cases, the sums involved are in the billions of dollars. Reported accounting scandals in 2000 Xerox (2000) 2001 Enron (2001) Jeffrey... accounting scandals of 2002).

List of corporate scandals

• Enron Corporation Enron Corporation is an energy trading and communications company based in Houston, Texas that employed around 21,000 people in mid-2001 (before bankruptcy). Fraudulent accounting techniques allowed it to be listed as the seventh largest company in the United States, and it was expected to dominate the... Enron In 2002, a wave of accounting scandals broke in the fraud, and a series of investigations have been launched by the U.S. Securities and Exchange Commission. In several cases, the sums involved are in the billions of dollars. Reported accounting scandals in 2000 Xerox (2000) 2001 Enron (2001) Jeffrey... accounting fraud, involving Arthur Andersen LLP, based in Chicago, Illinois, was one of the Big Five accounting firms and performed auditing, tax services, and consulting until 2000. In 2002 the firm lost auditing license in the U.S. as a result of involvement in the Enron collapse. Andersen has sold its assets outside... Arthur Andersen
• Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), headquartered in Irving, Texas, is an oil producer and distributor formed on November 30, 1999, by the merger of Exxon and Mobil. It is the parent of Exxon, Mobil, and Esso companies around the world. The current CEO of ExxonMobil is Lee Raymond... Exxon overreporting of Oil is a generic term for organic liquids that are not miscible with water. The name comes from Latin oleum ( olive oil). Oil is frequently used to refer to petroleum, the type of oil that is pumped up from the ground and currently serves as a major energy source and... oil reserves
• The United States Federal Government created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage... Fannie Mae underreporting of Profit is defined as the residual value gained from business operations. However, the exact method of calculation differs between accountants and economists. Profitability refers to the amount of profit received relative to the amount invested, often measured by a rate of profit or rate of return on investment. Economists and... profit
• Ford Pinto The Ford Pinto was a compact car manufactured by the Ford Motor Company. It was first introduced in 1971, and was built through the 1980 model year. Like many Ford cars, it had a twin in the Mercury Bobcat. Body styles included a 2-door sedan, a three... Ford Pinto scandal
• In May 2000, the National Highway Traffic Safety Administration (NHTSA) contacted Ford and Firestone about the high incidence of tire failure on Ford Explorers fitted with Firestone tires. Ford investigated and found that several models of 15 Firestone tires (ATX, ATX II, and Wilderness AT) had very high failure rates... Ford Firestone Fiasco The term recall has a number of meanings: Product recall A recall election Recall to employment after a layoff Recall from memory. See Recollection, Total Recall. In information retrieval, a statistical measure, contrasted with precision. Recall is the fraction of (all) relevant material that is returned by the search. This... recall of tires.
• For information on the early 20th century explorer of the same name, see Richard Halliburton Halliburton Energy Services (NYSE: HAL) is a multinational corporation based in Houston, Texas, in the United States and the worlds second-largest oilfield services company behind Schlumberger Limited. Founded in 1919, the companys... Halliburton overcharging?
• In 1990, the US energy company Harken Energy entered into a business partnership with Harvard University which ultimately became the vehicle by which Harken Energy could transfer $20 million in debt to Harvard. Though made public, investors did not directly equate the transferred debt as a decrease in equity, allowing... Harken Energy Scandal
• Lernout & Hauspie Speech Products, or L&H, was a Belgium-based speech and language technology leader company, which was founded by Jo Lernout and Pol Hauspie, and which went bankrupt in 2001. The company was based in Ypres, Flanders, in what was then called the Flanders Language Valley... Lernout & Hauspie accounting fraud
• Parmalat SpA, an Italian dairy and food company and Europes biggest dairy company, was declared bankrupt in late 2003. Its worldwide operations include almost 140 production centers. Over 36,000 workers around the world collect Parmalat pay packets, and 5,000 Italian dairy farms are dependent on the company... Parmalat accounting scandal & mutual fund fraud

Mutual funds

The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. The manager makes the trades, realizing a gain or loss, and collects the dividend or interest income. The investment proceeds are then passed along to the individual investors... Mutual funds scandals

• Epicurum fund/Parmalat
• The mutual fund scandal of 2003 was the result of the discovery of both illegal and unethical trading practices on the part of certain hedge fund and mutual fund companies. Spitzer investigation On September 3, 2003, New York Attorney General Eliot Spitzer announced the issuance of a complaint against New... Mutual fund scandal (2003)

Insurance

• Insurance industry scandal (2004)
  • American International Group, Inc. (AIG) (NYSE: AIG) is an insurance corporation, ranked number 4 on the Forbes 500 list for 2003, and 10 on the Fortune 500 list in 2004. The company made a component of the Dow Jones Industrial Average on April 8, 2004. The company was started by... AIG
  • Marsh & McLennan Companies (MMC) (NYSE: MMC) is a US-based global professional services and insurance broker firm. In 2003, it had over 60,000 employees and annual revenues over $11 billion. Segments MMC is the parent company of Putnam Investments, a money management firm with a well-known mutual... Marsh & Mclennan

See also

• In 2002, a wave of accounting scandals broke in the fraud, and a series of investigations have been launched by the U.S. Securities and Exchange Commission. In several cases, the sums involved are in the billions of dollars. Reported accounting scandals in 2000 Xerox (2000) 2001 Enron (2001) Jeffrey... Accounting scandals
• Securities and Exchange Commission Chairman Harvey L. Pitt, New York Attorney General Eliot Spitzer, North American Securities Administrators Association President Christine Bruenn, NASD Chairman and CEO Robert Glauber, New York Stock Exchange Chairman Dick Grasso, and state securities regulators announced an historic settlement with the nations top investment firms... Global settlement