Corporate scandal

Corporate scandal

A corporate scandal is a scandal involving allegations of unethical behavior by people acting within or on behalf of a corporation. A corporate scandal sometimes involves accounting fraud of some sort. A wave of such scandals swept United States companies in 2002 (accounting scandals of 2002).

List of corporate scandals

*2006 HP Spying Scandal
*Adelphia scandal
*BAE Systems bribery scandal related to the Al Yamamah contracts with Saudi Arabia.
*Bre-X scandal
*Clearstream, which has been qualified as "the greatest financial scandal in Luxembourg" (Clearstream is a clearing house, i.e. sort of a "bank of banks", used to centralize credit & debit between banks and other financial organizations). As of 2006, it hasn't been resolved yet.
*Chiquita Brands International Financing terrorist organizations
*Compass Group, bribed the United Nations in order to win business.
*Enron accounting fraud, involving Arthur Andersen
*Exxon overreporting of oil reserves
*Fannie Mae underreporting of profit
*Firestone Tire and Rubber Company for use of child labor
*Ford Pinto scandal
*Guinness affair
*Hafskip's collapse
*Halliburton overcharging government contracts
*Harken Energy Scandal
*Lernout & Hauspie accounting fraud
*Lockheed bribery scandal in Germany, Japan, and Netherlands
*MG Rover Group accounts and pensions scandal
*Morrison-Knudsen scandal Led to William Agee's ouster
*Nortel executives overstate post-dot-com recovery earnings in order to earn bonuses
*One.Tel collapse
*Options backdating involving over 100 companies
*Parmalat accounting scandal & mutual fund fraud
*Phar-Mor company lied to shareholders. CEO eventually sentenced to prison for fraud and company eventually became bankrupt.
*RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in California
*Refco, Inc. commodities & futures scandal involving hidden debts involving underwritting firms Credit Suisse First Boston, Goldman Sachs, Bank of America Corp.
*Rite Aid accounting fraud
*Royal Dutch Shell overstated its oil reserves twice, it downgraded 3.9 billion barrels, or about 20 percent of its total holdings.
*Salad oil scandal, where millions in loans were obtained on largely nonexistent inventories of salad oil
*Tyco International
*Worldcom
*Xerox alleged accounting irregularities involving auditor KPMG, causing restatement of financial results for the years 1997 through 2000 and fines for both companies.
*David Wittig scandal
*Northern Rock, United Kingdom

Mutual funds

*Epicurum fund/Parmalat
*Mutual-fund scandal (2003)

Insurance

*AIG
*Marsh & Mclennan

See also

*Accounting scandals
*Agency cost
*Center for Audit Quality (CAQ)
*Corporate crime
*Global settlement
*Subprime mortgage crisis

Related media

*"The Corporation", a documentary and book examining and criticising the corporation and its history.
*"Conspiracy of Fools", Enron documentary.
*"", Oscar-nominated Enron documentary.


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