This year, a record number of CEOs were ousted. Some were fired, some retired, and some even died. But a great number were also sent to prison, like the CEOs of Enron and WorldCom. What happens to company leaders when they run roughshod over their corporations?READ»
Those may be the five most dangerous words in business, wrote Warren Buffet in a September 27 memo to his top managers at Berkshire Hathaway.
According to an article today in The Financial Times, the billionaire investment guru is ...READ»
Ken Lay might want to rethink his "I was fooled" defense, because it's the same one used--unsuccessfully--by former WorldCom exec Bernie Ebbers, who was found guilty on nine counts of fraud today and now faces up to 85 years in ...READ»
By MICHAEL LEWIS and DAVID EINHORN
AMERICANS enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our ...READ»
This Wednesday became Day One in ex-Enron CEO Jeffrey Skilling's 24-year sentence for securities fraud, insider trading, and making false claims to auditors.
According to prison officials, Skilling, 53, entered the Federal ...READ»
14 December 2008
Jose D. Roncal
www.financialspeculation.com
An epic fraud has just been uncovered – this time it doesn’t involve those new exotic and complex securitized debt/credit default swap packages. No, this one is a ...READ»
This week four of RIM's [RIMM] top executives settled options backdating cases with the SEC and the OSC, Canada's securities regulation agency. The Ontario-based cronies have agreed to pay almost $100 million CN in penalties, costs ...READ»
There is an interesting story running on CNN/Money this week. The numbers of self-employed people -- no surprise, given layoffs and such -- are on the rise. It is thought that this might be due to the variety of corporate scandals ...READ»
There's been some fascinating detail pouring out of a New York courthouse during the trial of Bernie Ebbers, the former CEO of WorldCom Inc. Ebbers, of course, is on trial for charges of conspiracy and securities fraud in the $11 ...READ»
Kurt Eichenwald's new book on the Enron scandals, Conspiracy of Fools, is being published today. It's richly-detailed and highly illuminating. Eichenwald portrays the debacle as an explosive combination of crime and incompetence. He ...READ»
Sun Microsystems CEO Scott McNealy has apparently apologized to the chairman of the Securities and Exchange Commission, according to The New York Post. Scott had earlier called the SEC's actions to clean up the debris from all those ...READ»
“The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.” “The End” by Michael Lewis is a smart analysis ...READ»
Meet Leah Kane, a retired secretary from southern California who took on SL financier Charles Keating and won ... sort of. Here's how a victim of the U.S. bond scandal rallied an army of retirement-home residents to battle fraud at the highest level and teach the world a thing or two about justice.READ»
37 firms are claiming that they had paid money to Mahindra Satyam in
advance when it was headed by its controversial Founder Ramalinga Raju.
So, these firms have sent legal notice to Satyam demanding Rs. 1230
crore back, according ...READ»
