A look at recent accounting scandals and their consequences to employees, investors, shareholder and ordinary consumers.
Written in 2005; 907 words; 5 sources; APA; $ 32.95
Paper Summary:
This paper briefly describes the Citibank and Enron accounting scandals, the cost of and damages caused by the scandals and the current status of the companies involved.
From the Paper:
"$2.65 billion. That is the amount the investment Citigroup agreed, less than a year ago, to pay to investors who had bought stock and bonds in the telecommunications giant WorldCom before its bankruptcy filing two years ago. If the adage that 'crime does not pay' is not always true, it is certainly valid when estimating the tremendous cost the WorldCom and Enron investing and accounting scandals have cost employees, investors, shareholder, and ordinary consumers. (Morgenstern, 2004)"
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