Global Crossing

Paper Summary:

The Global Crossing case is only one of many recent instances of corporations conning investors by pretending to be more financially strong than they are and then cheating those same investors by going bankrupt and leaving the investors out in the cold. This paper discusses how Global Crossing was linked to Enron and provides an analysis of the events leading up to the fold.

From the Paper:

"Within the last few years, a number of ethical lapses have been revealed as various large companies have failed, showing that they have been using creative accounting methods to bolster a weak balance sheet. Global Crossing is one such company, raising questions about accounting practices and the lengths to which some company managers will go to create the illusion of success in the hope of attracting investment and fostering actual success to succeed the illusion. One result is a large number of burned investors, leading to increased demand for new standards and for law enforcement action to prevent the problem from recurring."

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