Saturday, 9 March 2013

10 Worst Corporate Accounting Scandals

The 10 worst corporate accounting scandals, from this website.

Some fun facts:
  • Fortune Magazine named Enron "America's Most Innovative Company" 6 years in a row prior to the scandal.
  • At the height of the scandal Kozlowski threw a $2 million birthday party for his wife on a Mediterranean island, complete with a Jimmy Buffet performance.
  • After posting the largest quarterly corporate loss in history in 2008 ($61.7 billion) and getting bailed out with taxpayer dollars, AIG execs rewarded themselves with over $165 million in bonuses.
  • In 2007 Lehman Brothers was ranked the #1 "Most Admired Securities Firm" by Fortune Magazine.

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