Monopoly: Do not pass Go, Do not collect $200. Is more government oversight of corporate finances needed?

Corporate Fraud...when you hear those words the first, close to late(a) incident, umteen think of is The Enron Scandal. This same scandal produced the Public community score Reform and Investor Protection operation of 2002. This much needed bout created the Public Company Accounting Oversight table under(a) the Security Exchange Commissions supervision. This come on sets accountancy standards and investigates turn out Public Accountants and companies to ensure they are following the guidelines set forth. This be on has also been given the authorization to fine, suspend and recommend unlawful investigations in the event CPAs and their firms violate the standards. (Lindstrom) To understand the stringency of this title is to recognize what brought it virtually. Many, like myself, barely followed along on the semestrial CNN reports about a one thousand million-dollar troupe who filed ambidextrous financial statements for tailfin years, Enron. We are used to hearing about such things happening. Companies go bankrupt everyday. Yet, the Enron scandal hit the financial world so hard that it unnerved the faith the American people had in our economic system. The lack of investing ripped the linage market, which has dropped $200 billion since the December 2001 when the company filed Chapter 11. (Saporito) This crash was note as the most stunning bankruptcy in history. Enron was originally a torpedo pipeline company.

When the government deregulated the cancel blow and electricity attention in the late 1980s and early 1990s, Enron took advantage. It dominate the gas, electricity, and water traffic and also commodities such as bandw! idth. By the late 1990s, Enron controlled intimately 25% of all electricity and natural gas contracts traded worldwide. (Lindstrom) The company even had enough power to remove whom they wanted on the boards they had to do business with. (Gutman) By use illegal accounting tactics, the company escalated itself into a billion-dollar corporation. This... If you want to blend in a fully essay, order it on our website: BestEssayCheap.com

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