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, many an(prenominal) think of is The Enron Scandal. This same scandal produced the Public community explanation Reform and Investor Protection operation of 2002. This much needed work on created the Public Company Accounting Oversight table on a lower floor the Security Exchange Commissions supervision. This come on sets accountancy standards and investigates knowledge Public Accountants and companies to ensure they are following the guidelines set forth. This display panel has also been given the authorization to fine, suspend and recommend nefarious investigations in the event CPAs and their firms violate the standards. (Lindstrom) To understand the stringency of this affect is to recognize what brought it about(predicate). Many, like myself, barely followed along on the biyearly CNN reports about a one thousand million-dollar troupe who filed unsound fiscal statements for t ailfin 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 take market, which has dropped $200 billion since the December 2001 when the company filed Chapter 11. (Saporito) This crash was historied as the most stunning bankruptcy in history. Enron was in the first place a torpedo pipeline company.

When the government deregulated the innate(p) be adrift and electricity attention in the late 1980s and early 1990s, Enron took advantage. It reign the gas, electricity, and wa ter traffic and also commodities such as ba! ndwidth. 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 subscribe whom they wanted on the boards they had to do business with. (Gutman) By using illegal accounting tactics, the company escalated itself into a billion-dollar corporation. This... If you want to outwit a fully essay, order it on our website: OrderEssay.net

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