10 Biggest Accounting Scandals in History

March 12th, 2011

1. Bernard L. Madoff Investment Scandal. Ol’ Bernie will spend several lifetimes in prison for perfecting what in the end amounted to a glorified pyramid scheme, although the amazing thing is how long he got away with it for. Intricately involved in this deception was the work of sham accountants, who rubber-stamped his books and even made “fake trade orders” to help convince clients that they were actually purchasing securities.
2. AIG. Everyone’s favorite company to hate after executives managed to take home million dollar paychecks even after the federal government’s bailout, AIG was in financial trouble long before that. Former CEO Hank Greenberg was forced out in 2005 over more than $2.5 billion in cooked books, and eventually paid more than $15 million in SEC fines.
3. Enron. The most well-known of modern scandals, energy giant Enron became the first of numerous large American companies to fall from grace due to its illicit accounting practices. The use of imaginary entities to keep huge debts off the company’s balance sheet resulted in criminal convictions for several of the company’s executives, including two of its former CEOs.
4. Savings and Loan crisis. Although less recent than some of the other scandals on this page, the S&L crisis (as it came to be known) would eventually cost the U.S. government (and ultimately, its taxpayers) $87 billion dollars.
5. Lehman Brothers. Formerly the 4th largest investment bank in the United States, Lehman Brothers officially declared bankruptcy on September 15, 2008. What happened to bring that about is still not quite clear, but what is clear is that an accounting trick known as “Repo 105″ was used to hide more than $50 billion in shaky loans from investors.
6. HealthSouth. Pressure to meet investor expectations led to overstatement of revenues for years, sometimes as much as 4700%. Just to put that in perspective, that means if the real revenue was $100, they reported it as $4,700.
7. WorldCom. It’s staggering what greed can do to an otherwise flourishing company. In the case of WorldCom, millions of dollars in unofficial “loans” to company CEO Bernard Ebbers and other top officers resulted in the downfall of a company that had employed more than 30,000 people at its peak.
8. Freddie Mac. Being government-sponsored is no guarantee of financial accountability; on the contrary, the Federal Home Loan Mortgage Corporation first paid fines for improper accounting practices in 2007 before finally being bailed out by Uncle Sam in 2008.
9. BCCI. In a case that shows accounting fraud is not, in fact, limited to the United States, the Bank of Credit and Commerce International was founded in Pakistan and was the 7th largest investment bank in the world until its closure in 1991. The reason? Take your pick: $13 billion in “missing” money, money laundering, funding of terrorism, smuggling…
10. Satyam Computer Services. Someone in India had to think it was awfully funny when IT giant Satyam increased revenue by 20% in just one quarter—but incredibly this billion dollar scandal didn’t come to light until just 2009.

David Turner writes on how to enroll in a Masters in Forensic Accounting online program.

Quit smoking

January 11th, 2011

I had tried to quit smoking but seem that it was not working as I decrease the number of my cigar. I even don’t carry coins or small bills to prevent buying the cigarettes but still I cannot control myself and smoke. There are so many reasons why I wanted to quit smoking, because I do not want to have some health problem in the future and I do not want my wife to worry about me when I got old and have illnesses. I got the Zyban which was the proven effective solution for those who wanted to quit smoking. After taking in the medicine for my purpose on stop smoking, I can also buy online the viagra and the Simvastatin.

Fit is healthy

January 3rd, 2011

They say that being fit is healthy. Where you can be sure to have the sexy and fit body if you are living on a healthy way. But before taking a diet and regime to be sure to consult an expert to be sure that there will be no complication that may occur as you take your time on being healthy. These days there are so many ways on how you can become fit. You can find on the internet products which can provide you the slim body that you wanted to have to. Also on the internet you can find information about the product so you can be sure that you are going to have the details about the product first before buying it. Also comparison with the other products can be done easily.

play casino games

December 27th, 2010

If before you cannot play casino because your favorite television is on the time your friends will be going on the casino. Now you can play at the same time turn on the television and watch the show that you are waiting. The longer you play for the online casino game is your decision. When you stop for the money that you have win is also your decision. Visit their site and have the game. Among the games and the play slots real money site that I use to visit the one that I find be the provider of the best feature and services was the one online casino for real money and the games that most casino players do love to play. The one which was the online Vegas casino more fun and more entertaining.

I gave my baby such things

December 22nd, 2010

As parents give babies new things to play with, keep in mind that there is no right way to play with baby toys and baby videos. For example, a puzzle is not always for “puzzling.” The pieces make great manipulative characters, can be sorted or put in boxes, and make interesting noises when banged together or against an empty pot. Children learn through play, so any Baby TV they enjoy playing with is, by definition, educational. Give your baby the right toys for developing the right skills at the right time. That’s one of the fastest and best ways to learn. One of the things I see where parents royally mess up, is to give their child too difficult toys to play with. And since their baby is still too small and hasn’t developed all the physical and other abilities, they get very little if any real learning value from these toys and baby university. So, although they may be playing, they are not nearly learning at the same rate as another child playing with a toy just right for his age. What this means is simply that Nature wants our baby to first learn something else, which is more important right now.

View prices of the products on your trolley

December 16th, 2010

If you are one of those who are availing the products of ocado on-line store you are familiar with one of their icons or bar in their sites like the icon on where you were able to view the prices of the products in your trolley, you are also aware of their service wherein you can compare prices of the products that you are choosing. Like for example you want to buy different kinds of slim fast products, maybe you can try to use their services wherein you can compare prices of their products. With these services you can choose which one you will buy. They also have another service like tesko offers wherein if you buy tesco products you can check the prices of the products for before you decided to pay for it with the help of tesco price check. That is why for me these ocado on-line services are the best because they have provided so many easy access help for their customers.

I got the game

November 20th, 2010

I got the site which offer the best payment system. I do not want to face problem on the payment system that the casino site which can give me play casino games that doesn’t have the best payment system. Now at home, at the business place and where ever I am as long as I bring my laptop and had an internet connection I can have my hobby anytime that I wanted to. I can enjoy not just on the vicinity of playing the games as well as the games that they can give me can be played easily. More chances of winning real money.

Good Habit

November 6th, 2010

Good things start on doing good habits in our life. If we do this we can have a beautiful life together with our family. Is it nice to see that all of the family members are in good health and in good conditions? That is why it is very nice to see families that don’t have any one who smoke. Because we know that smoking can cause bad effects in our health, but don’t worry because there are solutions for those people who are addicted in smoking, because they have invented a medicines to help those person to quit, this is with the help of Bupropion, a generic medicines that help us to stop in smoking. And also it is good to hear that they also invented medicines to lower the bad cholesterol in our body like Simvastatin and Lipitor, these two are also generic medicines but they can assure us that it is very effective.

Natural Treatments VS generic Viagra

November 4th, 2010

Erectile dysfunction, also referred to as male impotence, is a condition that has been affecting men all over the world for centuries. The first medical treatment was developed in the late 1990s and what is curious and interesting at the same time is that this condition started being described as a medical ailment only once its cure had been found. Generic Viagra was designed to help men overcome this feared condition and over time it has become the first choice among those who have been affected by erectile dysfunction. But until Viagra online and Sildenafil Citrate became available men had had to use natural remedies that would provide them with relief from their symptoms, at least to some extent. Here you can read more on why Viagra Online and Sildenafil Citrate are a much better option than the natural treatment alternatives and why these remedies will never be as efficient as Sildenafil Citrate.

The natural treatments that had been used in the treatment of erectile dysfunction are commonly known as aphrodisiacs. These alternatives have been developed with the purpose of providing some relief from the symptoms caused by erectile dysfunction and believe it or not they work similarly to Viagra Online. Most of these remedies are plants that have been known effective in improving the blood circulation for centuries and which are still being used by those who do not trust current medicine and treatments. Not a long time ago, natural sex enhancers in the form of diet supplements have started being manufactured and had been promising patients with significant relief from their conditions. These dietary supplements proved in many cases to be not as natural as they were claimed and definitely not as efficient as they were supposed to be. Here you can learn why these natural remedies are by far not as good as Kamagra when it comes to erectile dysfunction.

As mentioned above, natural treatments are usually based on herbs, plants or roots that are known to have some effect on male impotence. Different cultures have provided us with various remedies for this condition and yet none of them are as efficient as Sildenafil Citrate is. Basically, natural supplements can be useful in cases of very mild erectile dysfunction and then they can actually work. But the downside with these alternatives is that their effect is only temporary as they do not remove the actual underlying cause of the ailment. People who buy Viagra should know that this drug fixes the hidden issues that cause erectile dysfunction and it treats the roots of the condition.

To conclude, patients can now buy Generic Cialis and get the results that they were promised. Individuals who buy Viagra are always satisfied with their results and unlike those who are willing to treat natural alternatives they actually get the chance to an improved sex life.

Casino online

June 21st, 2010

Here is a site that you can get the about best casino games like the roulette game that you can easily search on the internet. With great and amazing facilities that this site can be able to offer you and that is really fantastic and wonderful, you can find the list of casino games and the slot games. This place is particularly popular for the slot machines, which is really the most excellent way of enjoying the opportunity play casino online games and know more about the play casino games online.

In the list of information about what are slot games ? People can easily get the all varieties of games as they want to play, which is literally fantastic. This is really the leading growing trend in the market and it quickly becomes the first choice of each casino lovers due to its ultimate reliability and great service, which is really appreciating.