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Essay / Research Paper Abstract
This 4-page paper discusses the financial implosion of carpet cleaning company ZZZZ Best during the mid-1980s. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTzzzzbest.doc
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Unformatted sample text from the term paper:
Global Crossing, Adelphia . . . all of these companies made the news, leading, in part to passages of the Sarbanes Oxley Act of 2002 that would hopefully keep a
better rein on CFOs and comptrollers who liked to play fast and loose with Generally Accepted Accounting Principles. One of the most infamous cases of accounting fraud in the
1980s was that of ZZZZ Best, a small company that boomed to a multimillion dollar publically traded company, based on fraudulent financial statements exposed in 1987 by a Los Angeles
Times report (Clikeman, 2009). Launched by Los Angeles teen-ager Barry Minkow, ZZZZ Best developed as a small carpet-cleaning company in Minkows garage
(Burkeman, 2002). With his mothers telephone customer support, Minkows business expanded quickly, based on loaned money and financial statements that reflected a higher degree of both profit and expansion than
was possible (Clikeman, 2009). Within months, Minkows business took off, his success attracted the notice of local media, not to mention national names such as Oprah Winfrey and Newsweek
(Burkeman, 2002). By age 20, Minkow was a millionaire several times over and had expanded his business to include 21 offices in 3 states. By 1986, the 20
year old Minkow was the nations youngest CEO of a publically traded corporation (Clikeman, 2009). At the height of his career,
Minkows companys stock was worth more than $18 a share, and Minknow himself controlled 5.9 million shares (Clikeman, 2009). He had become such a figure of American self-determination that
he was publically recognized and wrote a book about his successes. Minkow won awards for entrepreneurship and represented all of what Americans believed they could achieve if they worked
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