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Essay / Research Paper Abstract
A 8 page paper that addresses different topics beginning with the fraudulent accounting tactics of Enron and WorldCom. The writer also comments on United Airline's bankruptcy and how United has used this to their advantage. The writer also comments on: would it be better for United Airlines to liquidate, whether bankruptcy laws favor companies or individuals and suggestions for accountants in terms of detecting fraudulent financial accounting practices. Bibliography lists 10 sources.
Page Count:
8 pages (~225 words per page)
File: MM12_PGenwlu.rtf
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Unformatted sample text from the term paper:
done (Hamilton and Leeds, 2002). Every person involved in the situation gave a different story to the Committee and to the press (Hamilton and Leeds, 2002). Holtzman, Venuti and Fonfeder
(2003) commented "Enron managers went to extraordinary lengths to circumvent accounting rules in order to artificially increase earnings through a series of schemes" (2003, p. 26). Executives, including the CFO
Andrew Fastow, who was ousted in early November 2001, had set up numerous partnerships, partnerships that borrowed billions of dollars and then invested those funds in Enron (Leonard, 2001). These
other businesses, in other words, borrowed money and turned around and bought assets for Enron or otherwise invested the funds in other ventures (Leonard, 2001). Enron executives who were involved
in the scam earned millions of dollars by brokering and administering the deals (Leonard, 2001). The schemes used by Enron executives had to do with setting up what is normally
called a special purpose entity (SPE), dubbed raptors, which is defined as a "trust, corporation, limited partnership, or other legal vehicle authorized to carry out specific activities as enumerated in
its establishing legal document (Holtzman, Venuti and Fonfeder, 2004). Key players in this debacle were identified as Kenneth L. Lay, who founded Enron in 1985, former CEO and chairman. Resigned
as CEO and Chairman on February 4, 2002; Jeffrey K. Skilling, former CEO and Director; Andrew S. Fastow, former chief financial officer; Richard A. Causey, former chief accounting officer, also
former Enron auditor for Arthur Andersen but then joined Enron and others (FOX News Network, Fast Facts, 2004). By October 2004, 33 executives and others had been indicted with
various charges relative to Enrons shenanigans (Taub, 2004). Of those, 16, , have been convicted (Taub, 2004). WorldCom Accounting Long distance telephone companies, including WorldCom, spent billions to upgrade
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