The New Age After Sarbanes Oxley Act
1. 2003 enron worldcom 倒闭对经济界的影响
Before 2002, there was ―Big Five‖ and a company claimed revenues of hundreds of million dollars every year. In Year 2001, Enron’s bankruptcy on December 2 revealed a huge scandal behind the scen of Enron making tons of money, even though it was actually losing money. Enron, the Giant finallly went down and the legend which it created no longer exists. Enron Corporation mainly sold energy, commodities, and services, located in Houston, T exas. Enron made reported revenues of nearly $101 billion in 20001, also it was named as "America's Most Innovative Company" for six consecutive years by Foturn Magazine.
Misleading financial accounts were the biggest cause of this scandal. Enron adopted a way of keeping its book by adding the future benefits into its current book. One example of fraudulent records was in 1999 when Enron promised to payback Merrill Lynch & Co investment with interest in order to show profit on its books. Debts and losses were put into entities formed "offshore" that were not included in the firm's financial statements, and other sophisticated and arcane financial transactions between Enron and related companies were used to take unprofitable entities off the company's 1^Mergent Online | Enron Company Financials | Annual Income Statement,
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