A corporate scandal is a scandal involving allegations of unethical behavior by people acting within or on behalf of a corporation. A corporate scandal sometimes involves accounting fraud of some sort. A wave of such scandals swept many United States companies in 2002 (see list at accounting scandals).
List of corporate scandals
- 2006 HP Spying Scandal[1]
- American Airlines, deferred maintenance of aircraft
- Adelphia scandal[2][3][4]
- AOL Time Warner[4]
- Arthur Andersen[4]
- BAE Systems bribery scandal related to the Al Yamamah contracts with Saudi Arabia.
- Bank of Credit and Commerce International scandal
- Barings Bank, derivatives trading scandal
- Bayer, links to Josef Mengele's Auschwitz human experiments, HIV-tainted blood products, anti-Semitism, racism
- Bre-X scandal
- Bristol-Myers Squibb[4]
- Clearstream, which has been qualified as "the greatest financial scandal in Luxembourg" (Clearstream is a clearing house, i.e. sort of a "bank of banks", used to centralize credit & debit between banks and other financial organizations). As of 2006, it hasn't been resolved yet.
- Chiquita Brands International Financing terrorist organizations
- CMS Energy[4]
- Compass Group, bribed the United Nations in order to win business.
- Deutsche Bank, spying scandal
- Duke Energy[4]
- Dynegy[4]
- El Paso[4]
- Enron accounting fraud, involving Arthur Andersen[2][3][4]
- Exxon overreporting of oil reserves
- Fannie Mae underreporting of profit
- Firestone Tire and Rubber Company for use of child labor
- Ford Pinto scandal
- Global Crossing[4]
- Guinness affair
- Hafskip's collapse
- Halliburton[3][4] overcharging government contracts
- Harken Energy Scandal[3]
- Homestore.com[4]
- IG Farben, participation in the Holocaust
- Kerr-McGee, the Karen Silkwood case
- Kmart[4]
- Krupp, participation in arming Nazi Germany and in the Holocaust
- Lernout & Hauspie accounting fraud
- Lockheed bribery scandal in Germany, Japan, and Netherlands
- Merck[4]
- MG Rover Group accounts and pensions scandal
- Mirant[4]
- Morrison-Knudsen scandal. Led to William Agee's ouster
- Nicor Energy[4]
- Nortel executives overstate post-dot-com recovery earnings in order to earn bonuses[2]
- One.Tel collapse
- Options backdating involving over 100 companies
- Parmalat[3] accounting scandal & mutual fund fraud
- Peregrine Systems[3][4] corporate executives convicted of accounting fraud
- Phar-Mor[3] company lied to shareholders. CEO eventually sentenced to prison for fraud and company eventually became bankrupt.
- Qwest Communications[4]
- RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in California
- Refco, Inc. commodities & futures scandal involving hidden debts involving underwritting firms Credit Suisse First Boston, Goldman Sachs, Bank of America Corp.
- Reliant Energy[4]
- Rite Aid[3] accounting fraud
- Royal Dutch Shell overstated its oil reserves twice, it downgraded 3.9 billion barrels, or about 20 percent of its total holdings.
- Salad oil scandal, where millions in loans were obtained on largely nonexistent inventories of salad oil
- Société Générale, derivatives trading scandal causing multi-billion euro losses.
- Southwest Airlines, violations of safety regulations.
- Tyco International[3][4]
- Union Carbide, the Bhopal disaster.
- ValuJet Airlines, loading live oxygen generators into cargo hold of passenger jet causing fatal crash
- WorldCom[2][3][4]
- Xerox[3][4] alleged accounting irregularities involving auditor KPMG, causing restatement of financial results for the years 1997 through 2000 and fines for both companies.[2]
- David Wittig scandal
- Northern Rock, United Kingdom
- Satyam Computers, India
- S-Chips Scandals, Singapore
Mutual funds
Insurance
See also
Related media
References
- ^ Miriam Hechler Baer (2008), "Corporate Policing and Corporate Governance: What Can We Learn from Hewlett-Packard's Pretexting Scandal", University of Cincinatti Law Review 77 (523), http://heinonline.org/HOL/LandingPage?collection=journals&handle=hein.journals/ucinlr77&div=21&id=&page=
- ^ a b c d e Jerry W. Markham, A financial history of modern U.S. corporate scandals: from Enron to reform, http://books.google.com/books?id=Z7qTGiF8FCgC
- ^ a b c d e f g h i j k l Cohen, Jeffrey R., Ding, Yuan, Lesage, Cédric and Stolowy, Hervé (August 1, 2008), Managers' Behavior in Corporate Fraud, http://ssrn.com/abstract=1160076
- ^ a b c d e f g h i j k l m n o p q r s t u v Penelope Patsuris (26 August 2002), The Corporate Scandal Sheet, Forbes, http://www.forbes.com/2002/07/25/accountingtracker.html
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