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What were social or economic consequences of the fraud of Enron and what steps were taken after the fraud?
Wiki User
∙ 12y ago
well the social concequnces is that people lost a lot of trust in cooperate America and I think this brought about a stronger feeling that the CEOs are only interested in their paychecks and would gladly sacrifice the company for a quick buck. Thus the main concequence was the lost trust.
Economically, lots of people lost a lot of their money or savings, putting them in an insecure economic situation as well as putting a question mark on their future (many people had their life long savings invested in Enron and lost it all), Other than that, it also detered people from investing in big companies for awhile(needs conformation) due to the lost of trust. The stock markets also got nervous for awhile. Companies such as Arther Anderson amongst others who had business dealings with enron also got effected, thus people who never even worked for Enron became victims of the fallout.
I'm not sure of the specific steps that were taken, but accounting practices came under more scrutiny and regulations got tighter. People also became more aware and more cautious about investing.
Wiki User
∙ 12y ago
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What did Enron do wrong?
Enron was said to have committed fraud in an accounting scandal. Refer to the link below, for more information.
What are the manifestations of corruption?
Manifestations of corruption can include bribery, embezzlement, nepotism, kickbacks, cronyism, and fraud. These practices undermine transparency, accountability, and fairness, and can have serious economic, social, and political consequences.
Enron executives Kenneth Lay and Jeffrey Skilling's conspiracy to commit securities and wire fraud is an example of?
White-collar crime
What fine did J.P. Morgan Chase have to pay for its involvement with Enron?
ultimately paid the Securities and Exchange Commission a fine of $135 million for contributing to the Enron fraud. As of 2004 the bank faced civil suits for causing unclear damages in financing the company.
How do you deduct fraud on taxes?
It would be deductible as a casualty loss. However, you really need to qualify it as fraud...not just believe it is or it's obvious. For example, many people, both employees and investors in Enron stock, tried to take it as a casualty loss (instead of a capital one), for the tax benefit, but that position was rejected each time by the IRS. And Enron is a fairly clear instance of fraud to many....but the case was never proven or prosecuted legally as that.
What Houston-based company collapsed in December 2001 after its robust financial health turned out to be nothing more than massive accounting fraud?
Enron
Is William r fuhs of New York private bank same person convicted of fraud in enron?
No. Father and son. Son was acquitted on all counts.
Is loss through fraud tax deductible?
It would be deductible as a casualty loss. However, you really need to qualify it as fraud...not just believe it is or it's obvious. For example, many people, both employees and investors in Enron stock, tried to take many different losses as a casualty loss (instead of a capital one), for the tax benefit. But that position was rejected each time by the IRS. And Enron to some is a fairly clear instance of fraud....but even with the proof of accounting deceptions, as the case was never proven or prosecuted legally as fraud....it wasn't allowed as that.
What has the author Simi Kedia written?
Simi Kedia has written: 'The economics of fraudulent accounting' -- subject- s -: Accounting fraud, Economic aspects, Economic aspects of Accounting fraud
What would the legal consequences be of performing a marriage blanc?
Mariage blanc is a term that refers to a marriage without consummation. It is done for a variety of reasons such as visa advantages, to disguise homosexuality, economic or social reasons. It could be perfectly legal or illegal depending on the circumstances.If it is done with the intent to access entitlements the parties would not otherwise be eligible for, or defraud anyone there may be criminal charges depending on the nature of the fraud. If you contemplate that kind of arrangement you should consult with an attorney who can review your reasons and the legal consequences, if any.Mariage blanc is a term that refers to a marriage without consummation. It is done for a variety of reasons such as visa advantages, to disguise homosexuality, economic or social reasons. It could be perfectly legal or illegal depending on the circumstances.If it is done with the intent to access entitlements the parties would not otherwise be eligible for, or defraud anyone there may be criminal charges depending on the nature of the fraud. If you contemplate that kind of arrangement you should consult with an attorney who can review your reasons and the legal consequences, if any.Mariage blanc is a term that refers to a marriage without consummation. It is done for a variety of reasons such as visa advantages, to disguise homosexuality, economic or social reasons. It could be perfectly legal or illegal depending on the circumstances.If it is done with the intent to access entitlements the parties would not otherwise be eligible for, or defraud anyone there may be criminal charges depending on the nature of the fraud. If you contemplate that kind of arrangement you should consult with an attorney who can review your reasons and the legal consequences, if any.Mariage blanc is a term that refers to a marriage without consummation. It is done for a variety of reasons such as visa advantages, to disguise homosexuality, economic or social reasons. It could be perfectly legal or illegal depending on the circumstances.If it is done with the intent to access entitlements the parties would not otherwise be eligible for, or defraud anyone there may be criminal charges depending on the nature of the fraud. If you contemplate that kind of arrangement you should consult with an attorney who can review your reasons and the legal consequences, if any.
Which Houston-based energy company filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America?
The Enron Corporation which Fortune Magazine had called "Ameriica's most inovative Company" for six consecutive years before the fraud was diiscovered.
What are the possible consequences of welfare fraud?
The possible consequences of welfare fraud include from 6 months to 2 years of time in jail, and up to a $10000 fine. You are innocent until proven guilty, so unless the court decides you are guilty, you may not have to worry about it at all
