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The Terrorists Deliberate Attack Weaken the Economy - Case Study Example

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The paper 'The Terrorist’s Deliberate Attack Weaken the Economy' presents the year 2001 onwards which proved to be one of the most difficult and trying years in the history of the USA. Prior to the September 11 World Trade Center bombing, the American economy has slowly been moving downhill…
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Download file to see previous pages  In 2001, the company has 21,000 employees, believed to be in its peak operations. But there was no power shortage in California, hungry to profit more; in a tapped conversation, investors were discovered to have called the plant managers, asking them to shut down the power plants for ‘repairs’ even if there were no technical problems or such. With this ‘technical problems’ prices of electricity rose up to nine times. Enron was a blue-chip stock, sold at 90 dollars per share; conniving with its accounting firm, Arthur Andersen, it has carried out illegal accounting practices since the mid-1990s. It took the plunge when it was found out that its revenues were from trading with special purpose entities. It has at the same time anomalously not declared its losses and debts and from the 90 dollars per share, it has slipped down a 50 centavo per share in a matter of months after the scandal was made public. What made it more devastating was that the same modus was used by other companies such as the MCI-World com, Global Crossings, and Tyco among others.
The accounting firm that figured in the Enron scandal has handled some of the financial reports of these erring companies.
From this economic mess, people feared to invest their money in the market. The government was expected to do something drastic. To take measures to combat the public’s fear to do business with the market. Thus Congressman Paul Sarbanes from Maryland, former senator and the longest-serving Congressman of Maryland with Michael Oxley from the 4th district of Ohio sat down and authored a bill to respond to the problem. They designed a bill that will implement stricter policies for public companies to follow, professional and ethical guidelines for certified public accountants, accounting firms and owners to follow.
After thorough deliberation and long legislative procedures, President George W. Bush signed the act on July 30, 2002. Aptly titled “ the Public Company Accounting Reform and Investor Protection Act of 2002” or the “Sarbanes-Oxley Act of 2002”. ...Download file to see next pagesRead More
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