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Health South - Essay Example

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During 1996, its market value had grown to more than $12 billion. In spite of company’s rapid growth, the situation was not as promising as it was manifested to outsiders (Daigle 888). He led the…
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Health South
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Download file to see previous pages Other five HealthSouth’s chief fiasco officers have been charged with fixing of business books. The first people were Weston Smith and William Owens, with falsely certifying the exactness of company accounts with the Exchange commission and securities. Therefore, among the provisions of the Sarbanes-Oxley corporate accountability law were ordained the previous year.
David Dennis is also among the highly publicized case in Healthcare Corp. along with chief operating officer Thomas Mackey. They were charged with reimbursement after government analysis of the company. Universal Health services dismissed financial chief Kirk Gormn after expressing philosophical difference with the company’s audit firm.
In United States, contemporary corporate fraud altered decimated private plans, market values and devalued public pension funds. In 2002, Dynegy, Tyco and WorldCom are among those companies that joined fraudulent accounting ranks. WorldCom’s Scott Sullivian and Enron Corporation Andrew Fastow are facing massive fraud charges linked to vast corporate collapse.
The first tragic truism is the inconsistent of some managers in what they do and say (Crew 3). The FCC chair, Michael Powell, told the C-Span that the Clear Channel is likely to be too much concentrated. They may have issues connected to the company after the congress portrayed 1996 deregulation law. The FCC, therefore, were expected to undergo a scrutiny, but Powell did not do anything about it and neither did FCC. On the contrary, they talked without carrying out any action (Grow 6).
Fundamentally, Health South CEO only cares about his interests and what his fraud would generate for the stakeholders and the company. He promised the stockholders that the company is doing its best to increase the price of shares that was not the case. As a result, Richard engaged into fraud to meet his promises leading to the financial scandal in the company.
Halliburton had fleeced the Army $61 million for ...Download file to see next pagesRead More
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