Corporate scandals: Enron, MCI Inc., Mark Whitacre, Long-Term Capital Management, Alcatel-Lucent USA, Harken Energy scandal, Bank of Credit and Commerce International, Barings Bank, DeLorean Motor Company, Madoff investment scandal, Enron scandal, ExxonMo

Source: Wikipedia. Pages: 144. Chapters: Enron, MCI Inc., Mark Whitacre, Long-Term Capital Management, Alcatel-Lucent USA, Harken Energy scandal, Bank of Credit and Commerce International, Barings Bank, DeLorean Motor Company, Madoff investment scandal, Enron scandal, ExxonMobil, Armley asbestos disaster, Conrad Black, Al-Yamamah arms deal, Sony BMG copy protection rootkit scandal, Opes Prime, Waste Management, Inc, RegisterFly, 2003 mutual fund scandal, Crazy Eddie, Lerner Newspapers, Parmalat bankruptcy timeline, Product recall, Stanford Financial Group, Accounting scandals, Terra Securities scandal, Lloyds TSB, One.Tel, ImClone stock trading case, Options backdating, Milberg, Patent encumbrance of large automotive NiMH batteries, Polly Peck, Cookie Jar Group, Tunku Abdul Majid, Hewlett-Packard spying scandal, Metabolife, Royaldutchshellplc.com, Guinness share-trading fraud, Bre-X, CUC International, Adelphia Communications Corporation, Baptist Foundation of Arizona, Stanford International Bank, David Dingwall, Media Vision, Albert J. Dunlap, Lysine price-fixing conspiracy, AOL search data scandal, List of corporate scandals, Eurest Support Services, Xybernaut, Great Phenol Plot, PurchasePro, Micheline Charest, Pro Arts Inc., Ross H. Stanfield, Service Corporation of America, Lynn Brewer, China Stock Frauds, Petters Group Worldwide, S-Chips Scandals, Harris myCFO, Overseas Trust Bank, Mongstad scandal, Salad Oil Scandal, P Chips Frauds, Peter R. Harris, Carrian Group, Michael Bailey, McKesson & Robbins scandal, Alexander Yakovlev, Crawford Texas Peace House, Central Energy Italian Gas Holding, Yield Burning, China Aviation Oil, The Rich Boys, Hafskip. Excerpt: The Madoff investment scandal broke in December 2008, when former NASDAQ chairman Bernard Madoff admitted that the wealth management arm of his business was an elaborate Ponzi scheme. He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. Alerted by his sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted to operating what has been called by The Market Oracle the largest investor fraud ever committed by an individual. On June 29, 2009, he was sentenced to 150 years in prison with restitution of $170 billion. According to the original federal charges, Madoff said that his firm had "liabilities of approximately US$50 billion". Prosecutors estimated the size of the fraud to be $64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008. Ignoring opportunity costs and taxes paid on fictitious profits, half of Madoff's direct investors lost no money. Investigators have determined others were involved in the scheme. The U.S. Securities and Exchange Commission (SEC) has also come under fire for not investigating Madoff more thoroughly; questions about his firm had been raised as early as 1999. Madoff's business, in the process of liquidation, was one of the top market makers on Wall Street and in 2008, the sixth-largest. Madoff's personal and business asset freeze has created a chain reaction throughout the world's business and philanthropic community, forcing many organizations to at least temporarily close, including the Robert I. Lappin Charitable Foundation, the Picower Foundation, and the JEHT Foundation. Madoff started his firm in 1960 as a penny stock trader with $5,000 (about $35,000 ...