Tuesday, October 4, 2011

List of corporate scandals

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

§  2008 Siemens Scandal, involving cases of bribery on behalf of Siemens towards the Greek Government
§  American Airlines, deferred maintenance of aircraft
§  Adelphia officers trial and prison sentence[2][3][4]
§  BAE Systems bribery scandal related to the Al Yamamah contracts with Saudi Arabia.
§  Barings Bank, derivatives trading scandal
§  Bayer, links to Josef Mengele's Auschwitz human experiments, HIV-tainted blood products, anti-Semitism, racism
§  Bre-X gold mining and stock scandal
§  Bristol-Myers Squibb accounting scandal[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
§  Compass Group, bribed the United Nations in order to win business.
§  Corrib gas controversy Kilcommon, Erris, Co. Mayo, Ireland.
§  Deutsche Bank, spying scandal
§  Exxon overreporting of oil reserves
§  Fannie Mae underreporting of profit
§  FlowTex, the largest corporate scandal in German history
§  Ford Pinto scandal
§  Hafskip's collapse
§  Halliburton[3][4] overcharging government contracts
§  HealthSouth reporting exaggerated earnings
§  IG Farben, participation in the Holocaust
§  Kerr-McGee, the Karen Silkwood case
§  Kinney National Company financial scandal
§  Krupp, participation in arming Nazi Germany and in the Holocaust
§  Lernout & Hauspie accounting fraud
§  Lockheed bribery scandal in Germany, Japan, and Netherlands
§  Merck Medicaid fraud investigation[4]
§  MG Rover Group accounts and pensions scandal
§  Morrison-Knudsen scandal. Led to William Agee's ouster
§  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.
§  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.
§  Rite Aid[3] accounting fraud
§  Royal Dutch Shell overstated its oil reserves twice, it downgraded 3,900,000,000 barrels (620,000,000 m3), 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, executive theft and prison sentence[3][4]
§  ValuJet Airlines, loading live oxygen generators into cargo hold of passenger jet causing fatal crash
§  WorldCom / MCI accounting scandals[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 "looting" scandals
§  Northern Rock bank - subprime mortgage crisis and nationalisation, United Kingdom
§  Satyam Computers, India
§  S-Chips Scandals, Singapore
§  Sony including rootkits on audio cds; then providing a security hole as solution.

Mutual funds

Insurance

§  AIG[3]

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