Suchergebnisse

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  Case 21: HealthSouth (2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …of Wall Street’s expectations, Scrushy would tell management to “fix it” by recording false earnings to make up the shortfall. (The conspirators also… …Accounting Fraud in U.S. Companies 143 HealthSouth worked to restore credibility under new management. Bob May, the new chairman, said that the… …company’s board “remained appalled by the multi- billion dollar fraud that took place under Mr. Scrushy’s management and the envi- ronment under which such… …HealthSouth executives charged with accounting fraud, Healthcare Financial Management, May 2003 Troubled HealthSouth Faces Medicare Fraud Investigation…

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  Case 22: Symbol Technologies (2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …2003, and involved nearly the entire management team, including the CEO, CFO and senior vice presidents for operations, sales and finance. “This is a…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 23: Computer Associates International (2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …began slowly (mainly because of the obstruction led by Computer Asso- ciates’ senior management), it steadily gained momentum in 2004. In January 2004… …participated in a scheme to inflate revenues and then lied to cover it up. He said senior management pressured him to lie, although he didn’t name names. In… …name to “CA Inc.”. Since 2004, when Kumar resigned as chief executive, the company had replaced almost its entire senior management team. A spokeswoman… …intend to vigorously defend my good name and fight any and all efforts to place the crimes of Kumar and his management team at my feet.” He also said it…

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  Case 24: AIG (2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …a foreign subsidiary of Gen Re (a Connecticut-based holding company for global risk management operations). The transactions were structured to make… …General Eliot Spitzer. “And yet, top management routinely and persistently resorted to deception and fraud in an apparent effort to improve the company’s… …or director of any public company for three years.) Since stepping down in 2005, Greenberg has been a regular critic of AIG’s new management. In…

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  Case 25: Bernard Madoff (2008)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, allowing him to land on impor- tant boards and commissions. And he was very good at the so-called “impression management”. He cast himself as a crusader… …any explanations or monthly performance attributions. Above all, Madoff was also very reluc- tant to disclose his actual assets under management. Once… …management firm invests in. As an example, if the firm you are auditing invests in AT&T, you are not responsible for auditing AT&T.” In June 2009… …its risk management processes. Be- Accounting Fraud in U.S. Companies 164 sides, the fraud continues to reverberate on Wall Street. A number of… …References: Clauss, Pierre / Roncalli, Thierry / Weisang, Guillaume: Risk Management Lessons from Madoff Fraud, www.papers.ssrn.com, April 2009…

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  Case 29: Infomatec (Germany, 2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …. Share- holders that had acquired Infomatec shares after the release of the incorrect publica- tion sued Infomatec as well as the company’s management team… …shareholders. The disclosures have a particular importance for both groups, since at the time of the notification only management has the details of this… …management team, not all of them were successful. However, in its famous “Infomatec decisions”, the German Federal Supreme Court (BGH) ruled in 2004… …for the first time that members of the management board of a public corporation can be held personally liable to shareholders for intentionally issuing… …investigation, and in October 2000 a search order was issued for the offices of Infomatec and the pri- vate homes of the management team. The managing banks…

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  Case 30: Lernout & Hauspie Speech Products (Belgium, 2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, commissioned by L&H’s new management and carried out by PricewaterhouseCoopers, found, e.g., that 70% of the USD 160 million in sales booked by the Korean unit… …recalled: “The bottom line was that the technology wasn’t ready and the market wasn’t ready, but management had to deliver every quarter.” However, during…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 31: Bankgesellschaft Berlin (Germany, 2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …estate funds, the debts of BGB assumed ever greater proportions. In late 2000, BGB management tried to conceal the looming bankruptcy by the fictitious… …all, top management at BGB didn’t have a complete picture of what was going on at Berlin Hyp, the mortgage-lending subsidiary. As a consequence… …, management was not able to uncover the full extent of the bank’s risk exposure or to push through the necessary changes. In November 2001, the BGB board… …BGB’s risk management was insufficient and that its risk provisions had to be revised upwards. But he had sounded the alarm in vain. BGB asked him to… …learned from the BGB debacle was that politicians and bank risk management don’t mix well. The new BGB chairman, Hans-Joerg Vetter, put forward a plan… …. Vetter also announced that the bank would cut 4,000 jobs, or a quarter of its pre-crisis headcount. By late 2002, BGB’s new management began to implement…

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  Case 32: Comroad (Germany, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …criminal judgment, German investors have not been very successful in their civil damages claims against Schnabel and the other members of the management…
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  Case 33: Vivendi Universal (France, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …was only after the board dislodged Messier that the new management disclosed the company’s dire financial straits. The new CEO, Jean-René Fourtou…