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A 2002 law adopted after the accounting scandals at Enron and other companies allows publicly traded corporations to take back ill-gotten compensation. On Capitol Hill late Tuesday, House Democrats were considering proposing new legislation to authorize Attorney General Eric Holder to recover bonus payments like the ones paid by AIG.. (AZCentral -- Business)
Shell to focus on biofuels and raises dividend Mar 18, 2009
This means that 2008 was the first year the company has not pumped more oil than it has added to reserves since 2004, when an accounting scandal led it to lower its proven reserves by more than a quarter. . (International Herald Tribune -- Business)
Greenberg Rips AIG Exec, Government Mar 17, 2009
Greenberg ran AIG from 1968 until he was pressured out after an accounting scandal in 2005. If he was still in charge, we probably would have had some losses, Greenberg says. (Newsmax)
Nortel may sell top 2 divisions Mar 13, 2009
Nortel entered bankruptcy protection in January, the company hurt by the economic downturn and a serious of accounting scandals and product missteps earlier this decade. The company says it s working on a detailed turnaround plan to emerge from bankruptcy; it that it would cut 3,200 jobs around the world on top of 1,800 jobs it had yet to cut from previous restructurings. (Raleigh Triangle Business Journal, NC)
Recessions expose financial scandals Mar 13, 2009
At the end of the recession, there was a major charity accounting scandal. And, Congress tightened banking regulation after the saving and loan scandal. (Christian Science Monitor -- USA)
Lawmaker Goes After Ex-Fannie CEO Over Loan Deal Mar 5, 2009
Raines, a prominent Washington figure who was President Clinton's budget director, resigned from Fannie Mae in 2004 after an accounting scandal. Fannie Mae and sibling company Freddie Mac were seized by federal regulators last fall. (ABC News -- Wire)
Nortel posts lower sales, bigger loss Mar 3, 2009
In January, Nortel filed for creditor protection in Canada and the U.S. The company was hit hard by the economic downturn, as well as its own technological missteps and a serious of accounting scandals after the bursting of the technology bubble. The company, which is based in Toronto, still has about 2,000 workers in the Triangle and 30,000 overall. (Raleigh Triangle Business Journal, NC)
U.S. government increasing stake in Citigroup to 36% Mar 1, 2009
8 billion shares traded yesterday set a New York Stock Exchange record, topping a mark set by WorldCom Inc. in 2002 during its accounting scandal. The government now would have a large, long-term stake in a major bank for the first time since the U.S. took control of failed Continental Illinois bank in 1984, Elliott said. (Honolulu Advertiser)
EZchip Set To Expand Into Field's Low End • Fallout From Satyam Case Could Linger Feb 18, 2009
Officials, executives and investors don't have an answer yet, but the Indian government is taking a hard line on the Satyam accounting scandal ... Eight years ago, the Enron accounting scandal and several similar scandals sparked passage of the tough accounting regulation known as the Sarbanes-Oxley Act. (Investors Business Daily)
Nortel's bankruptcy leaves former workers without safety net Feb 11, 2009
The company was done in by a corporate accounting scandal, mounting debt and mismanagement, problems that were exacerbated by declining sales and the global recession. Nortel warned in its bankruptcy filing that without protection from creditors, it could run out of cash in the second quarter. (Fresno Bee -- Business)
Charter mum on reports of bankruptcy preparations Feb 10, 2009
On Friday, the Bloomberg news service reported that Greg Doody an attorney who had helped lead natural gas-fueled power producer Calpine Inc. out of bankruptcy and who helped HealthSouth Corp. stave off bankruptcy after a 2003 accounting scandal had been hired by Charter. Citing people familiar with knowledge of the matter, Bloomberg noted that Charter hired law firm Kirkland & Ellis and investment bank Lazard Ltd. last month to advise on reorganization options. (Gaylord Herald Times, MI)
Ireland's Elan trims losses as MS drug sales surge Feb 10, 2009
Elan stopped short of forecasting its first return to operating profit since 2002 the year that Elan came close to bankruptcy amid an accounting scandal and the failure of an experimental treatment for Alzheimer's disease. An exceptional $236. (International Herald Tribune -- Technology)
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