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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 United States companies in 2002 (see list at accounting scandals).
[edit] List of corporate scandals
- 2006 HP Spying Scandal
- Adelphia scandal
- BAE Systems bribery scandal related to the Al Yamamah contracts with Saudi Arabia.
- Bank of Credit and Commerce International scandal
- Bre-X scandal
- 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.
- Enron accounting fraud, involving Arthur Andersen
- Exxon overreporting of oil reserves
- Fannie Mae underreporting of profit
- Firestone Tire and Rubber Company for use of child labor
- Ford Pinto scandal
- Guinness affair
- Hafskip's collapse
- Halliburton overcharging government contracts
- Harken Energy Scandal
- Lernout & Hauspie accounting fraud
- Lockheed bribery scandal in Germany, Japan, and Netherlands
- 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
- One.Tel collapse
- Options backdating involving over 100 companies
- Parmalat accounting scandal & mutual fund fraud
- Peregrine Systems corporate executives convicted of accounting fraud
- Phar-Mor 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 accounting fraud
- Royal Dutch Shell overstated its oil reserves twice, it downgraded 3.9 billion barrels, or about 20 percent of its total holdings.
- Salad oil scandal, where millions in loans were obtained on largely nonexistent inventories of salad oil
- Tyco International
- WorldCom
- Xerox alleged accounting irregularities involving auditor KPMG, causing restatement of financial results for the years 1997 through 2000 and fines for both companies.
- David Wittig scandal
- Northern Rock, United Kingdom
- Satyam Computers, India
[edit] Mutual funds
[edit] Insurance
[edit] See also
[edit] Related media
