On the road to the abyss crisis in U.S. economy
In order to 6 am to 12 June 2002, four FBI agents barged into the SoHo loft of Samuel Waksal, former CEO of biotech company ImClone Systems Inc, and handcuffed him away: it was initiated with business . His father and his daughter were almost 175000 dumping ImClone hand just days before the Food and Drug Administration announced that Erbitux had refused, the company’s cancer drug, leading to a sharp decline in prices. (Waksal was charged $ 57 million in ImClone Share Deal last September, and had an additional $ 72 million in 2001 from his stock options.) July 25, John Rigas, former head of Adelphia Communications, was arrested with his two son in a crime fees. They were charged with the company, “as the Rigas family personal piggy bank” hundreds of millions of spending the community of dollars to private jets, personal loans, luxury housing in Colorado, Mexico and New York City - and the Construction of $ 12.8 million a golf course. On 12 September, Dennis Kozlowski, the former boss of Tyco International - and described by Business Week as “perhaps the most aggressive dealmaker Corporate America “- was seized in fraudulently obtaining more than $ 400 million by selling shares, while Tyco concealed by investors. Kozlowski had the resources to buy a villa in Florida, luxurious properties in Boca Raton, Nantucket and New Hampshire, a $ 7 million for housing his first wife, diamonds from Harry Winston and Tiffany’s, and a fleet of fast cars and Harley Davidson.Until August, the Wall Street Journal’s list of more than two dozen major groups based on such official investigation names such as AOL Time Warner, Bristol Meyers, Dynegy, Enron, Global Crossing, Kmart, Lucent Technologies, Merck, Qwest , Reliant Services, Rite Aid, Universal, Vivendi, WorldCom and Xerox. The two largest U.S. banks, Citigroup and JP Morgan Chase, are also examined, as Merrill Lynch. In the meantime, the “barons of bankruptcy” as the “Financial Times”, it describes - Corporate insiders by the 25 biggest companies go bankrupt during the last year - has raised $ 3.3 billion of shares - sales and compensation within three years his company has under.
During the first securities company scandals in early 2002, U.S. Treasury Secretary Paul O’Neill due to the immorality of a “limited number” of miscreants. Apparently, he had been misinformed. The rapacious practices of leaders and businesses - whether or not technically illegal - typically, and endemic, Corporate America. The recent scandals demonstrate, however, not only on corruption at every characteristic of USA Crony capitalism, but on a systemic problems in the real economy. It is clear that the epidemic of fraud makes clear the ill health of the company itself, it has taken, like a heavy toll on investor confidence and the stock market.
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