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35 Day Month
The "35 day month" was the basis of "$2.2 billion in accounting fraud" regarding "events regarding an accounting scandal that started in 2002" at Computer Associates. The company's "books were routinely kept open until revenues exceeded projected goals." Specifics were described as "a scheme to inflate sales and profits by pretending lucrative contracts were signed earlier than, in fact, they had been. To support this violation of law, faxes of contracts were "cleaned up ... by removing time stamps .." The most immediate impact was that it "cost investors hundreds of millions of dollars," although unlike the matters of Worldcom and Enron, to which it was compared, "Computer Associates - since renamed CA Inc - did not go bankrupt." An overview by the Wharton School of the University of Pennsylvania The Wharton School ( ) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. Established in 1881 through a donation from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
InformationWeek
''InformationWeek'' is a digital magazine which conducts corresponding face-to-face events, virtual events, and research. It is headquartered in San Francisco, California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ... and was first published in 1985 by CMP Media, later became part of Informa TechTarget. The print edition of the magazine has ceased, with the last issue published on June 24, 2013. History The print edition began in 1985 using the name ''Information Week''. * April 1999 - Information Week began its 14th international edition: Brazil. * May 1997 through 2000 – The worldwide regional publications of '' LAN Magazine'' were renamed to the already existing ''Network Magazine''. Networkmagazine.com and lanmag.com now redirect to informationweek.com * September 200 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Computer Associates
CA Technologies, Inc., formerly Computer Associates International, Inc., and CA, Inc., was an American multinational enterprise software developer and publisher that existed from 1976 to 2018. CA grew to rank as one of the largest independent software corporations in the world, and at one point was the second largest. The company created systems software (and for a while applications software) that ran in IBM mainframe, distributed computing, virtual machine, and cloud computing environments. The company's primary founder was Charles Wang. The main key to Computer Associates' fast growth was the acquisition of many lesser-sized software companies in the IBM mainframe industry segment. CA was known for large-scale dismissals of employees in the acquired firms, and for sometimes extracting cash flow from acquired products rather than enhancing them. Customers of CA often criticized the company for its poor technical support and hostile attitude. CA underwent a major accou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Worldcom
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T. WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. WorldCom was originally headquartered in Clinton, Mississippi, before moving to Ashburn, Virginia, when it changed its name to MCI. History Foundation In 1983, in a coffee shop in Hattiesburg, Mississippi, Bernard Ebbers and three other investors formed Long Distance Discount Services, Inc. based in Jackson, Mississippi, and in 1985, Ebbers was named chief executi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron
Enron Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was led by Kenneth Lay and developed in 1985 via a merger between Houston Natural Gas and InterNorth, both relatively small regional companies at the time of the merger. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper industry, pulp and paper company, with claimed revenues of nearly $101 billion during 2000. ''Fortune (magazine), Fortune'' named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting scandals, accounting fraud, known since as the Enron scandal. Enron became synonymous with willful, institutional fraud and systemic Corporate crime, corruptio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wharton School Of The University Of Pennsylvania
The Wharton School ( ) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. Established in 1881 through a donation from Joseph Wharton, a co-founder of Bethlehem Steel, the Wharton School is the world's oldest collegiate business school. It is one of six Ivy League Business Schools, and is the business school which has produced the highest number of billionaires in America and the 45th and 47th U.S. president Donald Trump. The Wharton School awards undergraduate and graduate degrees with a school-specific economics major (academic), major and concentrations in over 18 disciplines in Wharton's academic departments. The undergraduate degree is a general business degree focused on core business skills. At the graduate level, the Master of Business Administration program can be pursued by itself or along with dual studies leading to a joint degree from its law, engineering, and government schools. In addition to its tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanjay Kumar (business Executive)
Sanjay Kumar (born 1962) is the former chairman and CEO of Computer Associates International (now CA Technologies), from 2000 until April 2004. He was sentenced to 12 years in prison in connection with the 35 day month accounting scandal and released in 2017. Early childhood He immigrated with his family to the United States in 1976 to escape civil unrest in his native Sri Lanka. The family originally settled in South Carolina. He attended Furman University from 1980 to 1983, and left without completing a degree. Career Kumar became an employee of Computer Associates in 1987 when it acquired UCCEL Corp. in an $800 million buyout. Kumar was, at the time, UCCEL's director of software development and had been employed by UCCEL only for a few months. Kumar was promoted to vice president of planning the following year, relocating to Computer Associates' Long Island headquarters. Over the years, he held various leadership roles at the firm. In 1989, he became senior vice presid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Richards (business Executive)
Stephen D. Richards is a New Zealand-born technology industry business leader who rose through the ranks of Computer Associates International, to become the Executive Vice President responsible for Worldwide Sales. His role in the company's 35 day month accounting scandal led to his resignation; he was the second CA executive to be indicted and sentenced. As part of the Harvard Business School curriculum, A Letter from Prison by Professor Eugene Soltes briefly details the history of the case and Stephen Richards insights into the financial management practices that saw him imprisoned. Early life and family Stephen Donald Richards was born in Lower Hutt, New Zealand on February 7, 1965, and is the oldest of three siblings. He attended Upper Hutt College, and spent two years at Hawthorne Adventist High School before attending Avondale College where he studied business. He graduated in 1987 with a Bachelor of Business degree. Richards has been married twice, and has five children. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandals
Accounting scandals are business scandals that arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities; these can be detected either manually, or by means of deep learning. It involves an employee, account, or corporation itself and is misleading to investors and shareholders. This type of "creative accounting" can amount to fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution. Two types of fraud Misappropriation of assets Misappropriat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, such as obtaining a passport, travel document, or driver's licence. In cases of mortgage fraud, the perpetrator may attempt to qualify for a mortgage by way of false statements. Terminology Fraud can be defined as either a civil wrong or a criminal act. For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Finance
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stability, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
