A
AAA ratings, 126
Abbas, M.Z., 91
acceptable accounting, 7
accounting abuses, and fraud, 7, 17, 142. See also subprime meltdown (2008)
CDS, 137
derivatives manipulation, OTC, 136–137
fair value accounting, manipulations, 137–138
Fannie and Freddie, accounting irregularities at, 138–139
in financial companies, 138
reduce information asymmetries, for preventing, 140
repo 105, 139
special purpose entities manipulations, 137
Accounting and Internal Revenue Service (IRS) standards, 137
accounting deception, 6–8
Accounting Principles Board (APB, 1959), 3, 148
Accounting Research Bulletins (ARBs), 65
accounting, role and issues, 1–3, 143–144
accounting scandals, ix. See also scandals
19th century, 13–15
20th century, 15–16
21th century, 16–17
Accounting Series Releases (ASRs), 63
accounting standards, 3
Accounting Standards Codification, 4
accounting write-offs, 110–111
acquisition accounting, 143
acquisition accounting techniques, xii
Adams, J., 31
Adams, Jr., C.F., 41
Adelphia fraud (2002), 16, 108–109, 112, 151
advertising ban elimination (1979), 149
aggressive accounting, 8
aggressive banking, 31
Agricultural Adjustment Act, 60
Allegheny International, 88
American constitution of 1788, x
American Constitution (1787, written in), 145
American Institute of Accountants (AIA), 53, 65, 67–68
American Institute of Certified Public Accountants (AICPA), 4, 53, 67
The American Institute of Certified Public Accounting (AICPA), 116
American Insurance Group (AIG), failure and bailout, 17, 130, 138, 152, 153
American model of manufacturing, 71
American Revolution (1775-1783), 29
American Telephone and Telegraph (AT&T), 107
Ames, O., 41
analyst forecasts, 99
Andersen, A., 10, 82, 86–87, 89, 101, 107, 109–110, 139
Andersen Consulting, 109–110
Andreas, P., 156, n1
Angelides, P., 133
Angelis, T.D., 85, 149
AOL-Time Warner, 111
Articles of Confederation, 29
asset-backed securities (ABSs), 125
audit failure, 6
audit firms, 109
auditing, role, 5–6, 143
auditors, role in accounting, 143–144
audit regulations, 6
audit requirements, 114–115
audit risk environment, 94–96
audits, poor quality, 143
B
backdating, 119, 152
bad behavior
economics of, 17–22
extreme cases of, 22–23
signals of, 12–13
Bailout, 132
balance sheet, 4
Baltimore and Ohio Railroad (B&O), 36
banking
and financial markets, 30–32
and issues, 142
predatory practices, 17
speculative, 145
banknotes, 32
Bank of America, 31
Bank of Credit and Commerce International (BCCI), 16, 91–92, 150
Bank of Massachusetts, 31
Bank of New York, 31
Bank of North America, 30
Bank of the United States, 31
bankruptcy, 6
Baptist Foundation of Arizona, 86
Barings Bank, 45, 90
Barnard, G., 38
Barofsky, N., 131–132
Basel Committee on Banking Supervision, 159, n10
BDO Seidman, 117, 143
Bear’s hedge funds, 126
Bear Stearns failure (2008), 126, 152
Bernanke, B., 128, 130, 132
Bernard Madoff’s Ponzi scheme fraud, 118
Black, F., 89
Black-Scholes model, 89
Black Tuesday, 51
Blaine, J., 41
Blount, W., ix
Blue Sky laws, 62
Boesky, I., 15, 81
Boston Tea Party of 1773, 28–29
Bretton Woods Agreement, 92
bribery, 7, 91, 142, 145
Bristol-Myers-Squibb, 110
British Aluminum, 77
British Petroleum (BP), 22
Brown, D., 2
The Bureau of Consumer Financial Protection, 135
Buren, M. V., 34, 45
Burnham, D., 149
Burns, A., 92
Burr, A., ix, 14, 26, 31
business acquisitions, 4
business history, ix
banking and financial markets, 30–32
boom and bust cycles, 31
canal construction, 34–37
capital-intensive projects, 34–37, 43
early history, 28–30
factory system, development of, 29–30
industrialization and monopoly power, 42–44
market manipulation and market crash, 49–51
merger accounting and manipulation, 74–76
panics and crashes, 44–46
politics and political machines, role of, 32–34
Ponzi scheme, 48–49
problems with growth, x
railroads, 34–37
Teapot Dome scandal, 47–48
in war and peace, 72–74
Business Roundtable, 19
business tycoons, 18–19
C
Cactus (created in 1991), 104
The California Public Employees’ Retirement System (CalPERS), 104
capitalism, 6
Carnegie, A., x, 2, 18, 25, 43, 146
Carnegie Steel, 43–44
cash bonuses, 99
cash dividend, 3
cash flow statement, 4
Cayne, J., 155, n10
Cendant, 87–88
Cendant fraud (1998), 150
certified public accountants (CPAs), 4, 6, 53
licencsing (from 1896), 147
Chandler, A., 30, 156, n2
cheaters, finding, 11–13
Chewco, 104
Christensen, B., 143
Chrysler, W., 58
Cisco Systems, 110
Citibank, 94
Citigroup collapse, 127, 137, 144, 160, n3
Citron, R., 90
Civilian Conservation Corps., 61
Civil War legislation (1861-1865), 145
Clayton Act, 147
clearing banks, 32
cleverly rigged accounting ploys (CRAP), 15, 74–75
Clinton, D.W., 35
Code of Hammurabi, ix
Colfax, S., 41
collateralized debt obligations (CDOs), 127
commercial banks, 31
Commercial Paper Funding Facility (2008), 131
Committee of Sponsoring Organizations (COSO), 95
Committee on Accounting Procedures (CAP, 1938), 65, 148
Committee on Auditing Procedure (CAuP), 68
Commodities Futures Modernization Act (of 2000), 93–94
Commodity Futures Trading Commission (CFTC), 93, 137
The Community Reinvestment Act (of 1977), 124
conglomerates, 75–76
Congressional Pecora Hearings, xi
Conkling, R., 34
conservative accounting, 8
Conspiracy of Fools, 158, n2
consulting fees, ix
consumer bank loans, repackaging, 104
Continental vending case (1969), 149
Continental Vending Machine Corp., 85
Corbin, A., 39
Cornfeld, B., 148
corporate conspiracy, 146
corporate fraud scandal, 16–17
corporate governance reforms, 112–113
corporate social responsibility movement, 22
corruption, xii, 7, 16, 19, 41
-free cultures, most, 155, n4
and incentives, 141
types, 142
cost and managerial accounting, 2
counterfeiting, 145
Craigslist, 21
credit default swaps (CDS), 127, 159, n4
Credit Mobilier fraud (1862-1872), 14, 40–42, 146
Crocker, C., 41
Croker, R., 33
Cuomo, A., 139
Cutten, A., 58
D
Dark Pools, 159, n12
Daugherty, H., 47–48
“Deal-a-Day Dennis,” 107
debt securities, 125
Deepwater Horizon oil spill, 2010, 22
Deheny, E., 47
Deloitte & Touche, 117, 139
derivative-related financial scandals, 15–16
derivatives abuse, 101–102, 119–120
Detecting Earnings Management, 12
Dewey, T., 59
dirty pooling, 15
Dix, J., 41
Dodd, C., 133, 136
Dodd-Frank Act (2010), 113, 153
Dodd-Frank bill of 2010, 24
Dodge, G., 41
Drew, D., x, 14, 38–37, 146
Drexel Burnham, 77
Drexel, Burnham and Lambert, 80
Drexel policy, 81
Duer, W., 13, 145
Duncan, D., 10
Dunlap, A., 150
Du Pont model, of accounting system, 2
Durant, T., 40–41
E
Earnings Magic and the Unbalance Sheet, 115
earnings management, 8–9
earnings manipulation. See fraud(s); scandals
earnings per share (EPS) forecast, 99
earnings restatements, 110–111
eBay, 21
Ebbers, B., 107, 151
economic-related regulations, 24–25
state laws, 27
Edison, T., 25, 57
Eichenwald, K., 158, n2
Electric Storage Battery (ESB), 78
Elkind, P., 104, 158, n2
EMS Government Securities (1986), 16, 82–83, 150
Enron scandal (2001), xii, 6, 8, 10, 16–17, 99, 101, 120–121, 136, 143, 144, 151
Andersen’s role, 101, 103, 109–110
collapse, and bankruptcy, 105–106, 111
created in 1985, 100
Fastow’s role, 106
Chewco deal, 104
finance arrangement , Cactus, 104
LJM, and LJM2 manipulations, 105
partnership with CalPERS, 104
Raptor I-IV, 105
gas trading, 101
keypoints, 99–100
Kinder’s resignation, 103
Lay’s role, 100–101, 103
manipulating derivatives, predatory strategy, 102, 119, 136, 143
motives, 104
over-the-counter (OTC) options, 102
provided derivatives, 101–102
SEC approval, 102–103
Skilling’s input
asset-light strategy, 101
use of fair value accounting, 102–103
SPEs as financial weapon, 104–105, 119, 136–137, 143
Entergy, 12
EPS ratio (PE ratio), 99
Equity Funding Corporation of America, 85–86
Equity Funding, insurance company (1972), 16, 82, 149
equity method, 158, n6
Erie Canal, 36
Erie, raiding of (1868), 37–39, 146
Erie Railroad, 36
Erie stock, manipulation of, 37–39
Ernst & Young, 117, 139
executive compensation, 143
executive motivations, and finance, 98–99
explicit corruption, 7
F
factory system, 29
Fair Housing Act (1968), 124
fair value accounting, 102–103, 128, 137, 138
Fall, A., 147
Federal Deposit Insurance Corporation, 60
Federal Emergency Relief Administration, 61
The Federal Home Loan Bank Board (1932), 124
The Federal Home Loan Mortgage Corporation (Freddie Mac), 17, 123, 124, 129, 138, 139, 159, n2
Federal Housing Act (FHA), 61
The Federal Housing Administration (FHA, 1934), 124
The Federal National Mortgage Association (Fannie Mae, 2004), 17, 61, 120, 123, 129, 138, 152, 159, n2
federal reform legislation (1913-1914), 147
Federal Trade Commission (FTC), 62
Financial Accounting Standards Board (FASB), 3–4
The Financial Accounting Standards Board (FASB, 1973), 102, 116, 149
The Financial Crisis Inquiry Commission (2009 july), 133
financial disclosure, 3–5
financial failures. See also scandals
The Fed, criticism faced by, 131–132
steps preventing, 130–131
and TARP legislation, 132
troublemakers for, 144
financial fraud, 89–92
financial manipulations, 17
financial reform bill (Dodd-Frank), 17
financial statements, format, 1, 4
Fink, A., 37
Fisher, F., 58
Fisk, J., 38–39, 146
Forbes, W., 87
Ford Pinto Memo, 22
Foreign Corrupt Practices Act (FCPA, 1977), 94, 115, 149
Frank, B., 133
Frank, T., 8
fraud(s), xii
characteristics, 155, n2
defined, 6
financial, 89–92
finding cheaters, 11–13
and mortgage abuse, 124–125
schemes common, 155, n2
types, 142
Friedman, M., 19, 54
Fuld, R., 155, n10
G
Garfield, J., 41
Garn-St. Germain Act (in 1982), 81, 149
Geitner, T., 130
Geneen, H., 76
The General Accounting Office (GAO), 111
General Electric (GE), 99
generally accepted accounting principles (GAAP), xii, 4, 102, 138
generally accepted auditing standards (GAAS), 143
General Motors (GM), accounting system at, 2–3, 27, 71
Gilded Age, xi
Gladwell, M., 156, n10
Glass-Steagall Act (of 1933), 60, 94
Global Crossing, 16
gold cornering scam (1869), 39–40, 146
Goldman Sachs Trading Corporation (GSTC), 58–59
Goldsmith, J., 79, 81
Goodrich, B. F., 78
Gordon, J.S., 7
Gould, J., x, 14, 27, 38–39, 146
government corruption, 19
The Government National Mortgage Corporation (Ginnie Mae), 124
government-sponsored enterprises (or GSEs), 123–125
Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999), 94
The Grand Sachems, 14
Great Chicago Fire of 1871, 34
Great Depression era, xi, 53–54
Great Recession, 132
Great Salad oil scandal (1963), 149
Greenspan, A., 10, 20, 90, 93, 97, 155, n10
H
Hague, F., 34
Hamilton, A., 29, 31, 145
Hamon, J., 47
Hancock, J., 156, n1
Harding, W.G., 147
Harrison, G., 54
HealthSouth fraud (2003), 118, 152
The Home Owners’ Loan Corporation (1933), 124
Homestead Strike of 1892, 19
Hoover, H., 54
Hospitality Franchise Systems (HFS), 87
hostile takeovers, 77–79
housing, and mortgages, 123–124
housing bubble bust, 127
I
Iksil, B., 154
illicit behavior, 10
Imclone Systems case, 111, 151
incentives
to cheat, ix
commissions, 9–10
income statement, 4
incorporation laws, xi
Insull, S., 7, 55, 58, 148
Insull Utility bankruptcy (1931), 148
Insull Utility Investments, 57–58
interest payments, 3
internal controls, auditing part, 114–115
internal revenue scandal (IRS, 2013), 154
Internal Revenue Service (IRS), 50, 56
International Match Company (IMCO), 56
International Telephone and Telegraph (ITT), 76
Interstate Commerce Commission, xi, 64
Interstate Commerce Commission Act (1887), 146
investment banking, 71
investment banks, problems and solutions, 129
Investment Trust, 58–59
Investor Overseas Services fraud (APB, 1959), 148
Investors Overseas Services (IOS), 82–84
J
Jackson, A., 14
Jamestown Colony, 28
Japanese manufacturing system, 3
JDSU (JDS Fitel and Uniphase merger), 110
Jefferson, T., 31
Johnston, D., 12
Joint Energy Development Investments (JEDI), 104
joint stock company, 1
junk bonds, 15, 80–81
K
Kaufmann, D., 7
Kaufmann index, of legal corruption, 7
Keating, C., 82
Kennedy, J.F., 63
Kinder Morgan case, 158, n4
Kinder, R., 103, 158, n4
Knickerbocker Trust Company, 46
Kohlberg, Kravis, and Roberts (KKR), 79, 81
Kozlowski, D., 107, 151
10-K report, 3–4
Kreuger and Toll (KT), 55
collapse, 148
financial failings of, 56–57
Kreuger Crash, 57
Krueger, I., 148
10-Ks, 114, 116
L
laissez faire state, 25
late trading, 120
Lay, K., 100
Leeson, N., 90
legal corruption, 7
Lehman Brothers failure (2008), 17, 129–130, 139, 153
Leonard, J. W., 12
leveraged buyouts (LBOs), 77, 79–80
libertarianism, 19–20
LJM (Lea, Jeffrey and Michael), in 1999, 105
London interbank interest rate, 90
The London Interbank Offered Rate (LIBOR, 2012) scandal, 90, 154
London whale case (2012), 154
Long Distance Discount Services (1983), 107
Long-term Capital Management (LTCM, 1998) collapse, 137, 151
long-term contracts, 158, n3
loyalty, duty of, 20–22
Lybrand, 85
M
machine power, 34
Madoff, B., 49, 118, 153
managerial accounting, xii
manipulation, 7
market collapse, 97
Market Crash of 1987, 93
market timing, 120
mark-to-market. See fair value accounting
Martha, S., 111
Martin, W.M., 92
Marx, G., 54
Massachusetts Bay Colony, 28
McDonald, M., 34
McKesson & Robbins (MR, 1937), 6, 53, 148
McLean, B., 104, 126, 158, n2
McLean Industries, 79
Mellon, A., 54
merger accounting and manipulation, 74–76
merger movement, 146
Microsoft, 99
Microwave Communications, Inc. (MCI), 107
Milken, M., 15, 77, 79, 149
junk bonds, 80–81
mini-real estate bubble, 16
Minkow, B., 150
Minsky, H., 44
Minsky Moment, 44
Mississippi Bubble, 13
Mitchell, C., 56
Money Trust, 15, 43
Moody, J., 80
Moody’s, Standard & Poor’s, rating agency, 126
Mooney, W., 33
Morgan, J.P., 14, 25, 43, 51, 56, 128, 129, 131, 133, 152, 154
Morgan, W., 158, n4
Morgenthau, R., 92
Morris, R., 30
mortgage abuse, and fraud, 124–125
mortgage-backed securities (MBSs), 125
Mozilo, A., 127
mutual fund industry, case, 83, 120
N
NASDAQ Stock Market, 97
National Association of Securities Dealers Automated Quotations (founded in 1971), 97
The National Bureau of Economic Research (NBER), 132
National Commission on Fraudulent Financial Reporting, 95
National Industrial Recovery Act (NIRA), 61
National student marketing (1975), 82, 85, 149
New Deal programs, 53–54, 60–62
New England textile mills, 30
New Jersey laws, xi
Newmark, C., 21
New York Mercantile Exchange (NYMEX), 102
New York Stock Exchange (NYSE), 46, 54, 59, 108
Nixon, R., 76
Nocera, J., 126
O
OTC derivatives, 137
overcharging customers, 12
Oxley, M., 111–112
P
Pacific Railroad bill, 40
panics
Panic of 1792, ix, 145
Panic of 1819, 14, 45
Panic of 1837, 14
Panic of 1857, 45
Panic of 1873, xi
Panic of 1893, xi, 46, 64
Panic of 1907, 46, 64, 147
Patterson, S., 159, n12
Paul, R., 20
Paulson, H., 155, n9
Paulson, J., 128, 130
Pecora Commission (1932-1934), 55–56, 63, 148
Pendergast, T., 34
Penn Central Railroad, 15
Pennsylvania Railroad, 2, 36–37, 43
pension issues, 143
Pickens, B.T., 79, 81
Pity the Billionaire, 8
political machines, as corruption source, 145
Ponzi, C., 15, 27, 48–49, 147
Ponzi scheme (1920), 15, 44–45, 48–49, 147
poor quality audits, measures, 143
Portfolio, 155, n10
portfolio insurance, 15
Posner, V., 79, 81
Power Failure: The Insider Story of the Collapse of Enron, 158, n2
PricewaterhouseCoopers, 108, 117, 139
Private equity firms (PEFs), 157, n3
profitability, 28
proprietary trading by banks, elimination of, 136
The Public Company Accounting Oversight Board (PCAOB), 6, 69, 112, 136, 143, 152
inspects the audit firms, 117
issues auditing standards, 117
semi-public nonprofit organization, 116
Public Securities Litigation Reform Act (1995), 150
Pujo committee hearings (1913), 147
Pujo Hearings, 15, 46
Pujo Hearings of 1912-1913, 65
Q
10-Q (quarterly report), 5
Quest Communications, 110
R
Racketeer Influence and Corrupt Organizations Act, 81
railroad construction booms, 26
railroad managers, of mid-19th century, x
railroad scandals, 14
Rajaratnam, R., 153
Randell, C., 85, 149
Reagan administration, 101
Reagan, R., 93
Reagan Revolution, xii
Reconstruction Finance Corporation (RFC), 60
record keeping
Du Pont model of, 2
early method of, 1
Wedgwood’s method, 2
Regas, J., 108
regulation FD (Full Disclosure, 2001), 151
regulations, 23–24, 50
Regulation Trust Corporation (RTC), 150
regulatory actions, 92–95
regulatory capture, defined, 155, n9
regulatory response, for accounting fraud, 132
Dodd-Frank bill, 133
elimination of, proprietary trading by banks, 136
Wall Street Reform and Consumer Protection (Dodd-Frank) Act, 133–135
repo 105, 139
reports, financial, 114–115
Resolution Trust Corporation (RTC), 82
retirement benefits, 143
return on investment (ROI), 2
Revenue Act (of 1932), 54
Rite Aid case (1999), 16, 151
robber barons, x, 18, 26
Rockefeller, J.D., x, 14, 25, 27, 146
Roosevelt, F.D., xi, 53–54
New Deal program, 53, 60–62
Roosevelt, T., 18, 33, 34
Rosenberg, 21
Ross Brothers & Montgomery, 85
Ross, L., 149
S
SAC Capital case (2013), 154
Sachems, 33
Sachs, G., 153
Salomon Brothers (mortgage expert), 90, 126
Santee Canal, 35
The Sarbanes-Oxley Act (2002), xii, 5–6, 17, 111–112, 121, 152
regulatory fixes of, 116
Section 401 , as problem, 115
Sarbanes, P., 111–112
Sargent, J., 56
The Savings & Loan Industry, deregulations (1982), 149
Savings & Loan (S&L) bailout, 150
scandals, 7, 55–59. See also fraud(s), corruption
AIG, 17, 130, 138, 152, 153
BCCI, 91–92, 150
Continental vending, 149
Enron, xii, 6, 8, 10, 16–17, 99, 101, 120–121, 136, 143, 144, 151
gold corner, 39–40
Goldman Sachs and market collapse, 58–59
Great Salad oil, 149
Imclone Systems, 111, 151
internal revenue, 154
Kreuger and Toll (KT), 56–57
LIBOR, 90, 154
McKesson & Robbins, 148
Pecora Commission and, 55–56
Ponzi scheme, 48–49
raiding the Erie, 37–39
related to construction companies, 40–42
Rite Aid, 16, 151
SAC Capital, 154
subprime loans, 123–124, 127, 152
Teapot Dome, 15, 27, 47–48, 56, 147
Treasury bond, 90
Tyco, 16, 107–108, 151
WorldCom, xii, 6, 16–17, 106–107, 112, 121, 151
Yazoo Land, 145
ZZZZ Best, xii, 16, 83–85, 150
Scholes, M., 89
Schwartz, A., 131
Scrushy, R., 118
Securities Act (1933-1934), 7, 10, 62, 148
The Securities and Exchange Commission (SEC), xi–xii, 3, 53, 102. See also scandals
accounting standards, 62–69
antifraud provisions, 63
auditing and audit reform, 66–69
financial statements required as accounting standard, 4
format and required content of financial reports, 63–64
McKesson & Robbins, 66
mission, 63
Regulation S-X, 63
reports, 3–5
Rule 10b-5, 63
standard annual report format, 3–4
securitization. See structured finance
Seligmans, 58
Shays Rebellion (1886-1887), 29
Sherman Antitrust Act (1890), xi, 27, 44, 142, 146
Shiller, R., 127
Sinclair, H., 47, 56
Sixteenth Amendment, 147
Skadden, 78
Skilling, J, 101
Slater, S., 29
S&L debacle, 81–82
Sloan, A., 2
small (immaterial) frauds, 157, n5
The Smartest Guys in the Room, 158, n2
Smith, A., x, 20, 25
Smoot-Hawley Tariff of 1930, 54
Smuggler Nation (2013), 156, n1
smuggling, 142, 145, 159, n1
social responsibility, 19–20
Social Security Act (of 1935), 61
Soros, G., 90
South Sea Bubble, 13, 123
Special Purpose Entities (SPE). See also scandals
abuse of, 119–120
Cactus, 104
Chewco deal, 104
defined, 103
LJM, and LJM2 formation, 105
Raptor I-IV, 104
usage, and advantage, 104
speed vesting, 119
Spitzer, E., 120
Springfield Armory, 30
spring loading, 119
staff accounting bulletins (SABs), 63–64
stagflation, xii
standard annual report, 3–4
state laws, 27
statement of equity, 4
Statement on Auditing Procedure (SAP), 68
statements of financial accounting standards (SFASs), 4
Stewart, M., 111, 151
Stewart, R., 47
stock exchanges, 1
stock maneuvering, 147
stock market manipulation, 145
stock option maneuvering, backdating, 119, 152
stock pyramiding, 147
stock speculation, 147
Straus, S.W., 58
Strine, L., 21
Strong, W., 33
structured finance, 104
defined, 125
promotes liquidity, 126
subprime meltdown (2008), xii, 11, 17, 24. See also scandals
AIG bailout, 130
Bear collapse, 128
Fannie Mae, and Freddie Mac collapse, 129
Feds role, and criticism faced, 130–131
housing bubble bust, 127
Lehman Brothers failure, 129–130
regulatory response for, 132, 136
Dodd-Frank bill, 133
Wall Street Reform and Consumer Protection (Dodd-Frank) Act, 133–135
steps preventing, 130–131
TARP legislation and, 132
subprime loans scandal, 123–124, 127, 152
Suffolk Bank of Boston, 32
Sullivan, S., 107
Sunbeam fraud (1998), 88–89, 110, 150
Swartwout, S., 33
Swartz, M., 108, 158, n2
T
taxes (including off-shore operations), 143
T. Boone Pickens, 80–81
Teapot Dome scandal, 15, 27, 47–48, 56, 147
10-K report, 3–4
10-Ks, 114, 116
10-Q (quarterly report), 5
The Term Asset-Backed Securities Loan Facility, 131
Texas Instruments, 80
The Visible Hand: The Managerial Revolution in American Business (1977), 156, n2
Thomson, J.E., 36, 43
Thornton, G., 143
Tice, F., 111
Toffler, B., 110
Touche, N., 147, 157, n9
toxic assets, and mortgages, 128, 131, 132
Transparency International, 7
transportation business, 34–37
The Treadway Commission (1985), 95, 115
Treadway, J., 95
Treadway Report, 95
Treasury bond scandal (1991), 90
Troubled Asset Relief Program (TARP, 2008), 17, 131, 153
Truman, H., 71
Truth in Securities Act, 62
Tse, S., 111
Tulip Mania, 13, 123
Tully, S., 159, n2
Twain, M., 98
Tweed, W., xi, 33, 146
Tyco case (2002), 16, 107–108, 151
Tyco International (1993), 107
U
Ultramares case(1924), 147
Uniform Accounting, 6
Union Pacific Railroad (UP), 41
The United States Housing Authority, 124
U.S. Steel (in 1901), 146
V
Vanderbilt, C., x, 37–38, 146
Vanderbilt, W., 18
venture capitalists, 79
Vesco, R., 148
Virginia Company, 28
Volcker, P., xii, 93, 131, 136
Volcker Rule, 142
W
Wabash, St.Louis and Pacific Railroad Company v. Illinois, 27
Wagner Act (National Labor Relations Act), 61
Waksal, S., 111, 151
Wall Street abuses, 8, 15
Wall Street Reform and Consumer Protection (Dodd-Frank) Act, summary, 133–135
Walsh, T., 48
Warren Harding error, 156–157, n10
Washington, G., ix–x, 44
Waste Management fraud (1997), 16, 86–87, 110, 150
Watergate scandal (in 1970s), 144
Watkins, S., 158, n2
Wedgwood, P. J., 2
Wheeler, B., 48
Whiskey Rebellion, ix
Whitney, E., 25, 30
Whitney, R., 51, 55, 59
Wilkinson, J., ix
Wilson, W., 142
Woodward, B., 144
WorldCom scandal (2002), xii, 6, 16–17, 106–107, 112, 121, 151
X
Xerox, 110
Y
Yazoo Land scandal (1795), 145
Y2K, 97
Z
ZZZZ Best fraud case (1986), xii, 16, 83–85, 150