The Biggest Corporate Scandals: Part 2

This is the second article on the biggest scandals of the corporates. According to the experts of SEO company york, the names mentioned in this article are the wisest business person till the date.

Let’s read how these wise people actually used their brain and gave birth to some of the most remarkable scandals in the world’s history.

6. Enron Corp.

Enron was the “it” company at the flip of the century because it oozed with wealth, smarts, and power. However, this Houston-based energy company toppled into a spectacular bankruptcy as a result of a painstakingly-planned accounting fraud created by its firm, Arthur Andersen. Once thought of a common stock, Enron shares born from $90 to $0.50, which spelled disaster within the monetary world, wherever thousands of staff and investors saw their savings vanish with the corporate because it filed for an earnings statement in October 2001.

7. Arthur Andersen

This Chicago-based Company voluntarily relinquished its licenses to follow as Certified Public Accountants (CPAs) within the USA as a result of the Enron accounting scandal. This was a blow considering that it's one amongst the world’s prime 5 accounting companies before the scandal that resulted in the loss of eighty 5,000 jobs and company rebranding.

8. Bearn Stearns Companies Inc.

This is one amongst the US’s biggest government bailout that helped avoid an effect in similar failures within the monetary market. Ranking united of the most important world investment banks, securities trading, and brokerage companies within the world, Bearn Sterns was nearly bankrupted before it oversubscribed itself to JPMorgan Chase for $2 a share or $240 million. This was furthered bolstered by a guarantee of $30 billion prices of loans given by the central bank to the corporate.

9. Swissair

Swissair, a former national airline of Switzerland and major international airline, was grounded in October 2001 as a result of a nasty growth move. With a half-hour of its shares in stocks closely-held by the Switzerland government, the corporate enforced constellation Strategy, a serious growth program. However, this resulted during a monetary crisis that conjointly affected its parent company, SAirGroup that was already hurt by the September 11 attacks. Because the entire Swissair fleet was grounded and formally demolished in March 2002, it absolutely was later no inheritable by Crossair and liquidation firm Jurg Hoss.

10. Parmalat

Parmalat, an Italian company, is that the leading world producer of extremist heat (UHT) milk and different foods. However, its founder, Calisto Tanzi was defendant of questionable accounting practices in 2003 once a €14 billion hole was discovered in the company’s accounting records. This resulted in one of the most important company scandals in the history of SEO company manchester as he was commerce credit-linked notes to the corporate and fun the company’s funds elsewhere.

We hope that you have enjoyed reading about these super intelligent people and have learned enough from their mistakes. If you know about any other big scandal which should be a part of our list, please let us know in the comments.

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