Friday, May 26, 2006
Gallery of Rogues
Lay, Skillings, Ebbers, Kozlowski, Citigroup, J.P. Morgan et al.
Another trial of corporate fraudsters ended with guilty verdicts. Except for the families of Ken Lay and Jeffrey Skillings no one will shed tears for them.
- Worldwide, losses from fraud rose 50 percent from 2003, according to a report from PricewaterhouseCoopers.
- Globally, the trend is toward an increase in economic crime, not a decrease, the firm found in its 2005 Global Economic Crime Study.
- The report found that, since 2003, the number of companies reporting cases of corruption and bribery rose 71 percent; those reporting cases of money laundering were up 133 percent and reports of financial misrepresentation were up 140 percent.
Bernard Ebbers, Worldcom Corp.
Dennis Kozlowski, Tyco International
Sanjay Kumar, Computer Associates
Giants of banking and brokerage industries penalized for helping Enron to manipulate earnings:
Canadian Imperial Bank of Commerce,
JPMorgan Chase & Co.
Settlement negotiations continuing with:
Merrill Lynch & Co. Inc.
Royal Bank of Canada
Deutsche Bank AG
Royal Bank of Scotland Group P.L.C.