Mises Daily
Author:
N. Joseph Potts
Online Publish Date:
Enron : $1 billion write-down of retained earnings, followed by $618 million quarterly loss. 21,000 put out of work in ensuing bankruptcy. CFO Andrew Fastow sentenced to ten years in prison. Jeff Skilling and Kenneth Lay arrested and charged with federal crimes. Worldcom : $10 billion inflation of profits through failure to record expenses. CFO