"Huge amounts of stock options, which benefited mainly top executives, helped fuel Enron-type accounting deceptions".
Citigroup was a major underwriter for the telecommunications giants Global Crossing and WorldCom, which would later go bankrupt as a result of flagrant accounting deceptions.
Enron has brought the dark side of this transformation to light.Before a Senate committee this week, the two banks were slammed for structures that allegedly played a big role in Enron's efforts at accounting deceptions.
"The question the subcommittee will examine is the extent to which major financial institutions like J. P. Morgan Chase and Citicorp knew of and aided Enron's accounting deceptions," said Senator Carl Levin, a Michigan Democrat who is the subcommittee chairman.
February 18 , 1929London, England Len Deighton, (born Feb. 18, 1929, Marylebone, London, Eng)., English author, journalist, film producer, and a leading writer of spy stories, his best-known being his first, The Ipcress File (1962), an account of deception and betrayal in an espionage agency.
The following year he submitted a publisher's proposal for The Secret War, a full account of deception during the Second World War, but was prevented from writing it by the Official Secrets Act.
"Two weeks after VICE finished filming in Crestone, after reading and posting many verified reports from official, semi-official and expert sources, I concluded that all official accounts were deceptions, especially the charade that TEPCO was removing fuel rods from the Spent Fuel Pool at Reactor 4 which was most likely destroyed within of the earthquake.
[C2.] FRAUD CHARGES AT DRUG MAKER The Securities and Exchange Commission has accused the drug maker Biovail and four executives of accounting fraud, citing deceptions that included attributing a earnings shortfall to a fatal truck accident.
Far from being an isolated incident, these firsthand accounts of intentional deception and cover-ups are endless.
The suit, filed in Los Angeles County Superior Court, charged the Weinsteins with "accounting tricks and financial deception" in connection with "Fahenheit 9/11," which took in about $222 million at the worldwide box office, and millions more on home video.
