Solyndra Company Case Summary

The Tyco scandal of 2002 was one of the biggest cases of corporate fraud and corruption that helped lead to the creation of the Sarbanes-Oxley Act. At the center of the scandal is Dennis Kozlowski, Mark Swartz, and Mark Belnick. Among them and members of associated businesses, multiple crimes, including accounting fraud, larceny, embezzlement, and bribery, were committed. The U.S. Securities and Exchange Commission (SEC) released a statement on September 12, 2002 in which it stated the following: Kozlowski and Swartz granted themselves hundreds of millions of dollars in secret low interest and interest-free loans from the company that they used for personal expenses. They later caused Tyco to forgive tens of millions of dollars they owed the

From year-end 2004 through the first-quarter 2008, defendant Brian Fox misled the investing public by fraudulently inflating the revenue and assets and fraudulently omitting major liabilities, of Powder River Petroleum International, Inc. (“Powder River” or the “company”) in the company’s Commission filings, and by making other false and misleading public disclosures. From year-end 2004, Powder River conveyed working interests in oil and gas leases to investors in Asia for over $43 million. Because Powder River promised full repayment of the working interest

For instance, the funds owed the company by the Rigas family went undisclosed in the statements, because the management at Adelphia deemed such disclosure as being “unnecessary” (Barlaup, Hanne, & Stuart, 2009). Given that Adelphia was a publicly traded company, the purposeful non-disclosure caused potential investors to rely on financial records that were grossly misleading. The inevitable result was the investors continued to inject money into a company that had all the appearances of profitability and sustained growth, but that was, in reality, rapidly becoming insolvent. Moreover, lending institutions also relied on the “independently-audited” financial statements, and they were more than eager to loan the company money, given Adelphia’s presumed state of financial “profitability.”

Energy Inc. has a present obligation (IAS 37-17) and probable liability (ASC 450-20-25-2) on December 31, 2011 as a result of a past event, the contamination of the land, because it is virtually certain that a draft law requiring cleaning up will be enacted. It is probable (more likely than not) that Energy Inc. will be required to transfer economic benefits in settlement which is an outflow of resources embodying economic benefits in settlement (IAS 37-23). The amount of the obligation or loss can also be estimated reliably since Energy Inc. has made similar payments for cleanup in other countries, which is the best estimate of the costs of the clean (IAS 37-36/ASC 450-20-25-2). As a result, according to IAS 37-14, Energy

The word “fraud” was magnified in the business world around the end of 2001 and the beginning of 2002. No one had seen anything like it. Enron, one of the country’s largest energy companies, went bankrupt and took down with it Arthur Andersen, one of the five largest audit and accounting firms in the world. Enron was followed by other accounting scandals such as WorldCom, Tyco, Freddie Mac, and HealthSouth, yet Enron will always be remembered as one of the worst corporate accounting scandals of all time. Enron’s collapse was brought upon by the greed of its corporate hierarchy and how it preyed upon its faithful stockholders and employees who invested so much of their time and money into the company. Enron seemed to portray that the goal of corporate America was to drive up stock prices and get to the peak of the financial mountain by any means necessary. The “Conspiracy of Fools” is a tale of power, crony capitalism, and company greed that lead Enron down the dark road of corporate America.

A) If tom finalized the loan agreement before the partnership is formed, he is negotiating the agreement on behalf of him personal. According to Georgia law, an agreement becomes enforceable when there is a meeting of parties’ minds “at the same time, upon the same subject matter, and in the same sense.” Cox Broadcasting v. National Collegiate Athletic Ass'n, 250 Ga. 391, 297 S.E.2d 733, 737 (1982). The letter of intent before the partnership formation was not applied under I.R.C §721 to be an exchange of property and Tom would have to recognize a gain in exchange of partnership interest. Also, if he negotiated the letter of intent to get a loan for the partnership because of his experience in the real estate business, he is rendering a

Plaintiff applied for a position as a truck driver with Landstar Trucking Company. Landstar is headquartered in Jacksonville, Florida. Landstar indicated to the plaintiff that he would be hired once it received a background report from Usher Transport. The background report indicated he had tested positive for a controlled substance in the last three years and had been arrested on the job. The plaintiff should have known that his actions will be brought to light once he tried to get employment later. He can not sue his former employer for reporting his actions during his time employed with the company. Defamation is the publication of a statement by one person about another that damages his reputation. ​So his former employer did not use any

The Alberta Court of Queen’s Bench ruled in favor of Bhasin finding that Can-Am breached the implied duty of good faith, Hrynew intentionally induced breach of contract, and the respondents were liable for civil conspiracy (Bhasin v Hrynew, 2011 ABQB 637; additional reasons in 2011 ABQB 718).

Deception, whether intentional or not, did occur. The shareholders had a right to know the financial state of WorldCom. In Ebber’s defense, he had unscrupulous bed fellows on this board. Their intentions are also at question especially regarding their eagerness to grant Mr. Ebbers a breathtaking loan for $341 million dollar at an interest rate of 2% to shield the instability of the company’s financial situation from shareholders. There were also some concerns whether such loans were ethical from the Security Exchange Commission Enforcement official Seth Taube. He stated that large loans to senior executives are commonly sweetheart deals involving interest rates that constitute a poor return on company assets. Federal prosecutors in New York cited Ebbers 's expensive lifestyle, and his overspending, as a motive to hide WorldCom 's mounting financial troubles. The impropriety associated with the largest loan any publicly traded company has lent to one of its officers in recent memory is evident. Unfortunately, if Ebbers had pressed the matter and sold his stock, he would have escaped the bankruptcy financially whole, but Ebbers honestly thought WorldCom would recover.”

In proving there was indeed a breach of duty of care, the Defendant must not have provided services that are within the professional standard of that occupation to the Plaintiff. Strictly speaking, Bank of Stars must prove that Young & Brobeck, LLP. did not perform at a professional standard level of a reputable certified public accountant and as for the evidence, the accounting principles that are stated within the Generally Accepted Accounting Principles could be used to verify their wrongful actions. For instance, in the case of Curtis W. Bily, et al Plaintiffs and Respondents, v. Peat Young & Company, Defendant, the defendant found a lot of obscure liabilities but the company did not report the disadvantages and made untruthful statements about their client’s financial

The case study I choose was Pao v. Kleiner Perkins a sexual discrimination case brought by a former junior partner at the venture capitalist firm of Kleiner Perkins Caulfield & Byers LLC. Ellen Pao alleged she was discriminated against on the basis of her gender when the firm failed to promote her to general partner status. To support her claim, Pao pointed to the promotion of several of her male colleagues. One such colleague, with whom Pao had a relationship, allegedly subjected her to retaliation following the conclusion of their consensual sexual relationship. Pao blamed her lack of promotion on the allegedly rampant sex discrimination throughout the firm, which allegedly included holding all-male dinner parties and ski trips, asking female partners to take notes during meetings, placing male partners on significant accounts and boards in lieu of women, and excused sexual harassment from male partners.

Overall, Lockheed Martin is a highly successful corporation. The organization is a leader in the aerospace and security industry and is enjoying large financial gains. However, given market volatility the corporation there are a few modifications the organization may want to consider. A brief summary of the organization’s situation and, when appropriate, recommendations follows.

In mid-2009, Lennar Corporation, one of the biggest property engineers in the United States was amidst a profound global recession, a noteworthy credit crunch, a breakdown of housing costs, and imperfections gave rise to double-digit joblessness in the United States. In the meantime, the organization faces criticism Fraud Discovery Institute (FDI) that a substantial individual credit is taken by an officer of Lennar, a related party, and the broad utilization of the joint-venture to create, fabricate and housing business sector were not genuine. IDE was co-founded by Barry Minkow, who has as of now been attempted and indicted 57 checks of securities misrepresentation and sentenced to 25 years in government jail after the breakdown of Best Company, Inc.

Three years ago, Enron’s collapse revealed how easily a company could hide debt. On June 15, 2005 the SEC used this situation as an argument in their report on off balance sheet arrangements entitled “Report and Recommendations Pursuant to Section 401 of the Sarbanes Oxley Act 2002 on Arrangements with Off Balance sheet Implications, Special Purpose Entities and Transparency of Filings by Issuers (SEC, 2003).The report identifies and describes well known and often criticized balance sheet transactions. The organization had submitted it to the President of the United States, the Committee on Banking, Housing and Urban Affair of the United States and the committee on financial services of the United States House of Representatives. In the paper,

Legal issues always seem to be a problem when it comes to dealing with the government and its investments. Trusting the government to do the right thing with the tax payers money is a viable concern for all of the citizens of the United States of America. To garner that trust the government began pushing for ways to lower every day energy cost, such as the use of solar energy. The Solyndra issue is just one example of the incompetence and strong arm attempts that the government imposes which typically lead to legal ramifications. Furthermore, in the case of Solyndra, it was not a democrat or a republican issue. This issue lied in the hands of both political parties. Considering the importance that the government placed on green energy and