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Accounting Fraud by Gary Giroux

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CHAPTER 5

Tech Bubble, Bust, and Bankruptcies

Our screens were bathed in red. ... By 11 a.m., the market was dropping faster than Skylab.

—James Cramer

The economy was booming and high-tech companies were changing people’s lives. At the start of the 21st century the biggest worry was Y2K, the chance that computers would go bonkers trying to change over to a new millennium, resulting in a crash of all computers and therefore the world economy. This proved a complete dud, either because the techies fixed the problems or no problem really existed. Whatever the answer, the tech bubble continued. The NASDAQ Stock Market (named for the National Association of Securities Dealers Automated Quotations, founded in 1971), where most of the new tech companies ...

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