December 2018
Beginner
384 pages
10h 9m
English
Content preview from Reading Financial Reports For Dummies, 3rd Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
Chapter 24
Ten (+1) Financial Scandals That Rocked the World
IN THIS CHAPTER
Checking in with cheats
Taking a look at foul play
Finding fallout from faulty bookkeeping
I'm sorry to have to say this, but the hard part of writing this chapter was narrowing the list to ten. Too many candidates were competing for a spot on this list. Since 2000, more than 500 companies had to restate earnings after company executives, the board of directors, or the Securities and Exchange Commission (SEC) found problems with their financial statements. Because of these misstated earnings, stock prices dropped and investors lost billions of dollars on the stocks they held in their portfolios; some even had their entire retirement savings wiped out. Clearly, our entire financial reporting system needs a major overhaul.
Although the Sarbanes-Oxley Act of 2002 (you can find details about the changes that bill requires in Chapter 3) improved things a little, the mortgage mess of 2007 showed how much more needs to be done as financial institutions around the world shocked their shareholders when they lost billions due to mortgage-backed securities. Some of these securities were held on the books, but others ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.