Sentences with phrase «account scandal»
The phrase "account scandal" refers to a situation where someone or a company is involved in dishonest or illegal activities related to their financial records. It usually means that there has been manipulation or fraud in handling money or reporting financial information. Full definition
The bank has been struggling with intense regulatory and media scrutiny since 2016, when a massive fake account scandal came to light.
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The war on terror, the roller - coaster economy and corporate accounting scandals were the top three legal stories of the decade.
Anyone who has taken even a passing interest in the stock market and the corporate business world is accustomed to hearing about accounting scandals and the like.
The nation's third - largest bank has struggled to recover from a 2016 fake accounts scandal.
A series of accounting scandals at Chinese companies has battered share prices in the United States, costing investors several billion dollars.
The crackdown on corporate crime sparked six years ago by accounting scandals at Enron and WorldCom has done little to foster ethical behavior in the workplace, where many employees are still afraid to speak out about misconduct, a new study finds.
The investment is a bet by Baupost's chief executive, Seth Klarman, that Toshiba, which has been rocked by accounting scandals as well as the financial demise of its bankrupt U.S. nuclear unit Westinghouse Electric Corp, will stand by its pledge to pay out these claims.
Though it had little impact on the bank's bottom line, a phony accounts scandal dominated 2016 for Wells Fargo, which continues to deal with the costs and fallout stemming from its aggressive sales tactics.
The California - based finance company has struggled to maintain steady gains after its major fake accounts scandal broke back in 2016.
But recent changes to federal accounting standards resulting from accounting scandals at major corporations such as Enron and Adelphi have impacted the technique.
The Bush administration had previously tied any increase to the conforming loan limit to tighter regulatory oversight of Fannie and Freddie, where accounting scandals led both companies to fire top managers and restate several years of earnings.
Warren got what she wanted from Stumpf, who'd blamed the bank's fake account scandal on some 5,300 employees.
While Wells Fargo received harsh criticism for its abuse of customer trust in the fake deposit account scandal of 2016, its highly - regarded mortgage business remained safe from blame until recently.
Warren accused Sloan of breaking his promise to customers since he took over as CEO in late 2016 after a fake accounts scandal burst into the headlines.
«We continue to believe that today's House Financial Services Committee hearing on the Wells Fargo account scandal will be more contentious, lengthy, and unpleasant than last week's Senate hearing as the nearly 60 members of the House committee stretch to secure their sound bite,» Isaac Boltansky at Compass Point said in a note.
The $ 270 bln lender is being sued for changing bankrupt borrowers» mortgage terms without consent even as its fake - accounts scandal unfolded.
This time around, the House Financial Services Committee will get the chance to grill Stumpf on the bank's recent accounts scandal.
One of Pitt's pileup of controversies involved a meeting with Gene O» Kelly, then CEO of KPMG, when that firm was under investigation related to the Xerox accounting scandal.
And the Toshiba accounting scandal in 2015 forced president and CEO Hisao Tanaka to resign.
Hewlett - Packard CEO Meg Whitman strongly defended the company's response to a brewing accounting scandal in a recently acquired software unit, saying that Autonomy's executives engaged in a «willful effort» to mislead HP's shareholders and management.
Wells Fargo asked a Federal District Court to block a class - action suit after its false account scandal, a common practice for companies.
Sunbeam, Enron, Cendant, McKessonHBOC, and Waste Management all had the requisite number of committees and guidelines, yet accounting scandals still penetrated this governance shield.
T) chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country's biggest accounting scandal in years.
NEW YORK (AP)-- The scope of Wells Fargo's fake accounts scandal grew significantly on Thursday, with the bank now saying that 3.5 million accounts were potentially opened without customers» permission between 2009 and 2016.
Steinhoff International's Australian arm, which owns Freedom and Fantastic Furniture, has been caught up in a global accounting scandal.
Elsewhere, while the Tesco accounting scandal raised eyebrows around the globe, it may present an opportunity for Australia's big two supermarkets in Asia.
The two known loyalists of Akufo Addo were involved in the infamous Ecobank secret account scandal that saw the incredible expenditure of over GHC 6 million within two months on unknown projects.
It's Australian division went bankrupt and the continuing accounting scandal derailed any turnaround efforts in the United States.
Indeed, the Fed was worried that the scale of these operations in 2001, seeing possible systemic risk, but the restrictions imposes as a result of accounting scandals took care of that problem for a while.
Culminating in a $ 185 million settlement regarding a customer account scandal, Wells Fargo was battered with legal headaches and bad publicity throughout 2016.
The Quindell accounting scandal in the U.K., which hammered the stock of parent Slater & Gordon signaled, for some, the death knell of ABS.
With the recent high - profile accounting scandals, board members are suddenly on the hot seat — and the REITs they work for sympathize.
In one of the largest accounting - negligence shareholder settlements ever, Ernst & Young LLP agreed to pay $ 335 million in the Cendant Corp. accounting scandal, according to The Wall Street Journal.
Founder Leo Wells III attributed the dividend cut to a slew of corporate accounting scandals such as Enron and WorldCom, which prompted his REIT to raise its credit standards for tenants.
You probably can't help but follow the continually unfolding fake account scandal at Wells Fargo.
The beleaguered executive retired Wednesday afternoon as investors, lawmakers, and consumers grew increasingly frustrated with how Stumpf handled the fallout of the bank's phony account scandal.
Investments in the infamous company Enron became nearly worthless when the company's accounting scandal broke into the news and the company declared bankruptcy in December, 2001.
«I do think he will get a significant reduction but I think he will still be incarcerated for the foreseeable near future,» said Hilder, whose clients included Sherron Watkins, who famously warned Lay in late August 2001 that Enron could «implode in a wave of accounting scandals.»
While Wells Fargo received harsh criticism for its abuse of customer trust in the fake deposit account scandal of 2016, its highly - regarded mortgage business remained safe from blame until recently.
Sen. Elizabeth Warren accused Tim Sloan of breaking his promise to customers since he took over as CEO in late 2016 after a fake accounts scandal burst into the headlines.
A federal crackdown on off - balance - sheet financing in the wake of Enron and other corporate accounting scandals was expected to be a boon to the sale - leaseback market.
Enron's accounting scandal in 2001 flooded ICE with even more business.
Williams also has come under criticism because the fake accounts scandal at San Francisco - based Wells Fargo happened on his watch.
(Reichardt's CEO tenure, from 1983 to 1994, predates the company's current fake account scandal, for which it was fined $ 185 million in September.)
Like JPMorgan, Citigroup was involved in a margin loan to an entity controlled by Christo Wiese, the former chairman of Steinhoff International, whose stock has been ravaged by an accounting scandal.
BT shares are down 27 percent so far this year amid an accounting scandal at its Italian unit.
Greenberg is forced out after a 2005 accounting scandal, and the company, distracted by a full regulatory assault by then - New York attorney general Eliot Spitzer, allows its risk management to fail all but completely.
Toshiba «s latest writedown would be another slap in the face for a sprawling conglomerate hoping to recover from a $ 1.3 - billion accounting scandal, as well as a writedown of more than $ 2 billion for its nuclear business in the last financial year.