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Enron Just Tip of Iceberg
Hedrick Smith reports on Frontline

Frontline on PBS recently presented an excellent program on corporate finances called "Bigger Than Enron". Correspondent Hedrick Smith introduces the program as follows: "The meteoric rise and stunning collapse of Enron caused many to question why the corporate oversight system that was supposed to protect investors failed to sound any alarms about the company's dubious finances. But Enron and Arthur Andersen turn out to be merely the tip of the iceberg. In the 1990s, more than 700 U.S. companies were forced to correct misleading financial statements as a result of accounting failures, lapses, or outright fraud. Together with Enron -- the largest corporate bankruptcy in U.S. history -- these failures have cost investors an estimated $200 billion." An interesting exchange is taking place on the politics of corporate finance at the site between David Brooks and Robert Kuttner.




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Date Added: 6/22/2002 Date Revised: 6/22/2002

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