The feds ultimately joined him, filing civil and criminal charges against TAP and prodding it into paying the government $885 million to settle the case–six times as much as the claimed overcharges. Douglas Durand cashed in: He received $126 million from the U.S. government. Now age 53, he retired and lives with his wife and daughter in the tony enclave of Tarpon Springs, Fla. Yet TAP itself was never accused of submitting bogus Medicare bills; it was charged under a little-known provision that holds medical suppliers accountable if others falsely bill the government for the suppliers’ products. On Oct. 3, 2001, the day prosecutors announced the settlement, they filed criminal fraud charges accusing TAP executives of perpetrating the overbilling scheme.
Restricted stock awards also would fully vest immediately upon his death. The company’s pay practices earned the company a failing grade from The Corporate Library, an independent corporate governance research firm. [3] The compensation awarded to Toll rated a “High Concern” from The Corporate Library. [4] Even as the company lost $297.8 million for the fiscal year ended Oct. 31, 2008, Toll received $8.8 million in total compensation for the year. That’s twice as much as the $4.6 million median compensation for
may still have some errors in the financial reporting system in the organization’s internal control in the structure of financial misstatements or presentations. The success and accuracy of the financial reporting system is subject to risk of financial reporting. The changing market can affect the financial stability of the organization, and the legality of the reporting system. Apollo Shoe’s, Inc. has lost major customers because of legal issues. The organization is also in litigation with one of his customer who has filed a suit against the organization for an amount of $12,000,000.
In 2008, the parent company that owns University of Phoenix online, Apollo Group, was found guilty of securities fraud and ordered to pay $270 million to a group of investors. The unethical dilemma stemmed from a report that was very crucial of the enrolling practices of the school that the company refused to disclose. The company believed that the report was
The reason, a background screening firm called ChoicePoint, which is the largest screening firm in the United States for corporate employers, had reported to Walgreens that Mr. Pendergrass had a record of “cash register fraud and theft of merchandise” totaling over $7,000. These accusations were from his previous job at Rite Aid in 2005, where his employer accused him of theft and underpaying for DVDs. Mr. Pendergrass denied the allegations and wrote
In this assignment the reader will be able to see exactly how the Chief Financial Officer (CFO) analyzes the finances of the company in the text, which is Universal Health Services (NYSE UHS). The text will also cover the reviewing of the financial statements by the CFO and what types of speculations are there likely to be from various stakeholder groups like the employee investors and shareholders. The next area of the text will identify the current industry trend that has the most significant impact on the organization’s financial performance and a suggestion of how to minimize the impact of the trend on the organization. Last but not least as the CFO, a suggestion of a key strategy will be formed on how to improve the financial performance of the organization as well as what type of approach that will be taken in order to implement the suggested strategy. “Universal Health Services, Inc. (UHS) has built an impressive record of continuous achievement and performance since it was founded in 1978 by Chairman and Chief Executive Officer Alan B. Miller.
Briefly explain why you believe Robert feels he should or should not report to the NTSB. | He should report to the NTSB. It is everyone’s responsibility to tell the truth. Robert either. | Question #6 | Assume that Robert reported the problem to the NTSB and that he has applied for an accounting position with your company.
Swartz and Kozlowski bought many properties and art collection on top of giving themselves unjustified compensation packages without the approval of the board of director. The two executive take advantage of company loan programs and concealing bonuses and salary. Prosecutor is charging Swartz and Kozlowski with stealing money totaling $170 millions since 1999. The actions of these company executives come out from the expense of shareholders. Swartz and Kozlowski are also accused of inflating company stock prices and pocketed over $430 million dollars.
government has accumulated so much debt that it is absolutely suffocating the U.S. economy” (Snyder, 2010). “Traditionally, about 75 percent of all new jobs are created by small businesses. But today, hundreds of thousands of small businesses are being strangled out of existence by all of the oppressive taxes, fees, rules, regulations, paperwork and demands that government keeps imposing on them” (Snyder, 2010). It is hard almost getting close to impossible for small businesses to prosper, and if small businesses can’t succeed, then there are not going to be any more jobs created. During all these years has become dramatically stacked in favor of large businesses.
These institutions borrowed billions of dollars to purchase companies they weren’t experts in, allowed no money down mortgages, and used financial devices to calculate exactly how much they could lose if things went wrong so they needed little money on hand in reserve. However, in 2007 and 2008 when interest rates began to rise, asset prices fell, and borrowers couldn’t pay off debts the “Dumb Money era” crashed and burned and took the American economy down with it. The government and taxpayers are now responsible for paying off the $700 billion bank and financial institution bailout, along with many companies needing to shut down and lay off thousands of workers as well. Alan Greenspan appeared before congress in 2009 to discuss that after reevaluating his theories on which the “Dumb Money” era was based on (low interest rates, unregulated markets, and the ability to use debt instruments to manage risk) he found an error in his judgment. Gross believes that if we continue to listen to people like Alan Greenspan, another “Dumb Money” age may