The 2002 Corporate Scandals That Rocked Wall Street Were Manufactured Events by the New World Order Elite to Convince Us We Needed More Government Control.
A wave of 2002 corporate scandals stunned the nation as major corporations like Tyco, Kmart, Halliburton, and Adelphia crippled the market and faced extinction.
After the Enron scandal paved the way with its behemoth accounting fraud, poorly managed corporations that had been cheating on their financial records followed suit the following year.
Thanks to massive deregulation they imploded into themselves, taking down shareholders in the process.
What ensued were cries for justice and further control from the government.
The Kenneth Lays and Andrew Fastows of the corporate world began to bring down corporations like Kmart and MCI Inc. by lying on their financial documents and robbing their shareholders of money.
Enron, Tyco, WorldCom, Adelphia and other corporations’ officials faced jail time for the seriousness of the white collar crimes they had committed.
Corruption has long been a part of doing business in the United States as well as around the world.
The global banking elite who control the multi-national corporations manufactured these crises so the people would call for more government control and intervention.
The elite also buy our elected leaders and thereby control our nation as they do most others.
When news of corruption comes out it is because the elite want it to and it serves a purpose of theirs.
Before the 2002 Corporate scandals
A year before the 2002 corporate scandals became all the rage throughout the nation it was the infamous Enron debacle that caught the attention of the nation.
The company went bankrupt in 2001 after its stock dropped from $90 per share to $0.50 per share after it was learned many of the corporation’s losses were not reported.
Enron CEO, Ken Lay, filed fraudulent tax forms for the company throughout all of 2000, all the while selling his own shares in the company.
Enron President Jeffrey Skilling lied to investors about the state of the company throughout 2001.
While committing acts of fraud and lying to the investors, the company heads were selling stock left and right while prices continued to plummet.
CEO Kenneth Lay began to sell his shares in 2000.
In 2001, CEO of Enron Xceletaror Lou Pai sold more than a million shares, Enron counsel Jim Derrick sold 160,000 shares, CEO of Enron Broadband Services Ken Rice sold nearly 400,000 shares, Director Robert Belfer sold 209,000 shares, Jeffrey Skilling sold 500,000 shares and did so all before Enron stock became nearly worthless by the end of the summer.
The 2002 Corporate Scandals
Enron did not go down by itself, it brought with it Arthur Andersen, one of the largest accounting firms in the nation.
The firm’s top officials, Nancy Temple and David Duncan, were indicted for obstruction of justice for shredding documents related to the Enron audits which, in essence, closed down the company.
Adelphia, one of the largest cable providers in the country, collapsed after one of its owners and initial founders chose not to disclose that the company had $2.3 billion in debt they had not revealed in their balance sheets.
Arthur Andersen was not gone. In 2002, the Halliburton Corporation was sued for inflating their profits using accounting tricks.
Their accounting was done by Arthur Andersen and was involved in several other 2002 corporate scandals.
The company was one of the lucky ones and avoided a real hit, paying just $7.5 million in fines.
Kmart went down in a similar way as Enron did. The company’s heads misled their stockholders while selling their own stock and pocketing a ton of money.
Kmart officially declared bankruptcy in January of 2002. Tyco was nearly brought down by the actions of one person, their CEO.
Dennis Kozlowski was charged with pocketing $150 million dollars while defrauding investors of nearly half a billion dollars.
Fallout from the 2002 Corporate Scandals
Enron President Jeffrey Skilling was convicted on charges of conspiracy, fraud, and insider trading and sentenced to more than 24 years in prison and a $45 million fine.
Enron CFO Andrew Fastow was sentenced to six years in prison for conspiracy, fraud, and insider trading.
Enron founder and CEO Kenneth Lay had been convicted but died of a heart attack before he was sentenced.
The Rigas family that owned Adelphia were all charged for hiding the $2.3 billion debt.
Owner John Rigas and his son Timothy Rigas were indicted and convicted.
John Rigas received a 15 year sentence while Timothy was sentenced to 20 years in prison.
Dennis Kozlowski, who defrauded the Tyco Corporation and its shareholders of $400 million, was sentenced to serve from more than eight years to twenty five years in jail.
The biggest fraud case came from WorldCom whose CEO Bernie Ebbers managed to defraud investors of more than $11 billion. Ebbers was sentenced to serve 25 years in prison.
These henchmen were simply the fallout from the banking elite’s plan to call for more government.
The shareholders suffered enormously, many losing every penny they had.
The New World Order elite are ruthless and have stopped at nothing to achieve their one world government.