Accounting scandals rock global markets
- From: Vol 3, Issue 7 (July 2002)
- Category: Performer of the month
- Region: Unspecified
- Country: France and United Kingdom
- Related Companies: AWG, Birmingham Utilities, Cadiz Inc, Esval, IBM, Morrison Construction, Pennon/South West Water, Philadelphia Suburban, Schwab Capital Markets, Veolia Environnement (formerly Vivendi Environnement) and WorldCom
Crumbling investor confidence stemming from accounting scandals in the US sent global markets reeling last month.
Major US companies, including WorldCom and IBM, are restating previous earnings figures after admitting questionable accounting practices. The most recent round of scandals underscores the strong ties between US and international markets.
At one point the Dow Jones Industrial Average (DJIA) was off by more than 9.5%, the Nasdaq plummeted 16% – its lowest point in five years – and other ...
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