The Scandal Of Healthsouth Corporation Scandal - 1419 Words

Introduction Organizational misconduct is the chief cause behind corporate accounting scandals. The trusted executives of the corporation participation in actions during a scandal are corrupt, unethical, and illegal. In the United States, the Securities and Exchange Commission (SEC) is typically the government agency that investigates such scandals. One of the most notorious corporate accounting scandals in the United States is the HealthSouth Corporation scandal of 2003. HealthSouth Corporation is one of the United States largest healthcare providers with locations nationwide. A deeper inspection of the HealthSouth scandal is needed to understand how it transpired by assessing how it was executed, the accounting issues and root of the issue, how it was exposed, the results to the company and its main contributor, and ramifications as an outcome of the scandal. Scandal Overview In 1984, Richard Scrushy founded HealthSouth in Birmingham, Alabama. Scrushy was the company’s Chairman and Chief Executive Officer (CEO) when the company went public in 1986. HealthSouth grew quickly over the next several years. Shortly after HealthSouth went public, it is alleged that Scrushy instructed senior staff to materially inflate the company’s earnings to match expectations. In 2002, the first sign of troubles occurred when Scrushy sold $75 million of HealthSouth stock days before HealthSouth announced a large loss. After this the SEC began to investigate if any insider trading laws hadShow MoreRelatedThe Scandal Of Healthsouth Corporation Scandal1391 Words   |  6 Pagesmisconduct is the chief cause behind corporate accounting scandals. The trusted executives of the corporation participation in actions during a scandal are corrupt and illegal. In the United States, the Securities and Exchange Commission (SEC) is typically the government age ncy that investigates such scandals. One of the most notorious corporate accounting scandals in the United States is the HealthSouth Corporation scandal of 2003. HealthSouth Corporation is one of the United States largest health care providersRead MoreCase Study: Healthsouth Corporation Scandal1521 Words   |  7 PagesAnna James Case Study: HealthSouth Corporation Scandal Week3 Forensic Accounting: Ethics and Legal Environment Professor Erskine Hawkins HealthSouth Corporation is a large, public healthcare company that operates 93 inpatient rehabilitation hospital, 49 outpatient rehabilitation satellites, six long-term acute care hospitals, and 25 home health agencies. According to the company websites, it is â€Å"one of the nation’s largest healthcare providers specializing in rehabilitation†.5 The companyRead MoreHow Corporate Scandals Crush the Company, Investors, and Economy1333 Words   |  5 PagesTracing back the history of accounting scandals, major corporate scandals not only hurt the economy but also crush investors’ confidence on investing in companies. For example, the Enron scandal, the WorldCom scandal, and so on. The majority of corporate scandals are created by greedy corporate senior officers. One way to create a scandal is â€Å"cooking the books†. Cooking the book is an accounting term which means making false financial statements in order to meet the number that investors or banksRea d MoreThe Accounting Scandal of Healthsouth - Essay912 Words   |  4 PagesThe Accounting Scandal of HealthSouth HealthSouth Corporation is based in Birmingham, Alabama, it is the largest provider of rehabilitative health care services. It operates in 26 states in the United States of America and in Puerto Rico. HealthSouth provides rehabilitation hospitals, long term heightened care hospitals, outpatient rehabilitation satellite clinics and home health agencies. HealthSouth was found by Richard Scrushy in the year 1984 and was calledRead MoreThe Sarbanes Oxley Act Of 20021423 Words   |  6 PagesThe audit world was transformed more than ten years ago due to a series of accounting scandals. This change took place when The Sarbanes–Oxley Act of 2002, otherwise known as SOX, was passed affecting not only business entities but also the firms that audit those companies (Thomas). One of the companies whose fraud was unmasked by the passage of SOX was HealthSouth Corporation. A company in the healthcare industry who had overstated about $2.7 billion dollars in earnings since 1996. The company’sRead MoreHealthsouth1309 Words   |  6 PagesINTRODUCTION HEALTHSOUTH Corporation (HEALTHSOUTH) began its rise in 1984 when Richard Scrushy, Aaron Beam, and other close associates formed the HEALTHSOUTH Empire with venture capital from New Enterprise Associates of Baltimore. In the beginning, Richard Scrushy was the chief executive officer (CFO), Aaron Beam was named the chief financial officer (CFO) and William Owen, an accountant from Ernst and Young, assumed the position of comptroller. HEALTHSOUTH went public in 1986 and began rapidlyRead MoreHcs 4051142 Words   |  5 Pagesaudit conducted by PricewaterhouseCoopers concluded that HealthSouth Corporation s cumulative earnings were overstated by anywhere from $3.8 billion to $4.6 billion, according to a January 2004 report issued by the scandal-ridden health-care concern. HealthSouth acknowledged that the forensic audit discovered at least another $1.3 billion dollars in suspect financial reporting in addition to the previously estimated $2.5 billion. The scandal s postmortem report f ound additional fraud of $500 millionRead MoreThe Sarbanes Oxley Act Of 20021530 Words   |  7 Pagesthe Enron scandal the government had created a new law called the Sarbanes-Oxley Act of 2002. This law was put into place to put more responsibility onto the public accounting firms and not letting company executives violate any information for investors (Larry Bumgardner). The law also allows the Securities and Exchange Commission to oversee more corporate governance of company’s financial records. The Securities and Exchange Commission was given the power to freely investigate corporations or accountingRead MoreThe Anatomy Of Corporate Fraud Essay845 Words   |  4 Pagescomparative Analysis of High Profile American and European Corporate Scandals. The abstract discusses the analysis conducted on the three major American accounting scandals; Enron, WorldCom, and HealthSouth, and compares to the three major European accounting scandals; Parmalat, Royal Ahold, and Vivendi Universal. Bahram Soltani (2014), also discusses within the abstract the different areas reviewed regarding why the accounting scandals occurred; ethical climate, tone at the top, bubble economy and marketRead MoreEthical And Legal Perspectives, What Do You Feel Business? Learned From The Scrushy Situation?972 Words   |  4 Pagescheating happening and who is heading the deception? Behind every crime, there is a ringleader or a group of individuals calling the shots. In this case, Scrushy was the one who told his family meeting members to fix financial records, so HealthSouth to meet or exceed the business financial goals. A person from the beginning may have the objective to cheat; others get sucked into the whirlpool of white-collar crime. Corporate fraud is rampant, and it is becoming a part of our culture. We expect

`` Framed By Gender How Gender Inequality Persist Within...

Cecilia Ridgway, in â€Å"Framed by Gender: How Gender Inequality Persists in the Modern World,† holds that gender exists as an organizing social force. We value certain stereotypes of how people of a certain gender should act and incorporate these expectations into our social relations. Men, Ridgeway explains, are typically viewed as having more â€Å"competence, assertiveness, confidence, independence, forcefulness, and dominance† (Ridgeway, 2011) in social relations. Women, on the other hand, are viewed as valuing â€Å"emotional expressiveness, nurturance, interpersonal sensitivity, kindness, and responsiveness† (Ridgeway, 2011). According to Ridgeway, these gender stereotypes are basic knowledge in the contemporary United States and, therefore, are present in most social interactions. Their presence is explained by Erving Goffman’s On Face-Work. Here, Goffman asserts that during human contact and exchange, people tend to adopt â€Å"faces†: ima ges of â€Å"self-delineated in terms of approved social attributes† (Goffman, 1955:1). Since it is approved and encouraged that males adopt masculine attributes—like toughness, â€Å"assertiveness,† and so forth—men tend to adopt this face. Likewise, because it is approved for women to show sensitivity, kindness, perhaps even complacency, women often act out this face. Ridgeway uses this concept of face-work to explain why women so often fulfill nurturing social roles, like mothering, nursing, and secretarial positions, while men take leadershipShow MoreRelatedConflicts of Race, Class and Gender Under the Hidden Patriarchal System on Dance Moms2951 Words   |  12 Pagescontent analysis, I examine the important exchange of power between the female groups and answer the question, â€Å"How do these females negotiate power and manage conflict?† The content analysis revealed three ways the mothers tried (usually unsuccessfully) to negotiate power w ith Abby: claiming motherhood, accentuating their gender, and using money. The first two of these ways relate to gender and the second relates to class both of which I theorize in depth. Both an empirical approach and feministRead MoreSocio-Cultural Development17197 Words   |  69 Pagesenvironment Paul Wetherly Contents Introduction: what is the social and cultural environment? 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How did Hitler gain power in Germany by 1933 free essay sample

Following the collapse of the Weimar government, Hitler managed to gain dictatorship over Germany by 1936. In fact it took Hitler just around 18 months, between February 1933 and August 1934, so how did Hitler gain autocracy over Germany so quickly? I am going to start with how the Germans had fear of Germany becoming a communist country like Russia. At the end of the war, many people hoped that democracy would spread to most countries of the world. They did not want to be controlled by a dictatorship which would lead them into a communist country. Another factor that assisted Hitler to gain power in Germany by 1933 was how Hitler wanted to demolish the Treaty of Versailles. We will write a custom essay sample on How did Hitler gain power in Germany by 1933? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This is a long term factor as it was enforced after ww1, to penalize Germany. The Germans hated the Treaty of Versailles and Hitler accused the communists, Jews and the Weimar Government for being responsible. This was an advantage for Hitler as he promised to destroy the Treaty of Versailles. This factor is political as it involves the Weimar Government; it is also economical as the Treaty of Versailles was the foundation for Germany undergoing depression, however this is also a social factor due to the fact that Hitler told the German people that he would get rid of the TOV. This factor clearly links to the ‘Wall Street Crash and Great Depression, because if the Treaty of Versailles was never emplaced Germany would never have undergone the great depression. The depression of 1929 created poverty and unemployment, which made people angry with the Weimar government. People lost confidence in the democratic system and turned towards the extremist political parties such as the Communists and Nazis during the depression. This is a short term factor that helped Hitler gain power by 1933. On Tuesday 29th October 1929, the American Stock Market, Wall Street, crashed. As a result, 659 banks crashed in America in 1929, 1352 in 1930 and 2294 in 1931. America recalled loans from Germany that had been negotiated under the Dawes Plan (1924). Germany now had to pay back these loans and had to pay reparations. For these reasons, the worldwide economic depression that followed the crash affected Germany particularly badly. In 1930 there were 3. 5 million unemployed in Germany. This rose to 5 million in 1931 and 6 million in 1932. The unemployed were given food and shelter in Nazi hostels and then became part of the SA. The unemployed were given food and shelter in Nazi hostels and then became part of the SA. Von Papen and Hindenburg realized that a strong man who was backed with popularity in the Reichstag was needed in such a crisis, which is why they eventually appointed Hitler chancellor. Without the Great Depression, it is unlikely that Hitler would have risen into power. This unexpected event which Hitler had no control over was one of the most important reasons why he became chancellor. This factor is economical as Germany had to pay ? 6. 6 billion in reparations; however this is also social as 6. 1 million people were unemployed in Germany. This factor links in to elections as without the Wall Street crash Hitler would have never had been able to blame the Weimar government. So now we look at how the elections helped Hitler rise to power in Germany. This is another short term factor. By July 1932 Nazis gained 230 seats in the elections. Hitler demanded position of chancellor, the only way Hitler was able to force Hindenburg into making him chancellor was taking advantage of the Reichstag Fire which was to warn of a communist revolution. Hitler decided to pass the Enabling Act which made him dictator; however this also meant that Hitler could now pass laws without the approval of the Reichstag. When Hindenburg died in 1934 Hitler took his place and therefore had unquestioned and unchallenged control. However Hitler could have never been chancellor unless Hindenburg appointed him, no matter how many seat his party gained in the Reichstag. This factor is political as the Nazi party gained 230 seats in the Reichstag. This factor also links to the appeal of the Nazi party as the appeal of the Nazi party is what caused people to vote for the Nazis. We are now onto the ‘Appeal of the Nazi party’ and how that boosted Hitler’s chance of gaining power in Germany. The Nazi party was the peoples party. It tried to win everyones support. Hitler would deliver speeches to German audiences in halls or sport stadiums. Groups such as the S. A and Hitler Youth gave sense of belonging and pride to all the Nazi’s audience. This factor is a social factor as it involves all groups of people to support and vote for the Nazi party. This factor links to Hitler’s ideas due to the fact that once Hitler’s ideas were emplaced he needed to appeal to the audience. Hitler’s ideas were a key importance of what made his party strong. The Nazi programme appealed to all sections of society. Some of Hitler’s main ideas are: National Socialism, Racism, Living space and strong government. This is a long term factor as it must have been time consuming for Hitler to rein validate his ideas. This is political as Hitler enforced his ideas into the Nazi party programme. This factor links to propaganda as Hitler needed propaganda to get his message and ideas across. The use of propaganda helped Hitler gain power in Germany by 1933; it is long-medium factor as it took time to Dr Josef Goebbels was responsible for propaganda from 1928 onwards. Posters, Radios, Newspapers and Rallies got messages across to large numbers of people. A very popular poster that was used is: â€Å"Arbeit una Brot† (work and Bread) made more people vote for the Nazis. This is because of the enormous amout of unemployment which is linked to the ‘Wall Street Crash’. This is political as all types of propaganda used included a political message. The last factor is Hitler’s personality and skills. This helped as Hitler had a lot of determination and self – belief. Hitler’s personality also involves aggression and competitiveness. One main skill Hitler was great at was public speaking. This was a very important skill which Hitler had discovered due to the fact that without this no one would listen to him which would mean that possibly he would have never got into the position he did. This is a long term factor as Hitler must have been developing his public speaking skills most of his life. This factor is social as it is a speaking skill; however this is also political as Hitler used his skill to involve himself in German politics. To conclude I believe that the most important factor that helped Hitler gain power was the ‘Wall Street Crash – Great Depression. This is because in my view I think that without the Great Depression the Nazis would never have been able to blame the Weimar Government for not being strong, therefore the Nazi party would not be able to gain control. On the other hand critics could argue that no matter how many seats the Nazi party gained, it wouldn’t matter because Hindenburg was the only person that could appoint Hitler as chancellor.