Chapter 1173

After the WorldCom scandal, although Anxinda claimed that the work of auditors depends on the honesty and integrity of management, no one can accept it at all.

If it all depends on the honesty and integrity of the management, what else should we audit the company for? Such an obvious accounting problem, after changing the audit company, was immediately examined. Anxinda claimed that the world's top audit company, but did not find out?

More people would like to think that, rather than not finding out, Anxinda is complicit with the management of WorldCom, Enron and other companies. Although there is no evidence yet, Anxinda has been put on the hat of impeding judicial justice and fined 500000 US dollars.

It's only half a million dollars. Obviously, it's a drop in the bucket for a top audit company like Anxinda. Their annual audit income is more than that. After all, they are the top accounting companies in the world. In North America alone, how many fixed customers do they have.

The second penalty is the most important one. Anxin shall not engage in relevant business in the United States for five years. As a result, Anxinda had to announce that they would give up all their audit business in the United States and formally withdraw from the audit industry. Five years without customers, why not quit and keep this business?

After that, Anxinda's offices in various parts of the United States began to be cancelled, and the company began to lay off workers on a large scale. The number of employees has changed from nearly 30000 to less than 3000. Before that, nearly 1300 regular clients also terminated their contracts and transferred to other accounting firms.

After the Enron incident broke out, they had a bad faith in Anxinda. Now there's something wrong with WorldCom. Everyone says that there are problems in the accounts of the company audited by Anxinda. Who dares to use Anxinda.

In fact, even if Anxinda has not been punished and not allowed to engage in related businesses, Anxinda will fall from the world's top to ordinary, but now it is more miserable. From international fame to infamy.

In order to cover up their audit problems, Anxinda destroyed part of the audit materials of Enron and WorldCom, both paper reports and electronic documents, which are very important. Obviously, this is really an obstacle to judicial justice. Their downfall today is also their own fault.

WorldCom is finished. The stock price has just rebounded this year, and now it is falling again. Because WorldCom is going bankrupt, along with many companies that do business with WorldCom, the share price has fallen.

For example, NASDAQ is one of WorldCom's major customers. There are also Time Warner, many government departments in the United States and so on.

And there are so many creditors of WorldCom. The accounts they lent to WorldCom are totally unrecoverable.

This also led to the decline of banking stocks, the decline of investment institutions, and then triggered a chain reaction. Once again, the U.S. stock market was unlucky.

Of course, in addition to the bad luck of investors, xiaobushi also felt extremely bad.

Ma Dan, he just turned the economy around a little bit. Relying on so many contracts signed between Chinese companies and foreign countries, he stabilized the stock market. As a result, he just went abroad for a visit, and TM went wrong again!

What about Enron or WorldCom? At the beginning, they were all competitors who supported him. They were also loyal supporters of Clinton. They used it together with you to cheat money. Now let me carry the black pot?

Many state pensions are invested in shares of Enron, WorldCom and other companies. Even if they don't invest in these two companies and other companies, isn't it because the stock market has fallen sharply and lost money?

The state pension lost hundreds of millions of dollars at most and tens of millions of dollars at least, which is a big event that can shake the position of small cloth.

Xiaobushi wants to clean up WorldCom, but WorldCom has nothing to clean up. It's doomed. So xiaobushi looks at other customers of Anxinda.

If it can be proved that the previous boom was a false one, it may be able to increase his support rate.

In the case of a strict investigation by xiaobushi, some problems were found out among the customers of Anxinda.

Of course, it's all about finance, and it includes several top 500 companies in the world. For example, more than a dozen companies, such as tech international, kaimat, Tongyong electric, shile, etc., let Feng Yu not expect that they even include Microsoft!

As for those beyond the top 500, there is also one.

After this news burst out, not to mention that the stock prices of Microsoft and other companies began to fall, the entire stock market of the United States, including the Asian and European stock markets, fell in an all-round way on the same day.

Of course, on the U.S. side, the biggest drop was in Europe, followed by Asia. The average decline in Asia was about 3 percent, in Europe it was about 5 percent, and in the US it was more than 8 percent.

It's only a day. It seems that the decline will last for some time.

Small cloth ten silly eyes, he felt to lift the stone to hit his own feet. At first, he just wanted to transfer the public's criticism to his predecessor, colington. But now there are too many scandals, bank fraud, securities analysts deliberately mislead consumers and so on, all of which have been reported.

At this time, the United States is in need of new impetus to promote their economic recovery. The continuous exposure of corporate financial scandals, including those of banks and securities companies, has hit the economic recovery of the United States very hard.With a lot of investors, the confidence of the whole American investment market has been lost. Without these funds, it is difficult for the stock market to rebound. How can the economy recover? Including treasury bonds, were sold off in large quantities.

The US stock market is in the worst bear market!

However, the stock markets in Europe and Asia have stabilized after a few days of decline. Those funds withdrawn from the United States have been invested in these places.

Little cloth ten this investigation, the most unlucky is the United States!

Now people say that the CEO of the company in the United States is not credible, the accounting firm is not credible, and the securities analysts are not. Maybe God is the only one who can believe.

Most of the CEOs of those companies with financial problems also have problems. Many people say that some companies, such as Microsoft and others, make profits explicitly because of the worship of CEOs and personal heroism in the American society. This is very undesirable and must be saved.

In order to save the market, Xiao Bushi has issued a new policy, which requires all CEOs and CFOs with revenues of more than US $1 billion last year to guarantee in writing that the latest financial statements of the company are correct. In this way, if the financial statements are still wrong, they will face civil litigation for fraud, even criminal litigation for political axe!

Wall Street supports this kind of practice, and the Dow Jones index rose more than 300 points on that day after the policy was introduced.

Feng Yu doesn't care much. He is meeting with Ralph with the chairman of Chaowei semiconductor.

…… (to be continued. )