Accounting scandals in corporate America
A wave of
accounting scandals rocked the corporate America. WorldCom Inc., the No. 2 US
long-distance carrier filed for bankruptcy protection on July 21.This page
collects for you some words that appear in recent media reports.
accounting scandal
财务丑闻 WorldCom Inc., the US long-distance telephone and data services company
embroiled in a .85 billion accounting scandal.
file for bankruptcy protection
申请破产保护 WorldCom Inc. will file for Chapter 11 bankruptcy protection Sunday,
the embattled telecommunications company's chief executive John Sidgmore said.
core / non-core assets
核心/非核心资产 Worldcom will look at selling some of its non-core
assets.
corporate
abuse/crime/cheat/fraud/wrongdoing/misconduct 公司犯罪 The US House of
Representatives took a Senate measure to double corporate crime
penalties.
accounting fraud 假帐 WorldCom Inc
may have taken a giant leap toward bankruptcy in disclosing what appears to be
one of the largest cases of accounting fraud ever - nearly .8 billion in
disguised expenses.
deceptive accounting 虚假帐务 The
telecommunications giant Worldcom disclosed nearly billion in deceptive
accounting.
inflate profits 虚报盈利 WorldCom
admitted June 25 that it falsely accounted for .85 billion in expenses, which
had the effect of inflating profits.
earning report 业绩报表 Xerox Corp
reported a first-quarter net loss of million, or six cents a share, in a revised
earnings report that reflects the effect of stiff global competition and a weak
economy.
financial irregularities
/improprieties 金融违规行为 A week after WorldCom revealed one of the largest
accounting scandals in history, CEO John Sidgmore went to Washington to
apologize and to pledge that financial irregularities are in the company's
past.
Securities and Exchange
Commission证券交易委员会
financial reorganization
金融重组 Worldcom expects to decide whether to pursue bankruptcy or some other
financial reorganization.
debtor-in-possession (DIP)
债务人持有资产 WorldCom moved to finalize a debtor-in-possession funding pact that
would give it money to operate under possible bankruptcy
reorganization.
debt-for-equity swap
债权转股权 Several bondholders also contacted the company regarding a
debt-for-equity swap.
obstruction of justice
阻碍司法 President Bush is proposing to strengthen laws that criminalize document
shredding and other forms of obstruction of justice.
behind the bars 关进监狱 The plan
would raise to 20 years the time behind bars for wire and mail
fraud.
investor confidence 投资信心 House
and Senate negotiators on Friday began crafting compromise legislation aimed at
fighting business fraud and promised swift action to stem the erosion of
investor confidence.
financial statement
财务报表 Andersen said its work for WorldCom was in compliance with accounting
standards and it told WorldCom that the company's 2001 financial statement
"should be relied upon."
pretax/after-tax income
税前/税后收入 On Friday, Xerox said it had overstated its pretax income by 36 per
cent, or .41 billion, during the past five years and its first-quarter earnings
included US5 million in charges on an after-tax basis.
listed company /
delisted company 上市公司/被摘牌的公司 The NASDAQ Stock Market plans to delist the
shares of WorldCom for not meeting the listing requirements.
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