According to business magazine Fortune, directors at Enron, Qwest and Global Crossing sold shares prior to the collapse of their companies. The biggest seller was Qwest director Phil Anschutz, who cashed in £1bn worth of shares three years ago.
Global Crossing’s chairman sold £330m while Lou Pai, director of Enron, collected £180m from his shares prior to the energy giant’s collapse.
The news comes as US company directors prepare to take an oath certifying their accounts are accurate. Companies will have until August 19 to make their pledge following the Sarbanes-Oxley Act passed last week.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements