This history of the major US financial scandals at the opening of the 21st century by Markham (law, Florida International U. at Miami) narrates its topic with detailed coverage of the market
transactions and legal frameworks that formed the basis for the scandals. He first reviews the Enron scandal, discussing the company’s growth and the events that led to its failure, as well as
the aftermath of bankruptcy proceedings and prosecutions. He then explores the role of the Securities and Exchange Commission full disclosure system in corporate governance and the role of
accountants like Arthur Andersen in that system, as well as several examples of disclosure failures involving Rite Aid, Xerox, and other companies. The development and role of fiduciary duties
in corporate governance and the role of the Delaware courts in that process are discussed next. The financial meltdown in the telecom sector and other accounting scandals are then considered,
before the volume concludes with a look at the market recovery that followed the scandals and recommendations of alternatives to the present system of financial disclosure. Annotation ©2006
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