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Q&A | February 27, 2014

Rene Denfeld: IMG Powell’s Q&A: Rene Denfeld



Describe your latest book. The Enchanted is a story narrated by a man on death row. The novel was inspired by my work as a death penalty... Continue »
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    The Enchanted

    Rene Denfeld 9780062285508

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The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America

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The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America Cover

 

Synopses & Reviews

Publisher Comments:

In this commanding big-picture analysis of what went wrong in corporate America, Alex Berenson, a top financial investigative reporter forThe New York Times, examines the common thread connecting Enron, Worldcom, Halliburton, Computer Associates, Tyco, and other recent corporate scandals: the cult of the number. Every three months, 14,000 publicly traded companies report sales and profits to their shareholders. Nothing is more important in these quarterly announcements than earnings per share, the lodestar that investorsand these days, that's most of ususe to judge the health of corporate America. earnings per share is the number for which all other numbers are sacrificed. It is the distilled truth of a company's health. Too bad it's often a lie. The Numberprovides a comprehensive overview of how Wall Street and corporate America lost their way during the great bull market that began in 1982. With fresh insight, wit, and a broad historical perspective, Berenson puts the accounting fraud of the past three years in context, describing how decades of lax standards and shady practices contributed to our current economic troubles. As the bull market turned into a bubble, Wall Street became utterly focused on "the number," companies' quarterly earnings. Along the way, the market lost track of what companies are really supposed to dobuild profitable businesses with sustainable futures. With their pay soaring, and increasingly tied to their companies' shares, executives were more than happy to give Wall Street the predictable earnings reports it wanted, what-ever the reality of their businesses. Accountants, analysts, money managers, and individual investors played along, while the Securities and Exchange Commission found itself overwhelmed and underequipped to cope with the earnings game. The Numberoffers a unified vision of how today's accounting scandals reflect a broader system failure. As long as investors remain too focused on the number, companies will find ways to manipulate it. Alex Berenson gives anyone who has ever invested inor worked fora public company the tools necessary to see beyond the cult of the number, understand accounting and its limits, and recognize patterns that can lead to fraud. After two decades of stock market hype,The Numberoffers a welcome dose of truth about the way Wall Street and corporate America really work.

Synopsis:

Examines how companies have put too much emphasis on "the number," companies' quarterly earnings, and lost track of their true purpose of building profititable businesses, which has led to accounting fraud and the recent corporate scandals.

About the Author

Alex Berenson graduated from Yale University in 1994, with degrees in history and economics. After working at The Denver Post and TheStreet.com, he joined The New York Times in 1999 as a business reporter specializing in financial investigative reporting. He has three times been named one of the top thirty business reporters under the age of thirty. He lives in New York City.

Product Details

ISBN:
9781588362889
Subtitle:
How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America
Publisher:
Random House
Author:
Berenson, Alex
Subject:
Other Miscellaneous Crimes
Subject:
Corporate Finance
Subject:
Accounting
Subject:
Corporations
Subject:
Corporate & Business History - General
Subject:
Business & Economics-Corporate Finance
Subject:
Business & Economics-Corporate & Business History - General
Subject:
Business & Economics : Corporate & Business History - Genera
Subject:
Business & Economics : Corporate Finance
Subject:
True Crime : General
Subject:
Business & Economics : Investments & Securities - General
Subject:
General
Subject:
Financial statements
Subject:
main_subject
Subject:
all_subjects
Publication Date:
20030301
Binding:
ELECTRONIC
Language:
English
Pages:
274

Related Subjects

Business » Accounting and Finance
Business » Ethics
Business » General
Business » History and Biographies
History and Social Science » Crime » True Crime

The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America
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Product details 274 pages Random House - English 9781588362889 Reviews:
"Synopsis" by , Examines how companies have put too much emphasis on "the number," companies' quarterly earnings, and lost track of their true purpose of building profititable businesses, which has led to accounting fraud and the recent corporate scandals.
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