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Accounting Scandals Abstract: Over the last century, American businesses have faced many major crises brought on by corporate accounting scandals. In the face of political pressure from shareholder financial losses and weak investor confidence, Congress and regulators are quick to put forth measures to fix the holes in the system that created the conditions for the fraud to occur. However, each wave of financial fraud is driven by its own unique conditions, and the most recent crisis is always slightly different from the one that preceded it. Thus, the laws and regulations that addressed prior scandals are often incapable of curbing the more modern iterations of corporate fraud. The purpose of this paper is to provide a historical perspective of four major corporate accounting frauds and the most recent law drafted to end corporate accounting scandals, the Sarbanes Oxley Act of 2002. In looking at the past, we also must consider...

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