Accounting scandals

Source: Wikipedia. Pages: 49. Chapters: Enron, MCI Inc., Arthur Andersen, Nortel, Bank of Credit and Commerce International, Lloyds Banking Group, Al-Yamamah arms deal, Anglo Irish Bank hidden loans controversy, Barry Minkow, Lloyds TSB, CUC International, Satyam scandal, Enten controversy, Financial scandal in the Orthodox Church in America, PurchasePro, Livent, Garth Drabinsky, San Diego pension scandal, Brent Walker, Yield Burning. Excerpt: Nortel Networks Corporation (: NRTLQ), formerly known as Northern Telecom Limited and sometimes known simply as Nortel, was a multinational telecommunications equipment manufacturer headquartered in Mississauga, Ontario, Canada. On January 14, 2009, Nortel filed for protection from creditors in the United States, Canada, and the United Kingdom, in order to restructure its debt and financial obligations. The period of bankruptcy protection has been extended to December 14, 2011. In June 2009, the company announced it would cease operations and sell off all of its business units. In 1882, a mechanical department was created within Bell Telephone Company of Canada to manufacture telephones and telephone equipment for Canada, due to restrictions on importing telephone equipment from the United States. In addition to phones, four years later, the department started manufacturing its first switchboard, a 50 line Standard Magneto Switchboard. The small manufacturing department expanded yearly with the growth and popularity of the telephone to 50 employees in 1888. By 1890 it transformed into its own branch of operations with 200 employees and a new factory was under construction. As the manufacturing branch expanded, its production ability increased beyond the demand for phones, and faced closure for several months a year without manufacturing other products. This was a problem because the Bell Telephone Company of Canada charter would not allow them to build other products. So in 1895, Bell Telephone Company of Canada was required to spin off its manufacturing arm to build phones for sale to other companies as well as other devices such as fire alarm boxes, police street call boxes, and fire department call equipment. This company was incorporated as the Northern Electric and Manufacturing Company Limited. "The Northern Electric and Manufacturing Company" Limited, was incorporated on 7 December 1895, by the following Corporate Members/Board of Directors: Charles Fleetford