...Classic Tales from the World of Wall Street“ The book “Business Adventures – Twelve Classic Tales from the World of Wall Street” written by John Brooks was first published in 1969. It consists of twelve chapters concerning business and stock-related matters and issues. John Brooks intended to share his experience and wanted to point out some really important changes in the business world. The author, John Brooks was a writer, who won certain awards. He worked for the New Yorker magazine and his specialty was to illustrate financial topics. Additionally Brooks was the author of various fiction and non-fiction books, which were mostly about business. To name a few of his most famous books: “Once in Golconda”, “The Go-Go Years” and “Business Adventures” are books with mainstream fame. Chapter four of the book „Business Adventures – Twelve Classic Tales from the World of Wall Street“, written by John Brooks, is called „A Reasonable Amount of Time“. A new found mineable body in the Canadian Shield was the cause for a lawsuit, filed against the Texas Gulf Sulphur Company and 13 directors of it. The purpose of the text is to show that defraud will be enforced by the law and the Securities and Exchange Commission. The fifth chapter of the book is called “Xerox Xerox Xerox Xerox”. In the middle of 20th century a lot of companies had the issue that the production of copies came along with high costs and a complicated process. Xerox Corporation, which was based in Rochester New York...
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...Mohammad Salahuddin Chowdhury, Lecturer, Department of Finance, University of Dhaka, who has assigned us a fictional case about a corporate scandal. We choose to work with Xerox scandal that took place in 2002. We use our knowledge of audit while working in this report. Also we learn about the ways of accounting manipulations that took place in the real world. Letter of transmittal 12th Nov, 2011 Mohammad Salahuddin Chowdhury Lecturer Department of Finance University of Dhaka Dear Sir Here is a report on the “Corporate scandal of Xerox Corporation”. In this report we have presented the whole history of the scandal, identified the cause of the mishap and showed the result of the scandal. At University of Dhaka, we appreciate having this assignment. If you need any assistance in interpreting this report or if you have any query, please contact with us on the given mail address starz@yahoo.com Sincerely yours, Shahriar Azad Shashi On behalf of the group 2nd Year 2nd Semester B.B.A 16th Batch Department of Finance. Executive Summary On April 11, 2002, the U.S. Securities and Exchange Commission filed a complaint against Xerox. The complaint alleged Xerox deceived the public between 1997 and 2000 by employing several "accounting maneuvers," the most significant of which was a change in which Xerox recorded revenue from copy machine leases – recognizing a "sale" when a lease contract was signed, instead of...
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...SWOT Analysis on XEROX JOYCE D. DERRY MGT/521 FEBRUARY 13, 2014 UNIVERSITY OF PHOENIX SWOT Analysis on XEROX Xerox Corporation Xerox Corporation was found in 1906 as the Haloid Company in Rochester, New York. The Haloid Company was involved in manufacturing photographic paper and equipment. In 1961, its name was changed to Xerox Corporation. The first xerographic image was created by Chester Carlson (October 22, 1938), a patent attorney & part time inventor in his lab in Astoria, Queens, in New York City. Initially, his invention could not get success. In 1944, Carlson received patent for electrophotography, which was later called xerography. 1947 was the year when The Haloid Company acquired the license for using the invention of Carlson in its copying machine from Battelle Development Corp. of Columbus, Ohio. After some time, Haloid received full rights of Carlson's invention for using it in its copying machines. In 1948, Haloid get the word 'Xerox' trademarked. After the initial success, Haloid changed its name to Haloid Xerox Inc. in 1958, and later it was changed to Xerox Inc. in 1961 (Online Fact Book, 2009). Business Xerox Corporation is involved in manufacturing, supplying and servicing a number of document equipment, services and software solutions. Today, Xerox Corporation is supplying a variety of digital systems such as printing (color & black/white) & publishing systems, fax machines, digital presses, solid & laser ink printers, copier...
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...Xerox Corporation 1 Accounting Ethical Breaches at Xerox Corporation Taiwan Byrd Xerox Corporation 2 Accounting Ethical Breaches at Xerox Corporation Some of the largest accounting frauds in history occurred in the last several years leading to the well-known scandals in the accounting industry. During the early 2000’s accounting scandals were at the forefront of most business circles and rising to an all-time high in record number of cases being reported (Erickson). This raised the public to question and ask one major question are these scandals of fraud directly linked to the lack of ethics in these company or are they just honest mistakes that need to be fixed. Today businesses have made tremendous strides towards cleaning up the scandals. Businesses today have implemented programs that give the public, stockholders, and investors the belief that they want to take the right steps towards improving this negative environment inside major corporations around the world. The company I have chosen to take a more in-depth look at its ethical breaches and the improvements they have made to improve on those breaches is the famous and most illustrious Xerox Corporation. Xerox was cited for what we would call a major infraction back in the early 2000’s for some of their accounting practices in the late 1990’s. Xerox faced with hard competition from up and rising foreign markets and losing a portion of their core small copier business to desktop...
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...Ursula M. Burns, outlined Xerox past and future in her Shareholders letter. Since the acquisition of Affiliated Computer Services five years ago, the company has made move to position itself as a critical service provider to companies in there key business operations. Xerox has targeted fortune 100 level companies to expand into the business operations services arena. (Burns, 2014) Keywords: B2B and critical business processes fortune 100, IT Assignment 2 Reinvention is defined as to make major changes or to improve. (Marriam-Webster, 2015). Xerox has done what some may say is impossible. It has reinvented itself and has trans formed from a copier machines and copy paper to one that supports critical business across multiple platforms. According to CNNMONEY, Xerox was being crippled by a technology shift from copiers to printers for many office documents, and competition for its core business of black and white copiers. Earning reports in the early 2000’s were terrible the company missed its share forecast each quarter. Former CEO Paul Allaire, tried to keep the giant iconic brand afloat to no avail. Xerox was a house on fire and no one could put out. Xerox was experiencing operational issues around the world that they could not find a solution which affected there bottom-line. Chief Operating Officer Anne Mulcahy said "Stabilizing the situation has been our focus and much progress has been made, but achieving renewed growth will take more time." Business analyst was not...
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...FIRST AMENDED COMPLAINT SECURITIES FRAUD Jury Trial Demanded | The Securities and Exchange Commission ("the Commission") alleges for its First Amended Complaint as follows:1. Defendants KPMG LLP ("KPMG") and certain KPMG partners permitted Xerox Corporation ("Xerox") to manipulate its accounting practices and fill a $3 billion "gap" between actual operating results and results reported to the investing public from 1997 through 2000. The fraudulent scheme allowed Xerox to claim it met performance expectations of Wall Street analysts, to mislead investors and, consequently, to boost the company's stock price. The KPMG defendants were not the watch dogs on behalf of shareholders and the public that the securities laws and the rules of the auditing profession required them to be. Instead of putting a stop to Xerox's fraudulent conduct, the KPMG defendants themselves engaged in fraud by falsely representing to the public that they had applied professional auditing standards to their review of Xerox's accounting, that Xerox's financial reporting was consistent with Generally Accepted Accounting Principles ("GAAP") and that Xerox's reported results fairly represented the financial condition of the company. There was no watchdog at Xerox. KPMG's bark sounded no warning to investors; its bite was toothless.2. KPMG's foreign affiliates in Europe, Brazil, Canada and Japan, and even KPMG auditors at Xerox's U.S....
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...Culture of Xerox Organization BUS520 11 February 2014 Culture of Xerox Organization Xerox is an American multinational company with its headquarters based in Norwalk, Connecticut. Along came Joseph C. Wilson, who bet his family’s business on Carlson’s invention. As the company’s founder and the first chairman of Xerox, he was a man of deep social consciousness long before the phrase was part of the language of business, to promote a health environment. Xerox's rich heritage is based on customer-focused and employee-centered values that help deliver profitability and growth. Because of their commitment to customer-focused it has cause a diversity of culture to sustain the greater good of the company. The company does not look at the person it looks at what the person has to offer is why the company has thrives. Company Overview The company was established in 1906 as a photographic paper and related equipment company under the name The Haloid Photographic Company. In 1958, the company changed its name to Haloid Xenon and later to Xerox in 1961 (Hoover's, 2013). Joseph C. Wilson communicated a set of core values in 1960, less than a year after he launched the modern-day Xerox that focused on customers, our people, excellence, innovation and, behaving responsibly as a corporate citizen. Xenon was derived from xerography, which refers to the technology of dry printing. Through the world's leading technology and, services in business process and document management...
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...Xerox Corp, Case 4.5 1. Comparing HP’s products to Xerox’s, one can observe that HP offered a wide variety and range of products whereas Xerox provided more depth with regards to print and copy merchandise. While comparing financial ratios of the two companies for the year 2000, the following ratios clearly stood out: HP had a return on equity of 0.23, while Xerox’s return on equity was -.09. A negative return on equity would be extremely alarming. HP’s profit margin was .08 while Xerox’s was -.02; another alarming figure. Although the books made it seem like Xerox had more financial leverage and a better current ratio, the case explained why that was not the case after all, considering the flaw in Xerox’s financials. Another important factor to consider is that HP was reporting positive cash flow, while Xerox was not. The difference in reported earnings versus cash flow should have also raised a major red flag as far as Xerox’s financials. 3. Incentives: * Maintain high stock price. * The business environment was changing faster than Xerox could keep up. They needed to make it seem like they were keeping up just fine. * Overseas competition was getting stiffer and Xerox again was unable to keep up. Opportunities: * Leases may be a rather complex subject and may also be subject to differing estimates. This presented a loophole for Xerox. * Even though KPMG may have been uncomfortable with Xerox’s doings, Xerox was able to pressure KPMG to allow them to...
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...Xerox Corporation was founded in 1906 in Rochester, New York. Xerox manufactures and sells a wide range of color and black-and-white printers, multifunction systems, photo copiers, digital production printing presses, and related consulting services and supplies. Xerox is headquartered in Norwalk, Connecticut. Barry D. Romeril, Xerox’s chief financial officer (CFO) and Paul Allaire, Xerox’s chairman and corporate executive officer (CEO) were leading Xerox through a difficult period in the late 1990’s. During this time Xerox was faced with tough competition from foreign markets while losing a large portion of their small copier business to desktop printers. During this period, Xerox also lost millions of dollars on their diversification effort into insurance and financial services. In spite of that, Mr. Allaire and Mr. Romeril continued to keep Xerox’s stock prices and earnings high. By the mid-1990s Xerox management had decided they were going to have their accountants come up with creative accounting if they were going to continue to show the Wall Street and their stockholders that they were still able to meet their earnings expectations (SEC Release No. 18174, 2003). Xerox revealed in 2002 that over the last five years prior to 2002 it had improperly classified over $6 billion in revenue which led to an overstatement of earnings by $2 billion. The Securities and Exchange Commission (SEC) was investigating Xerox and it charged the company with accounting manipulations...
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...Integrating Culture and Diversity in Decision Making: The CEO and Organizational Culture of XEROX Tamico Little BUS520 Leadership and Organizational Behavior Professor Laura Jones Strayer University October 28, 2013 Integrating Culture and Diversity in Decision Making: The CEO and Organizational Culture of XEROX Company Overview Xerox is an American multinational company with its headquarters in Norwalk, Connecticut. The company was established in 1906 as a photographic paper and related equipment company under the name The Haliod Photographic Company. In 1958, the company changed its name to Haliod Xenon and later to Xenon in 1961. The name Xenon was derived from xerography which refers to the technology of dry printing. Xerox has a joint venture with Fuji Photo Film Company. Xerox also has subsidiaries like Xerox India and NewField IT. The company is presently engaged in a wide range of document and technology solutions including photocopiers, printers, document supplies and office technology consultancy services. According to Hoover's (2013) Xerox has grown from just a document company to both an information technology and document outsourcing company. Xerox's Organizational Culture In my view, Xerox has embraced the culture of diversity, opportunity and inclusion (Xerox, 2009). Xerox believes that employees bring to the organization different ideas and perceptions. These assets help employees from a diversity of backgrounds and cultures to create innovative solutions...
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...TITLE OF THE ASSIGNMENT: ________________________________________ NAME :____________________________________________________________ __ INSTRUCTOR NAME:_________________________________________________ COURSE TITLE:________________________________________________________ DATE:____________________________________________________________ _____ Discuss how human resource professionals can ensure that top organizational leaders encourage managers and employees to follow laws and guidelines. The thing that the HR professional talks about the leaders is abiding by the federal laws, and how does it affect the bottom line. Human resource professionals will conduct training on how organizational profits can be protected, and this will encourage top leaders to follow laws and to encourage others to do it as well. General Electric has documented it and said it this way, “Identify appropriate managers with sufficient authority to assure that effective equal employment opportunity and affirmative action plans, programs and practices are developed and implemented, and measured at least annually”. The federal government oversees the hiring of workers and the protection of those workers in organizations that do business with the government. If these laws are somehow manipulated by the organizations planning and implementation by their procedures, possible sanctions or contacts canceled will hurt the profits of that organization. An understanding of that by the leaders will...
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...Culture, Leadership and Staffing at Xerox Leadership After much reorganization and movement of leadership, Anne Mulcahy took over the helm of Xerox. Anne was a popular 24-year Xerox veteran promoted to president and chief operating officer when her predecessor Thoman was fired. Anne was a straight talker. She was very decisive in her decision making and took responsibility when she made an error. So much so that analysts were astonished Anne when conceded that Xerox had ''an unsustainable business model.'' However, Mulcahy later backed away from this statement, saying that she meant only that the company needed to cut operating costs and redirect investment from money-losing to high-margin businesses. Bloomberg magazine report on June 14 2001, Anne M. Mulcahy announced that the company was killing its entire line of desktop inkjet printers--a one-year-old business that employed 1,500 people worldwide and had been championed by Mulcahy herself. Mulcahy said that effective communication was perhaps the single most important component of the company's successful turnaround strategy. she emphasized the importance of listening to customers and employees. As CEO, Mulcahy spent the first 90 days on planes traveling to various offices and listening to anyone who had a perspective on what was wrong with the company. I think if you spend as much time listening as talking, that's time well spent. "When your organization is struggling, you have to give people the sense that...
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...Case – Xerox Issue: Four generation which currently appears in U.S. workforce, interact very little. Question 1 Communities of practice, which tend to be technology-based can bridge the generation gap and allow knowledge sharing between the generations of employees at Xerox. This gap can be filled by thinking about why people learn and allow knowledge sharing? Does learning happen to improve job performance only or organizational commitment? Another problem that Xerox employees need to work on to bridge this gap and allow knowledge sharing is to think about faulty perceptions. Because faulty perceptions increase the gap between generations therefore it does not allow knowledge sharing. Other than faulty perceptions, decision making problems include limited information, stereotypes, faulty attributions and escalation of commitment. A few examples of communities of practice that can be used to bridge the generation gap is to use: • Online programs • Knowledge sharing workshops • Setting up meetings once or twice a month between generations of employees at Xerox so they can interact even after they move on to a different project. The most important way to bridge the generation gap and allow knowledge sharing is to create something called “Transfer of training”. (Coloquitt, Lepine & Wesson, 2009, p. 281). “Transfer of training occurs when the knowledge, skills, and behaviors used on the job are maintained by the learner once training ends and generalized to the workplace...
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...Xerox Case Study Introduction Communities of practice tend to be technology based and therefore are likely to bridge the generation gap allowing knowledge sharing between the generations of employees at Xerox. Communities of practice are defined as “groups of people who share a concern or a passion for something they do and who interacts regularly to learn how to do it better” (Wenger, E., 2006). These communities bring employees together through social networking to share wisdom and knowledge of highly experienced workers; this type of information is not that of which you can find in a book or manual, it is of pure experience. Throughout the organization at Xerox, there is a gap between the older and younger generation which is preventing knowledge sharing between the two. This gap between the generations is due to flawed perceptions; meaning both generations perceive the other completely opposite of who they actually are based on stereotypes and other beliefs. C.O. P. & Generation Gap In order to overcome this gap, communities of practice should be encouraged throughout the workplace; this will increase knowledge sharing between generations, especially if a community is set up specifically for that organization and its employees. Different forms of communities might include “face to face meetings, online bulletin boards, blogs or even wiki’s” (Colquitt, J., Lepine, J., & Wesson, M., 2011, p. 258). These communities not only pass information between employees, but also...
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...A profitable and successful business on relies fine-tuning of and constantly adjusting the marketing mix using the marketing management process. In today’s hypercompetitive marketplace, when a firm has the right marketing mix chances for success are very good; if the marketing mix is only marginally successful a firm’s future is in doubt. This paper will briefly describe the marketing management process. Next the elements of the marketing mix are described. Along with each element, examples are provided showing how each part of the marketing mix affects the development of an organization’s marketing strategy and tactics. “The marketing management process is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans” (Perreault, Cannon, & McCarthy, 2009, p. 32). Planning activities include setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing a marketing program. Implementing the plan is putting everything into practice. Controlling the marketing plan after implementation includes measuring results, evaluating progress, and adjusting the marketing mix accordingly. Through the marketing management process as part of defining the marketing strategy, a firm defines its marketing mix. When a firm hits on the right combination of the four Ps of the marketing mix, it will enjoy success. The four Ps are “…controllable parameters likely to influence the...
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