|waste management scandal story||1.19||0.5||5891||3|
In 1998, Waste Management was involved in the largest accounting scandal involving an American company to date. Under the company’s founder and chairman Dean Buntrock, Waste Management implemented unsavory accounting practices which directly inflated the company’s net income by $1.7 billion in 1998.What was the waste management accounting scandal?
Waste Management Inc. is a waste company founded in the year 1968 by Larry Beck in the USA. Various frauds were discovered in the company in the year 1998 which were happening since 1992. The various Board members and officers of the company were found to be manipulating the company's accounting books.What was the waste management scandal of 1998?
The reason why the Waste Management, Inc. 1998 scandal occurred was in an attempt to meet predetermined earnings targets by expanding profits and pushing down or foregoing expenses. Revenues were not increasing as fast as they should have been.