Corporate Cleanups

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In the two years since Enron's collapse, a host of companies have followed it into Chapter 11, or infamy, or both. Business may be bad for the corporate executives who are struggling with the aftermath of white-collar crime and bankruptcy but for the corporate cleanup industry, business is good.

In the feature story of our special report, senior editor Marie Leone takes a wide-ranging look at the litany of corporate scandals and the efforts to repair the damage. The editors of then focus on the lessons learned from five cases of corporate remediation.

Stronger Than Dirt
The litany of corporate accounting scandals is wide-ranging, some might say ingenious. Efforts to repair the damage -- and to guard against scandals in the first place -- must be even more so.


Kmart: Out of the Box?
Even if the company's accounting scandal was a one-off occurrence, Kmart must still overcome the legacy of what many see as major strategic misstep. One in a series of ''corporate cleanup'' profiles.
MCI: Ringing in Reform
When the audit committee chairman foresees ''a substantial amount of work,'' emerging from the biggest bankruptcy in U.S. history may be only half the battle for the company formally known as WorldCom. One in a series of ''corporate cleanup'' profiles.
Time Warner: Branded Again
Despite accounting miscues, Time Warner's balance sheet appears healthy, and the company's attention will focus more on governance and investor confidence and less on cash flow and finances. One in a series of ''corporate cleanup'' profiles.
Tyco: The Long Haul
Cleaning out the executive suite, and identifying breakdowns in financial control, are a start; now Tyco must adhere to a long-term blueprint for change. One in a series of ''corporate cleanup'' profiles.
Xerox: New Lease on Life
The copy machine maker has survived a SEC investigation and billion-dollar restatements, and attention is finally shifting from its problems to its products. One in a series of ''corporate cleanup'' profiles.

Adelphia Comes Clean
Can Vanessa Wittman help bring scandal-wracked Adelphia out of bankruptcy -- and back into investors' good graces?
Citi's New Stance
After more than a year of scandal and public penance, Citigroup CFO Todd Thomson is determined to rebuild the reputation of the financial-services giant.
Whistle-Blower Woes
Many companies think the whistle-blower provisions of Sarbanes-Oxley will spark nuisance suits by disgruntled employees. The truth is far more complex.
Sticker Shock
When Congress passed the Sarbanes-Oxley Act of 2002, it didn't worry about how much it would cost companies. Today, CFOs are totting up the compliance bill -- and they don't like what they see.
You Have the Right to an Attorney
But will you be comfortable asking for advice? A new SEC rule governing attorney conduct puts a strain on relations between finance executives and corporate counsel.
Who Rules Accounting?
Congress muscles in on FASB -- again.
File Under 'Nightmare'
Information overload has acquired a regulatory dimension, forcing senior executives to take notice.
CFOs: Risk Magnets
New certification and internal control requirements are heaping new hazards on finance chiefs.
Fraud Squad
Federal investigators are on a crusade to elevate corporate misdeeds to criminal offenses.
Under Pressure
Sarbox is just one of many new regulatory requirements companies face. Can IT help?
Dial ''M'' for Malfeasance
New regulations will require companies to put in complaint systems for employees. But CFOs say setting up good lines of communication can be a real pain.

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