Frauds, Swindles, and the Credit Cycle

Charles P. Kindleberger and Robert Z. Aliber

Chapter 9 in Manias, Panics and Crashes, 2005, pp 143-175 from Palgrave Macmillan

Abstract: Abstract The implosion of an asset price bubble always leads to the discovery of fraud and swindles. Enron began its tumble into bankruptcy within a few months of the peak in US stock prices. At about the same time MCIWorldCom began a series of announcements about some financial accounting mishaps that eventually culminated in the largest bankruptcy ever; the firm had overstated investments and understated expenses by $10 billion. The junk bond market collapsed after the increase in interest rates toward the end of the 1980s and the sharp decline in stock prices in October 1987.

Keywords: Interest Rate; Real Estate; Stock Price; Mutual Fund; Stock Prex (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1057/9780230628045_9

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