Star Wars is an American epic space-opera media franchise created by George Lucas. The franchise began with the eponymous 1977 film and became a worldwide pop-culture phenomenon; the first film subtitled Episode IV – A New Hope, was followed by two successful sequels, Episode V – The Empire Strikes Back and Episode VI – Return of the Jedi. A subsequent prequel trilogy, consisting of Episode I – The Phantom Menace, Episode II – Attack of the Clones and Episode III – Revenge of the Sith, completed what Lucas called the "tragedy of Darth Vader". A sequel trilogy began with Episode VII – The Force Awakens, continued with Episode VIII – The Last Jedi, will end with Episode IX – The Rise of Skywalker in 2019; the first eight films were commercially successful. Together with the theatrical spin-off films Rogue One and Solo, the series has a combined box office revenue of over US$9 billion, is the second-highest-grossing film franchise; the film series has spawned into other media, including television series, video games, comics, theme park attractions and themed areas, resulting in a detailed fictional universe.
Star Wars holds a Guinness World Records title for the "Most successful film merchandising franchise". In 2018, the total value of the Star Wars franchise was estimated at US$65 billion, it is the fifth-highest-grossing media franchise of all time; the Star Wars franchise depicts the adventures of characters "A long time ago in a galaxy far, far away...." in which many species of aliens co-exist with droids who may assist them in their daily routines, space travel between planets is common due to hyperspace technology. The rises and falls of different governments are chronicled throughout the saga: the democratic Republic is corrupted and overthrown by the Galactic Empire, fought by the Rebel Alliance; the Rebellion gives rise to the New Republic and rebuilds society, but the remnants of the Empire reform as the First Order and attempt to destroy the Republic. Heroes of the former rebellion lead the Resistance against the oppressive dictatorship. A mystical power known as "the Force" is described in the original film as "an energy field created by all living things... binds the galaxy together."
Those whom "the Force is strong with" have quick reflexes. The Force is wielded by two major knighthood orders at conflict with each other: the Jedi, who act on the light side of the Force through non-attachment and arbitration, the Sith, who use the dark side through fear and aggression; the latter's members are intended to be limited to two: their apprentice. The Star Wars film series centers on a trilogy of trilogies, they were produced non-chronologically, with Episodes IV–VI being released between 1977 and 1983, Episodes I–III being released between 1999 and 2005, Episodes VII–IX, the first Star Wars films to be made without Lucas's direct involvement, being released between 2015 and 2019. Each trilogy focuses on a generation of the Force-sensitive Skywalker family; the original trilogy depict the heroic development of Luke Skywalker, the prequels tell of his father Anakin's fall from grace, the sequels introduce Luke's nephew and Anakin's grandson, Kylo Ren. A theatrical animated film, The Clone Wars, was released as a pilot to a TV series of the same name.
They were among the last projects overseen by George Lucas before the franchise was sold to Disney in 2012. An anthology series set between the main episodes entered development in parallel to the production of the sequel trilogy, described by Disney CFO Jay Rasulo as origin stories; the first entry, Rogue One, tells the story of the rebels who steal the Death Star plans directly before Episode IV. Solo: A Star Wars Story focuses on Han Solo's backstory featuring Chewbacca and Lando Calrissian. Two spin-off trilogies have been announced: one by Episode VIII's director Rian Johnson and the other by Game of Thrones creators David Benioff and D. B. Weiss. Prequel trilogy Original trilogy Sequel trilogy In 1971, George Lucas wanted to film an adaptation of the Flash Gordon serial, but couldn't obtain the rights, so he began developing his own space opera. After directing American Graffiti, he wrote a two-page synopsis titled Journal of the Whills, which 20th Century Fox decided to invest in. By 1974, he had expanded the story into the first draft of a screenplay.
The subsequent movie's success led Lucas to make it the basis of an elaborate film serial. With the backstory he created for the sequel, Lucas decided that the series would be a trilogy of trilogies. Most of the main cast would return for the two additional installments of the original trilogy, which were self-financed by Lucasfilm. Star Wars was released on May 25, 1977 and first called Episode IV – A New Hope in the 1979 book The Art of Star Wars. Episode V – The Empire Strikes Back was released on May 21, 1980 achieving wide financial and critical success; the final film in the trilogy, Episode VI – Return of the Jedi was released on May 25, 1983. The story of the original trilogy focuses on Luke Skywalker's quest to become a Jedi, his struggle with the evil Imperial agent Darth Vader, the struggle of the Rebel Alliance to free the galaxy from the clutches of the Empire. According to producer Gary Kurtz, lo
The Jedi are the main protagonists in the Star Wars universe. They are depicted as an ancient monastic, academic and paramilitary organization whose origin dates back 25,000 years before the events of the first film released in the franchise; the Jedi Order consists of polymaths. The Jedi moral value system viewed purity of thought and detachment of emotions as essential to enlightenment. Jedi philosophy emphasized self-improvement through knowledge and wisdom, adherence to slave morality, selfless service through acts of charity and volunteerism; the Jedi denounce emotions as the root of mortal suffering. Their traditional weapon is the lightsaber, a device which generates a blade-like plasma powered by a Kyber crystal or other focusing item, ex. Krayt Pearl; the fictional organization has inspired Jediism. The word Jedi is said to have been adapted by George Lucas from Japanese 時代劇, or inspired by the words Jed and Jeddak in the Barsoom series by Edgar Rice Burroughs, a series that Lucas considered adapting to film.
The film Rogue One suggests that within the Star Wars mythology itself, it relates to the planet Jedha, source of the crystals used in lightsabers. The term padawan, used to refer to the fictional Jedi apprentices, appears to originate in Sanskrit and can be understood as'learner', both in Sanskrit and by contemporary native speakers of Sanskrit-based languages. George Lucas acknowledged Jedi and other Force concepts have been inspired by many sources; these include: knighthood chivalry, samurai bushido, Shaolin Monastery, Hinduism, Greek philosophy, Greek mythology, Roman history, Roman mythology, parts of the Abrahamic religions, Shintō, Buddhism and Taoism, not to mention countless cinematic precursors. The works of philosopher Friedrich Nietzsche and mythologist Joseph Campbell his book The Hero with a Thousand Faces, directly influenced Lucas, was what drove him to create the'modern myth' of Star Wars; as depicted in the canon, the Jedi study and utilize the Force, in order to help and protect those in need.
The Jedi members, known as Jedi Knights, respect all life by defending and protecting those who cannot do it for themselves, striving for peaceful and non-combative solutions to any altercations they encounter and fighting only in self-defense and for the defense of those they protect. By training the mind and the body, the Jedi seek to improve themselves by gaining unfettered access to the Force while seeking to improve those individuals and groups they come in contact with. Like their evil counterparts, the Sith, the main weapon of the Jedi is the lightsaber. However, according to Lucas, "The Force doesn't have anything to do with the lightsaber. Anybody can have a lightsaber. It's just a weapon like a pistol." The Lost Twenty was the name given to a group of Jedi Masters—numbering twenty in total—who left the Jedi Order throughout its history. The first twelve of these ‘Lost Twenty’ left the Jedi Order before the Third Great Schism. In the standard years preceding the Clone Wars, Jedi Master Dooku left the Jedi Order as a result of differences with his fellow Jedi, becoming the twentieth Jedi Master in the history of the Order to do so.
To showcase the failures of the Jedi they created statues of the fallen Jedi. The prequel films depict the Jedi in their prime, dealing with the rising presence of the dark side of the Force and determined to fight their mortal enemies, the Sith. In Star Wars: Episode I – The Phantom Menace, Jedi Master Qui-Gon Jinn discovers nine-year-old Anakin Skywalker, whom he believes to be the "Chosen One" of a Jedi prophecy, destined to bring balance to the Force; the sequel, Star Wars: Episode II – Attack of the Clones, establishes that the Jedi forswear all emotional attachments, including romantic love, which proves problematic when Anakin, now a young adult, falls in love with Padmé Amidala, whom Qui-Gon Jinn and Obi-Wan Kenobi had served ten years before. In Revenge of the Sith, revealed to be Darth Sidious, the Dark Lord of the Sith, manipulates Anakin's love for Padmé and distrust of the Jedi in order to turn him to the dark side and become his Sith apprentice, Darth Vader. Once corrupted, Vader helps Palpatine hunt down and destroy nearly all of the Jedi, leaving few left, such as Jedi Masters Yoda and Obi-Wan Kenobi, Anakin’s former Padawan, Ahsoka Tano, Jedi Padawan, Kanan Jarrus.
In accordance with Order 66, an order for the Grand Army of the Republic reading: In the event of Jedi officers acting against the interests of the Republic, after receiving specific orders verified as coming directly from the Supreme Commander, GAR commanders will remove those officers by lethal force, command of the GAR will revert to the Supreme Commander until a new command structure is established. The Jedi are nearly exterminated by Sith Lord Darth Sidious; the first person to be issued this order was Clone
The California Public Employees' Retirement System is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees and their families". In fiscal year 2012–13, CalPERS paid over $12.7 billion in retirement benefits, in fiscal year 2013 it is estimated that CalPERS will pay over $7.5 billion in health benefits. As of June 30, 2014, CalPERS managed the largest public pension fund in the United States, with $300.3 billion in assets. CalPERS is known for its shareholder activism. Outside the U. S. CalPERS has been called "a recognized global leader in the investment industry", "one of America's most powerful shareholder bodies"; as of 2018, the agency has $360 billion in assets, is underfunded by an estimated $150 billion, with current assets below 70% of necessary to provide for liabilities. In an effort to reduce this shortfall, at the end of 2016 the board lowered their expected annual rate of return on investments from 7.5% to 7.0%, increasing the costs California cities must pay toward their workers' pensions.
Discussion about providing for the retirement of California state employees began in 1921, but only in 1930 did California voters approve an amendment to the State Constitution to allow pensions to be paid to state workers, only in 1931 was state law passed to establish a state worker retirement plan. In 1932, the "State Employees' Retirement System" began operation; the California State Employees Association, established in 1931, began a close relationship with SERS that continues to this day. In 1939, the state Legislature passed a bill that allowed local public agencies to participate in SERS. SERS could invest only in bonds, but in 1953 a new state law allowed SERS to invest in real estate. SERS built a 670,000-square-foot, 16-story building in Sacramento which opened in 1965; the "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law, amended to become the "Public Employees' Medical and Hospital Care Act". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to the "Public Employees' Retirement System".
With the passage of a ballot proposition and a state law in 1966-1967, PERS was allowed to invest 25% of its portfolio in stocks. State Treasurer Jesse M. Unruh was a PERS Board member in the mid-1980s, he began PERS' emphasis on corporate governance. In 1986, the headquarters building of PERS, now called "Lincoln Plaza North", was completed in Sacramento at a cost of $81 million; the building, which has 492,900 square feet, is known for its six-story-high atrium and landscaped terraces. In 1990, fund value reached $49.8 billion. In July 1991, Governor Pete Wilson addressed the state's $14.3 billion budget deficit by removing $1.6 billion from the pension fund. Wilson further sought to give the governor's office control of the PERS’ actuarial projections and the appointment of a majority of its board of directors. Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board's independence, remove the fund's duty to minimize contributions or administrative costs, require the provision of benefits to “take precedence over any other duty.”
The initiative, known as Proposition 162, passed by a single percent at the November California elections, 1992. Proposition 162 known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS. To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992. By 1996, the CalPERS portfolio was worth $100 billion, the number of members exceeded 1 million. In 1999, fund value reached $159.1 billion, requiring $159 million in state tax dollar contributions. In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life. CalPERS predicted the benefits would require no increase in the State's contributions by projecting an average annual return of 8.25% over the next decade. When Board member Phil Angelides’ aide questioned whether the stock market could grow that long, Board Chairman William Crist, a former union president, replied that they “could make all sorts of different assumptions and make predictions, but that’s more than I think we can expect our staff to do.”
CalPERS' chief actuary, finding that it would be “fairly catastrophic” if the fund only grew at 4.4%. The benefits expansion bill, SB 400, passed with unanimous backing by California State Assembly Democrats and was signed into law by Governor Gray Davis. CalPERS produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”; the next year the dot-com bubble burst, CalPERS did not grow, instead losing value in the stock market downturn of 2002. In 2001-2002, CalPERS provided technical assistance fo
Chewbacca, nicknamed "Chewie", is a fictional character in the Star Wars franchise. He is a tall, hirsute biped and intelligent species from the planet Kashyyyk. Chewbacca is the loyal friend and first mate of Han Solo, serves as co-pilot on Solo's spaceship, the Millennium Falcon. Within the films of the main saga, Chewbacca is portrayed by Peter Mayhew from episodes III to VII. Suotamo took over the role alone in Star Wars: The Last Jedi and reprised the role in Solo: A Star Wars Story and Star Wars: The Rise of Skywalker; the character has appeared on television, books and video games. Chewbacca, a 200-year-old Wookiee, becomes a young Han Solo's companion after they both escape Imperial captivity on Minban. After a series of adventures on Vandor and Kessel, Chewbacca embarks on the smuggling trade, serving as Han's co-pilot on the Millennium Falcon for the rest of Han's life. Standing at eight feet tall, Chewbacca wears only a bandolier, his weapon of choice is the Wookiee bowcaster. Chewbacca was named one of the "greatest sidekicks" in film history by Entertainment Weekly.
In France, in Episode IV, his name was changed to "Chiktaba" because the English name was similar to "chewing tobacco", which means in French "tabac à mâcher" or "tabac à chiquer", similar to "Chiktaba". In the other episodes, his name was "Chewbacca". In the Italian-language editions, Chewbacca is named "Chewbecca" and is nicknamed "Ciube". Chewbacca's creation as a "gentle, non-English-speaking co-pilot" was inspired by George Lucas seeing his own dog sitting up on the passenger seat of his car, it is said that Chewbacca's name is derived from the Russian word for dog. In his first six screen appearances, Chewbacca was played by Peter Mayhew, chosen for his height of 7'3". Five similar costumes were created for Mayhew: in the three original films and a holiday special, the suits were made of yak hair and mohair. In Revenge of the Sith, the suit was made of more comfortable materials, though Mayhew's filming only lasted a day. Only Mayhew's blue eyes could be seen in his costume, but fans recognize him by his gestures, his co-workers claimed the ability to tell when a stand-in was taking his place.
For The Force Awakens, the role was shared by Joonas Suotamo, who subsequently portrayed the character in screen appearances after Mayhew's retirement. Chewbacca's voice was created by the original films' sound designer, Ben Burtt, from recordings of walruses, camels, rabbits and badgers in Burtt's personal menagerie; the individual recordings were mixed at different ratios for Chewbacca's different utterances. One of the most prominent elements in the voice was a black bear named Tarik, from Happy Hollow Zoo in San Jose, California; the original costume was created by Stuart Freeborn and his wife Kay Freeborn, who hand knitted the torso section. During preproduction of The Force Awakens, Creature Effects Supervisor Neal Scanlan commented that the original suit was far more sophisticated than they had realized, leading him to scrap their first attempt at making the new suit, go back and study Freeborn's work in order to better appreciate how it worked, attempt to emulate it. First appearing in Star Wars and Han Solo accept a charter to take Luke Skywalker, Obi-Wan Kenobi, droids C-3PO and R2-D2 to the planet Alderaan.
When they find the planet destroyed by the Death Star, the two smugglers are drawn into the Rebel Alliance. As part of a plan to rescue Leia, Luke tries to put handcuffs on Chewbacca to make it look like he's a prisoner. Chewbacca attacks Luke believing him to be selling him and Solo out, but Han explains that he knows what Luke has in mind and convinces the Wookiee to play along. After rescuing Leia and taking her to the rebel base on Yavin IV, the two smugglers are given reward money in the value of a payload lost by him to which he owes Jabba The Hutt. Somehow, Chewbacca is able to convince Han to put his debt to Jabba aside for the time being and help the Rebels in their fight against the evil Galactic Empire's Death Star, they manage to save Luke from being killed allowing him to be the one to destroy the space station. In The Empire Strikes Back, Chewbacca finds a dismantled C-3PO in a junk pile in Cloud City and rescues him from being melted down, he tries to repair him, but does a terrible job at it.
Before Han is frozen in carbonite, he asks Chewbacca to look after Princess Leia for him. When Lando Calrissian is able to save Leia and Chewbacca from being taken to Darth Vader's ship, he uncuffs the Wookie, who upon release starts strangling him for selling them out; when Lando explains that they still have a chance to save Han, Leia has Chewbacca stop choking him. Though they're unsuccessful at saving the frozen Han, they make it back to the Falcon with R2-D2. Chewbacca carried C-3PO on his back throughout their escape to the Falcon; when Leia hears Luke's cry for help, she has Chewbacca turn the ship around to rescue him. After doing so, they attempt the jump to lightspeed but fail after Lando's men fixed it. Chewbacca is furious at Lando and goes to fix it himself, having spent part of the movie trying to do so. What none of them except for R2-D2 realize is that the hyperdrive had been deactivated by the Empire, which R2-D2 had learned from Cloud City's central computer while helping them escape.
Admiral Firmus Piett's men disguised themselves as Lando's repairmen and deactivated the hyperdrive as part of Vader's plan to capture Luke and turn him to the dark side of the Force
A corporation is an organization a group of people or a company, authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are divided by the law of the jurisdiction where they are chartered into two kinds: by whether they can issue stock or not, or by whether they are formed to make a profit or not. Corporations can be divided by the number of owners: corporation corporation sole; the subject of this article is a corporation aggregate. A corporation sole is a legal entity consisting of a single incorporated office, occupied by a single natural person. Where local law distinguishes corporations by the ability to issue stock, corporations allowed to do so are referred to as "stock corporations", ownership of the corporation is through stock, owners of stock are referred to as "stockholders" or "shareholders".
Corporations not allowed to issue stock are referred to as "non-stock" corporations. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as "for profit" and "not-for-profit" corporations, respectively. There is some overlap between stock/non-stock and for-profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for-profit corporation is always a stock corporation, but some for-profit corporations may choose to be non-stock. To simplify the explanation, whenever "Stockholder" or "shareholder" is used in the rest of this article to refer to a stock corporation, it is presumed to mean the same as "member" for a non-profit corporation or for a profit, non-stock corporation. Registered corporations have legal personality and their shares are owned by shareholders whose liability is limited to their investment. Shareholders do not actively manage a corporation. In most circumstances, a shareholder may serve as a director or officer of a corporation.
In American English, the word corporation is most used to describe large business corporations. In British English and in the Commonwealth countries, the term company is more used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the word company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Late in the 19th century, a new form of company having the limited liability protections of a corporation, the more favorable tax treatment of either a sole proprietorship or partnership was developed. While not a corporation, this new type of entity became attractive as an alternative for corporations not needing to issue stock. In Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of non-corporate organization became available in the United States and other countries, was known as the limited liability company or LLC.
Since the GmbH and LLC forms of organization are technically not corporations, they will not be discussed in this article. The word "corporation" derives from corpus, the Latin word for body, or a "body of people". By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas, corpus or collegium; these included the state itself and such private associations as sponsors of a religious cult, burial clubs, political groups, guilds of craftsmen or traders. Such bodies had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives. Private associations were granted designated liberties by the emperor. Entities which carried on business and were the subjects of legal rights were found in ancient Rome, the Maurya Empire in ancient India. In medieval Europe, churches became incorporated, as did local governments, such as the Pope and the City of London Corporation.
The point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun, obtained a charter from King Magnus Eriksson in 1347. In medieval times, traders would do business through common law constructs, such as partnerships. Whenever people acted together with a view to profit, the law deemed. Early guilds and livery companies were often involved in the regulation of competition between traders. Dutch and English chartered companies, such as the Dutch East India Company and the Hudson's Bay Company, were created to lead the colonial ventures of European nations in the 17th century. Acting under a charter sanctioned by the Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands in order to profit from the European demand for spices. Investors in the VOC were issued paper certificates as proof of share ownership, were able to trade their shares on the original Amsterdam
Kurt Alexander Eichenwald is an American journalist and a New York Times bestselling author of five books, one of which, The Informant, was made into a motion picture in 2009. He was a writer and investigative reporter with The New York Times, Condé Nast's business magazine and was a contributing editor with Vanity Fair and a senior writer with Newsweek. Eichenwald had been employed by The New York Times since 1986 and covered Wall Street and corporate topics such as insider trading, accounting scandals, takeovers, but wrote about a range of issues including terrorism, the Bill Clinton pardon controversy, Federal health care policy, sexual predators on the Internet. Eichenwald was born in 1961, he has stated that he is "Episcopalian with a Jewish father." He graduated from St. Mark's School of Texas in Swarthmore College, his extracurricular activities during his time at Swarthmore included being a founding member of Sixteen Feet, an a cappella vocal octet. During his first months of college, Eichenwald sustained a concussion, soon followed by noticeable epileptic seizures.
Diagnosed with epilepsy in November of his freshman year, he continued to attend school despite repeated grand mal seizures. After having two outdoor seizures on campus, he was dismissed from Swarthmore, in apparent violation of federal law, he contacted the United States Department of Health and Human Services and fought his way back into school, an experience that he has credited with giving him the willingness to take on institutions in his muckraking reporting. He graduated with his class in 1983, receiving a degree with distinction. After college, in 1983, Eichenwald worked as an intern with the Washington Monthly, he left that position in 1984, over the next year, worked as was a writer-researcher for CBS News in the Election and Survey Unit. He joined The New York Times in 1985 as a news clerk for Hedrick Smith, chief Washington correspondent; when Smith began writing his book The Power Game, Eichenwald became his research assistant, leaving in 1986 to become associate editor at The National Journal in Washington.
During those years, he was a frequent contributor to The New York Times op-ed page, writing about political issues. Eichenwald returned to The New York Times in 1986 as a news clerk for the national desk in New York, participating in the paper’s writing program for aspiring reporters. By 1988, he had been named The New York Times’ Wall Street reporter, his arrival on Wall Street coincided with the explosion of white collar criminal investigations in finance. He wrote about the stock trading scandals involving speculator Ivan Boesky and junk bond king Michael Milken, as well as the Treasury markets scandal at Salomon Brothers, he covered the excesses of the takeover era, including the biggest deal of the time, the acquisition of RJR Nabisco by Kohlberg Kravis Roberts & Company. In 1995, Eichenwald began writing about assorted corporate misdeeds, he wrote a multi-part series for The New York Times, exposing significant deficiencies in the American business of providing kidney dialysis treatments.
The series led to a review by the Clinton Administration of ways to create financial incentives to improve quality in dialysis treatment, a focus of Eichenwald’s series. The articles were honored in 1996 with a George Polk Award for excellence in journalism, the first of two that he was awarded. After his dialysis series, he joined with Martin Gottlieb, a health reporter with the newspaper, in a multi-year investigation of Columbia/HCA Healthcare Corporation, which at the time was the largest health care company in the world; the investigation, which led to multiple articles in the paper, sparked a criminal investigation of Columbia, led to significant changes in the way the federal government compensated hospitals, according to Bruce Vladek the head of the Medicare program. An article in the magazine Content cited the work by Eichenwald and two other reporters as the year’s best public service journalism. Eichenwald received his second Polk award, along with his colleagues, for this work. In 1998, Eichenwald was attached to The New York Times’ senior reporter program.
He teamed with another of the newspaper's reporters, Gina Kolata, for a multi-year investigation into how business interests affect the nation’s system for medical research. The articles explored drug and device testing, pointed out how the interplay between insurance companies and the courts had prevented the testing of experimental procedures, including the use of bone marrow transplants for the treatment of breast cancer; the articles were credited with driving new policies by American insurance companies that allowed for reimbursement to participants in federally approved medical studies for the treatment of cancer. Eichenwald and Kolata both were honored as finalists for the Pulitzer Prize for their work. With the explosion of corporate scandals in 2002 – Enron, WorldCom, Arthur Andersen and others – Eichenwald reported on the unfolding scandals and becoming a television fixture on such programs as Charlie Rose and The NewsHour with Jim Lehrer in explaining the meaning of the latest developments.
Eichenwald, along with several other New York Times reporters, was selected as a finalist for the Pulitzer Prize in 2003 for his work on the corporate scandals. In 2005, he wrote a group of New York Times articles about online child pornography. One of those articles was about Justin Berry, a then-18 year old who operated pornographic websites featuring himself and other teen males. For this reporting, he received the Payne Award for Ethics in Journalism, for "preserving the editorial integrity of an important story while reaching out to assist his source, Justin
Arthur Andersen LLP, based in Chicago, was an American holding company. One of the "Big Five" accounting firms, the firm had provided auditing and consulting services to large corporations. By 2001, it had become one of the world's largest multinational companies. In 2002, the firm voluntarily surrendered its licenses to practice as Certified Public Accountants in the United States after being found guilty of criminal charges relating to the firm's auditing of Enron, an energy corporation based in Texas, which filed for bankruptcy in 2001. In 2005, the Supreme Court of the United States unanimously reversed Arthur Andersen's conviction due to serious errors in the trial judge's instructions to the jury that convicted the firm; the former consultancy and outsourcing practice of the firm separated from the firm's accountancy practice and split from Andersen Worldwide in 2000 whereby it renamed itself Accenture. It continues to operate. Born 30 May 1885 in Plano and orphaned at the age of 16, Arthur E. Andersen began working as a mail boy by day and attended school at night being hired as the assistant to the comptroller of Allis-Chalmers in Chicago.
In 1908, after attending courses at night while working full-time, he graduated from the Kellogg School at Northwestern University with a bachelor's degree in business. That same year, at age 23, he became the youngest CPA in Illinois; the firm of Arthur Andersen was founded in 1913 by Arthur Andersen and Clarence DeLany as Andersen, DeLany & Co. The firm changed its name to Arthur Andersen & Co. in 1918. Arthur Andersen's first client was the Joseph Schlitz Brewing Company of Milwaukee. In 1915, due to his many contacts there, the Milwaukee office was opened as the firm's second office. Andersen had an unwavering faith in education as the basis upon which the new profession of accounting should be developed, he created the profession's first centralized training program and believed in training during normal working hours. He was generous in his commitment to aiding educational and charitable organizations. In 1927, he was elected to the board of trustees of Northwestern University and served as its president from 1930 to 1932.
He was chairman of the board of certified public accountant examiners of Illinois. Andersen, who headed the firm until his death in 1947, was a zealous supporter of high standards in the accounting industry. A stickler for honesty, he argued that accountants' responsibility was to investors, not their clients' management. For many years, Andersen's motto was "Think straight, talk straight"–an axiom passed on from his mother. During the early years, it is reputed that Andersen was approached by an executive from a local rail utility to sign off on accounts containing flawed accounting, or else face the loss of a major client. Andersen refused in no uncertain terms, replying that there was "not enough money in the city of Chicago" to make him do it; the railroad fired Andersen. Arthur Andersen led the way in a number of areas of accounting standards. Being among the first to identify a possible sub-prime bust, Arthur Andersen dissociated itself from a number of clients in the 1970s. With the emergence of stock options as a form of compensation, Arthur Andersen was the first of the major accountancy firms to propose to the FASB that stock options should be included on expense reports, thus impacting on net profit just as cash compensation would.
By the 1980s, standards throughout the industry fell as accountancy firms struggled to balance their commitment to audit independence against the desire to grow their burgeoning consultancy practices. Having established a reputation for IT consultancy in the 1980s, Arthur Andersen was no exception; the firm expanded its consultancy practice to the point where the bulk of its revenues were derived from such engagements, while audit partners were continually encouraged to seek out opportunities for consulting fees from existing audit clients. By the late-1990s, Arthur Andersen had succeeded in tripling the per-share revenues of its partners. Predictably, Arthur Andersen struggled to balance the need to maintain its faithfulness to accounting standards with its clients' desire to maximize profits in the era of quarterly earnings reports. Arthur Andersen has been alleged to have been involved in the fraudulent accounting and auditing of Sunbeam Products, Waste Management, Asia Pulp & Paper, the Baptist Foundation of Arizona, WorldCom, as well as the infamous Enron case, among others.
Two of the last three Comptrollers General of the US General Accounting Office were top executives of Arthur Andersen. The consulting wing of the firm became important during the 1970s and 1980s, growing at a much faster rate than the more established accounting and tax practice; this disproportionate growth, the consulting division partners' belief that they were not garnering their fair share of firm profits, created increasing friction between the two divisions. In 1989, Arthur Andersen and Andersen Consulting became separate units of Andersen Worldwide Société Coopérative. Arthur Andersen increased its use of accounting services as a springboard to sign up clients for Andersen Consulting's more lucrative business; the two businesses spent most of the 1990s in a bitter dispute. Andersen Consulting saw a huge surge in profits during the decade; the consultants, continued to resent transfer payments they were required to make to Arthur Andersen. In August 2000, at the conclusion of International Chamber of Commerce arbitration of the dispute, the arbitrators granted Andersen Consulting its independence f