Biology homework help

Compose a 500 words essay on Delphi Corporation: Financial Fraud. Needs to be plagiarism free!The corporation inflated its income by close to $202 million. Towards the end of 2000, the company sold inventories amounting to $270 million and repurchased them in the following quarter at a rate that matched the original sales price. The repurchases allowed the corporation to increase its earnings by $200 million. They invested $270 million via inventory reductions and they lied about a net income of $80 million. In addition, the fourth quarter of 2001 saw the company solicit a lump sum payment of $20 million from an IT company. Delphi was supposed to give the company business. It was agreed the company would repay the $20 million within five years, which made it a liability to the corporation (Lundegaard, 2005). However, the company did not report the $20 million as a liability but a non-refundable rebate.Between 2003 and 2004, the company hid $325 million to increase its non-GAAP measures of the corporation’s financial status (U.S. Securities and Exchange Commission, 2006). Analysts, investors and other rating agencies relied upon this information. The move to hide this amount of income gave the organization a chance to overstate its street net liquidity, between 2003 and 2004, which is a measure in pro forma. In addition, the corporation created $30 million boosts in its “Street operating cash”, which was false.J. T. Battenberg III has been fined $215,000 for participating in the fraud. Battenberg was the CEO of Delphi between 1998 and 2005. He worked for General Motors and took over the management of Delphi because of General Motors spin-off.Alan Dawes is the former Chief Financial Officer, who has been alleged to participate in a fraud scheme. Alan was also the Vice Chairman and protégé of Battenberg. Alan Dawes is from Palm Beach Gardens.&nbsp.