Inside Waste Management's $1.8 Billion Fraud

In this video we go over the $1.8 billion accounting fraud at Waste Management from the late 1990s.

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[jaimusready]

The helper job is anything but easy. Hes the guy on the side of the truck. Its gross, long hours through any weather short of a tsunami, nuclear winter, or full on Blizzard. I worked for WM 6 or 7 months, 12 hours a day 2 sometimes 3 weeks out of a month. I've been covered in all sorts of nastiness. Leave your trash man some snacks or water every now or then. Kids love the trash truck, and it makes our day to wave at them so bring em out when you hear the breaks screech.

[LudosErgoSum]

The CEO still got away with a lot of money despite the hefty fine. It really pays to be a top echelon criminal.

[screddot]

I worked for a subsidiary of Wasted Management at one time. If you think their accounting was "aggressive", it was nothing compared to how they treated their employees.

[ericbosken]

I worked on a massive IT project at Waste Management in 2001 - 2002. This coincided with the Enron collapse and subsequent dissolution of Arthur Anderson. Suddenly, the WM accounting department was able to hire a truckload of "Arthur Anderson alums". It was an eerily seemless transition, as I would see the same people, but with fresh new WM employee badges

[jeffsetter]

"Aggressive accounting". You've gotta love the creativity of the terms they create to make them seem less like criminals.

Uh, no officer I didn't mean to shoot that guy I was just aiming a little too aggressively. My fault. Won't happen again.

[Diego-pcrc]

There is a problem when Arthur Anderson is saying your accounting is dodgy

[javierpreciadojr]

The work is not easy, my dad nearly killed himself. The pressure they put their employees under is also timed by Apple laptops in the truck. They also have cameras in and around the vehicle, and as you can see, their ain't no restrooms on the truck. Those guys earn their money and my respect.

[warrenb]

“No officer, I didn’t rob that liquor store. I just asked for change aggressively. “

[OldDesertRacer]

No matter what, company executives ALWAYS take care of themselves!

[ThomasPH]

I worked for them from 90-93 in the IT department. Holy crap what a toxic environment that was. Upper management was hated by everyone.

[Canibus]

I worked at WM recently. I can tell you they are still doing “interesting” accounting practices as recent as 2020.

[ncikcrias]

That's crazy that there are no real punishments for people who scam investors like this. It pays to be a scam artist doesn't it?

[brendonwillis]

To be honest - a 12 year life and 30k salvage value on a $300, 000 truck doesn’t seem unreasonable.

[stephen]

Luv how accounting is making numbers up from thin air and then make it stick until it can’t hold water anymore

[josephc]

This should be profiled on an episode of American Greed.

[shawndifronzo]

1970’s to 2000 WM was called WMX Technologies. In 2000 they got bought by USA Waste and around 2005 USA Waste changed their name to Waste Management as they had operations in Canada and Australia.

[coastieinakilt]

In 1995 I was hired as the executive flight steward for WM CEO Dean Buntrock but a few weeks later, days before I assumed the position, the job was removed and I was let go. It wasn’t until a few years later that I learned why: Buntrock realized he was being investigated by numerous agencies for fraud. I assume he eliminated the flight steward position as part of an effort to refill the company’s coffers and reduce his culpability.

[samsalin]

Imagine a world where the people on top actually did their jobs without corruption..
You will never have a clean company or government as long as the currency is controlled by the most corrupt people on earth.

[deenyc]

So they paid a small fine and no jail time, completely worth it. Crime pays if you steal big, god bless America.

[dsberg]

Corporate officers should be required to notify the SEC 6 months in advance before selling stock. Thus having a waiting period of six months before the sale of a prespecified amount.