![]() ![]() Drury retained the chairmanship and CEO position of the combined company. In 1998 Waste Management merged with USA Waste Services, Inc. In 1998 Waste Management restated its 1992-1997 earnings by $1.7 billion, making it the largest restatement in history. When a new CEO took charge of the company in 1997, he ordered a review of the company's accounting practices in 1997. Officers were accused of making "the financials look the way we want to show them." The top officers settled with the federal government for $30.8 million in 2005, without admitting guilt. began "cooking" the accounting books by refusing to record expenses necessary to write off the costs of unsuccessful and abandoned landfill development projects establishing inflated environmental reserves (liabilities) in connection with acquisitions so that the excess reserves could be used to avoid recording unrelated operating expenses, improperly capitalizing a variety of expenses failing to establish sufficient reserves (liabilities) to pay for income taxes and other expenses avoiding depreciation expenses on their garbage trucks by both assigning unsupported and inflating salvage values and extending their useful lives assigned arbitrary salvage values to other assets that previously had no salvage value failed to record expenses for decreases in the value of landfills as they were filled with waste, used netting to eliminate approximately $490 million in current period operating expenses and accumulated prior period accounting misstatements by offsetting them against unrelated one-time gains on the sale or exchange of assets and used geography entries to move tens of millions of dollars between various line items on the company's income statement. In the 1980s, Waste Management acquired Service Corporation of America (SCA) to become the largest waste hauler in the country.Ä«etween the years of 19, the executive officers of Waste Management, Inc. It had 60,000 commercial and industrial accounts and 600,000 residential customers in 19 states and the provinces of Ontario and Quebec. In 1971, Waste Management went public, and by 1972, the company had made 133 acquisitions with $82 million in revenue. and began aggressively purchasing many of the smaller garbage collection services across the country. ![]() ![]() In 1968, Harm's grandson Wayne Huizenga, Dean Buntrock, and Larry Beck founded Waste Management, Inc. In 1893, Harm Huizenga, a Dutch immigrant, began hauling garbage at $1.25/wagon in Chicago. Together with its competitor Republic Services, Inc, the two handle more than half of all garbage collection in the United States. With 26,000 collection and transfer vehicles, the company has the largest trucking fleet in the waste industry. Waste Management offers environmental services to nearly 21 million residential, industrial, municipal and commercial customers in the United States, Canada, and Puerto Rico. The company's network includes 346 transfer stations, 293 active landfill disposal sites, 146 recycling plants, 111 beneficial-use landfill gas projects and six independent power production plants. ![]() Founded in 1968, the company is headquartered in the Bank of America Tower in Houston, Texas. Waste Management, Inc., doing business as WM, is a waste management, comprehensive waste, and environmental services company operating in North America. A Waste Management rolloff container in Durham, North Carolina. ![]()
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