Word: audits
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...Wendy Gramm, the wife of Texas Senator Phil Gramm. As a top federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals to conflicts of interest and excessive compensation for senior executives--and did little or nothing about the alleged...
...director, without apology? Bush received subsidized loans from Harken to buy company stock-a practice he now wants to ban. In 1989 Harken concealed losses by selling most of a subsidiary to an off-the-books entity controlled by company insiders. Bush was on the audit committee, which, at least in theory, approved the deal. It's the same tactic used by Enron-on a massive, more pernicious scale-before it imploded...
...Grubman, telecom analyst for the Salomon Smith Barney unit of Citigroup, to a July 8 hearing. Not to be outdone, House Energy and Commerce Committee chairman Billy Tauzin, a Louisiana Republican, announced his investigation and ordered that by July 11 WorldCom turn over all records relating to its internal audit and five years' worth of accounting-related documents...
...scandals at other telecoms--Global Crossing and Qwest--were spooking investors. The loans led to Ebbers' ouster at the end of April (with a golden handshake worth $1.5 million a year for life). That's when Sidgmore took over and asked Cynthia Cooper, 37, vice president of internal audit, to take a close look at WorldCom's books. She found the bogus accounting and alerted WorldCom's board...
...federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals to conflicts of interest and excessive compensation for senior executives - and did little or nothing about the alleged transgressions...