Word: bankrupter
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...down the company. Watkins' letters, along with thousands of other documents, are now in the hands of congressional and criminal investigators who are probing how Enron, its pet-rock auditors at Andersen and a host of other supporting actors allowed the country's seventh largest company to suddenly go bankrupt in December. "I am incredibly nervous that we will implode in a wave of accounting scandals," Watkins wrote of Enron's financial health. "I have heard one manager-level employee from the principal investments group say, 'I know it would be devastating to all of us, but I wish...
...Kmart proved that point Friday when it instigated - on the slight evidence of a Watkins-style letter from a downsized employee complaining of funny accounting at the now-bankrupt retailer - an internal investigation into its own books (by an outside auditor) and even forwarded the letter to the SEC. House members scared of their own coffers have forced campaign finance reform back onto the agenda. And Wall Street investors are suddenly very interested in old-fashioned notions like "cash flow" and "core business...
...down the company. Watkins' letters, along with thousands of other documents, are now in the hands of congressional and criminal investigators who are probing how Enron, its pet-rock auditors at Andersen and a host of other supporting actors allowed the country's seventh largest company to suddenly go bankrupt in December. "I am incredibly nervous that we will implode in a wave of accounting scandals," Watkins wrote of Enron's financial health. "I have heard one manager-level employee from the principal investments group say, 'I know it would be devastating to all of us, but I wish...
ARGENTINA Fingers Crossed Having seen six Economy Ministers in a year and five Presidents in two weeks, Argentines were hoping that their latest leaders could rescue the once-prosperous South American country from economic collapse. After the new President, Eduardo Duhalde, declared that "Argentina is bankrupt," the new Economy Minister, Jorge Remes Lenicov, announced a plan to tackle the crisis precipitated by the country's four-year recession and its Dec. 20 default on $132 billion in foreign debt. Remes Lenicov devalued the peso by 40% and announced steep cuts in public services...
...class actions against Enron and its executives and directors, filed either by shareholders or employees and carrying mainly the possible penalty of heavy fines. Most allege that Enron failed to disclose its many risky partnerships, which proved to be a large part of its undoing. Though Enron is bankrupt, Arthur Andersen could be liable as well, and Enron's officers and directors have deep pockets. Plaintiffs are seeking to freeze the proceeds of Enron stock sales by those insiders. "Going after directors personally is rare. But this case calls for the unusual," says Jim Newman, executive director of Securities Class...