Word: bankrupting
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Dates: during 2000-2009
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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...
...bankrupt cruise company, its half-finished ships and taxpayers left holding the bill don't spell opportunity to you, you're just not ready for Capitol Hill. A $1.1 billion federal loan guarantee was pushed through Congress in 1999 to help American Classic Voyages build cruise ships in Senator Trent Lott's hometown of Pascagoula, Miss. The company hit the rocks last fall, citing a decline in tourism due to terrorism and leaving its debts unpaid and its ships at the dock. Republican Congressman Gene Taylor of Mississippi came up with a plan to solve this pork-barrel mess: more...
...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...