Word: enronitis
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...busy weekend for the Harvard Corporation. Herbert S. “Pug” Winokur ’64-’65 thankfully stepped down, citing his involvement with the Enron fiasco. Winokur’s resignation came after he realized what has been painfully evident for a long time: his ability to serve on the Harvard Corporation, where he was responsible for protecting and overseeing the best interests of the University and its students, had been fatally compromised by his connection to Enron’s collapse in 2001. Winokur chose to step down at a moment when...
...Enron scandal has plenty of dirt to go around, as the Harvard Corporation has already discovered. But what will always remain most shocking to me is that in four of the last five years, Enron paid no income taxes. What’s more, it was entirely legal. Through a variety of loopholes, including 800 subsidiaries in tax havens like the Cayman Islands, Enron managed to earn $1.8 billion without owing the government a cent. In fact, the company got a net rebate of $381 million, your tax dollars and mine...
While offshore tax havens may once have been the preserve of companies like Enron, they’re now available to the mass market. Americans who keep money in accounts overseas are required to pay taxes just as if the money were in a U.S. bank. But many countries have secrecy laws that keep these accounts hidden from the IRS. And companies like MasterCard, Visa and American Express make it easy to access offshore accounts, issuing overseas cards with million-dollar monthly credit limits...
Winokur was called before the House Committee on Energy and Commerce in early February to testify about his role as an Enron director during the company’s questionable business dealings and subsequent collapse. He also testified regarding his participation on the company’s special committee for internal investigation formed after Enron’s collapse...
...We’re happy that Harvard University has taken a first step in distancing itself from the Enron fallout,” said Arin Dube, a member of HarvardWatch, a student organization that released a report in February calling for Winokur’s resignation...