Word: enronitis
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...Martha Stewart know? And when did she know it? These are hardly the most pressing questions to emerge from the collapse of yet another stock and the disgrace of one more CEO, this time at the once high-flying biotech firm ImClone. But after the scandals and meltdowns at Enron and Tyco and the self-serving stock recommendations at Merrill Lynch, the shamed corporate hero has become positively pedestrian. It takes a celebrity touch to hold our interest, and with ImClone we're getting the full weight of high society...
...called Erbitux in 1999. Waksal, 54, was always as much salesman as scientist and employed his reputation and charm as a ladder into elite circles that included home-decor guru Stewart, Mick Jagger, actress Mariel Hemingway, financier Carl Icahn and Dr. John Mendelsohn, the cancer-drug pioneer and former Enron board member. Waksal's eclectic posse combined science and celebrity with stock-market speculation. It was an intoxicating lifestyle that the ImClone chief apparently savored...
...corporate America falling apart? Each day brings sordid details of dirty dealings at the highest levels of what were once our most respected companies. The sleaze at Enron and Arthur Andersen shocked us. Now it's Tyco's turn, and it won't be the last...
...CONSULTING FEES CORRUPT CORPORATE AUDITORS The accounting firm Arthur Andersen earned $54 million a year in fees from Enron, making about as much for auditing the books as it did for consulting work. Andersen basically blessed its own advice. And guess what might have happened to those consulting fees if Andersen had stood up to Enron over questionable bookkeeping? The auditing and consulting functions should be performed by separate firms, and auditors should be replaced every three years. The U.S. should also move to "principles based" accounting standards like those in Europe. America's "rules based" approach, known as GAAP...
...giant Adelphia, borrowed billions. In each case, shareholders have been left holding the bag. So let's change the rules. Executives get paid well; let them go to the bank and put their home in hock like the rest of us. And end the practice by which executives at Enron and Tyco have sold stock back to the company, rather than on the open market, to avoid legally disclosing the sale for as long as a year--while exhorting others...