Word: enronization
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Dates: during 2000-2009
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...DIED. Kenneth Lay, 64, founder and ex-CEO of Enron, who was convicted in May of fraud and conspiracy in the spectacular 2001 collapse of the mammoth energy company; while free on a $5 million bond as he awaited his October sentencing; of heart disease; in Aspen, Colorado. Born to a poor family in rural Missouri, Lay became a friend to Presidents (George W. Bush famously nicknamed him "Kenny Boy") and a Wall Street darling whose renown grew in step with Enron's soaring stock price. But the emergence in 2001 of the truth about Enron and its scandalous business...
DIED. Kenneth Lay, 64, founder and ex-CEO of Enron, who was convicted in May of fraud and conspiracy in the spectacular 2001 collapse of the mammoth energy company; while free on a $5 million bond as he awaited his October sentencing; of heart disease; in Aspen, Colo. Born to a poor family in rural Missouri, Lay became a friend to Presidents (George W. Bush famously nicknamed him "Kenny Boy") and a Wall Street darling whose renown grew in step with Enron's soaring stock price. But the emergence in 2001 of the truth about Enron and its scandalous business...
...Daniel Petrocelli, attorney for Lay's co-defendant, former CEO Jeffrey Skilling, says his client was saddened and shaken by Lay's death. "Jeff will miss him dearly," said Petrocelli. Skilling has already lost another close friend to the Enron debacle - vice president Cliff Baxter, who committed suicide in 2002. In an interview with the Wall Street Journal last month, Skilling admitted he had considered suicide himself. Petrocelli refused to comment on the status of Lay's case. "It's inappropriate to be thinking or talking about that right now," Petrocelli told TIME. Petrocelli is continuing to work on Skilling...
...federal prosecutor Michael Wynne. "It's not as if he got away with it, of course. We have a system in place to punish people. And to redress wrongs and to try to get money back for people who have had it taken away." But a lot of former Enron employees are angry that Lay "never had to pay his dues. He is not ultimately going to be held accountable...
...York lawyer representing former workers and retirees at Enron, Lowell Peterson, said the estate would probably be responsible for restitution and damages in civil actions, but added that not everyone might continue to press their claims. "Time will tell if those former employees and retirees harmed by the actions of Enron executives will pursue damages," he said in a statement. "The thousands of former Enron employees I represented with the AFL-CIO felt terribly betrayed - not only that they had lost their jobs and benefits, but that the company and executives they believed in had turned out to be dishonest...