Word: enronization
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Dates: during 2000-2009
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...more than $100 billion at work in the energy sector, says tracker Peter Fusaro, head of Energy and Environmental Capital Management. "We're in the middle of the vortex," he says, pointing to hot economies in Houston and Calgary, Canada. "The bigger issue is--get to know your risks. Enron was the dumbest energy company in the world...
Attorneys for Skilling and Lay plan to appeal, possibly using the argument that got Enron accountant Arthur Andersen off the hook--the fine points of jury instructions. Like most appeals, that's a long shot. Sentencing for Lay and Skilling is set for September, but with the trial over, 16 other Enron employees who turned state's witness can also be sentenced...
...moral victory is won, says Steve Berman, a Seattle attorney representing some 21,000 employees who lost their pensions. "Now we hope to get them an economic victory." Banks like JPMorgan Chase and Citigroup, who financed Enron's schemes with stock and bond offerings, have already agreed to pay $7.3 billion in restitution to shareholders. They're getting nothing from Skilling and Lay, whom the feds are already dunning for more than $150 million. "There's little chance of recovery from them, but most will be satisfied that Skilling and Lay were convicted," says Robin Harrison of Houston...
...reporter caught me while I was sitting in the sanctuary of First Presbyterian Church awaiting the joyous and celebratory graduation services of my daughter's grade school. "What do you feel about the verdicts?" Since I had met with Ken Lay in August 2001 to warn him of Enron's shady accounting and Lay for the most part ignored my warnings, the reporter wanted to know, "Do you feel vindicated?" My mood did not remain joyous or celebratory. I stammered something about being satisfied that justice prevailed. What I couldn't convey in words is a sense of sadness, sadness...
...early 2001 Lay and Jeff Skilling, Enron's longtime leaders, unveiled a new mission statement. No longer would Enron strive to be "The World's Leading Energy Company"; we were going to be "The World's Leading Company." Why limit ourselves to energy? Enron was fast-paced, inventive, exciting; we epitomized the New Economy, able to innovate virtually overnight. Unfortunately, in life, our strengths can become our weaknesses. Just as the dark side of charisma is narcissism, the dark side of innovation is fraud. Enron fell victim to both. Our finance, accounting and legal departments pushed...