Word: enronization
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Dates: during 2000-2009
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...Enron's stock price was up 36% last week, despite the news that founder Ken Lay and former CEO Jeff Skilling had been convicted of lying to investors and employees as the company sank into bankruptcy in 2001. Can't find this heady little stock on the N.Y.S.E.? Try looking on the "pink sheets," where Enron is now a penny stock listed as ECSPQ.PK. The once mighty energy firm, which traded at $90 a share six years ago, is selling for 15˘, up 4˘ on the day after the verdicts. It would be laughable if so many people hadn...
...left of the pipeline company that Lay, the preacher's son from Missouri, turned into a high-flying purveyor of wind and water, electricity and energy emissions and, ultimately, hot air. Billionaire investor Warren Buffett now owns the Big E's biggest pipeline. Texan T. Boone Pickens has replaced Enron as the nation's biggest energy trader. A holding company that operated Enron's international assets last week sold off 15 pipelines and power plants, from Bolivia to Turkey...
...Many legal experts say that Skilling actually has a better chance than Lay for a successful appeal on the issue of willful blindness. The government never argued that Skilling made a conscious decision to ignore wrongdoing at Enron; Lay, on the other hand, had been warned by whistleblower Sherron Watkins of problems in the firm's accounting. The jurors apparently felt that Lay did not respond sufficiently to Watkins memo. "If he had done it, he would have walked today," Androphy says...
...Through 16 weeks of testimony, the government argued that the Enron case was about the lies Lay and Skilling told and the choices they made. Defense attorneys countered that neither executive did anything wrong or illegal: their company failed, they insisted, but failure is not a crime. Defense attorney Petrocelli argued that the proceedings felt more like a civil case, with the standards being used to warrant a guilty verdict lower than they are in a criminal trial. The jurors, eight women and four men, clearly disagreed. "It's a tremendous victory for the government - justice is served," says former...
...might get away with it,? said Robin Harrison, a Houston attorney representing the pensioners in their benefits case. ?It seems the jury was pretty cohesive. They just flat didn?t believe the testimony of the two men.? As Berg puts it, "The defense - that there was nothing wrong at Enron - was a demonstration of the kind of arrogance that brought them down...