Word: enronization
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Dates: during 2000-2009
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...Staff Eric Shinseki, was a lame duck 15 months before his term was slated to end. "It was condescending and a little bit cruel," says Barry McCaffrey, a retired four-star Army general. A month later, Rumsfeld loyalists made it clear that Army Secretary Thomas White, a former Enron executive who vainly tried to thwart Rumsfeld's decision to kill the Crusader, was one more mistake away from losing his job. "It's pretty clear that the Army is going to be the big loser," says Lawrence Korb, a top Reagan-era Pentagon aide. "If it were...
Ultimately Rao is counting on his students to create a more genuine ethic of business, one that would not allow a scandal like Enron to take root. He likes to imagine what a generation of other-centered businesspeople could do for the world. "In about a decade, my students will be in leadership positions," he says with a satisfied smile. "And they will ask, What can I do to make things better...
...groundwork for a defense that claims the executives were merely using standard business practices employed by other companies, says Houston attorney and former federal prosecutor Michael Wynne. Most likely, he says, the two executives will argue that they were just trying to save the company and that if Enron had survived, what investors hadn't known wouldn't have hurt them. "That, perhaps, is an explanation, but it's not an excuse-and it's not a license to lie," Wynne says...
...Trial experts predict that Lay's defense, handled by famed attorney Mike Ramsey (who won an acquittal for accused millionaire murderer Robert Durst), will be that he was not aware that Enron was cooking the books. "The problem is, he's a Ph.D. economist," says Wynne. "It's going to be a very hard sell." Plus, says Wynne, if he wasn't involved in the business, why was he drawing such a large salary? "Lay's basic response is, 'I wasn't there. I wasn't around. And I was kept in the dark about what was going on,'" says...
...ignorance defense has not worked for other board chairmen in trials this past year, Androphy says. He believes that Skilling's defense will argue that all the deals at Enron started off perfectly legit and legal-until people like Fastow, the former chief financial officer, committed crimes-but that all along he believed the company was following the letter...