Word: enronization
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Dates: during 2000-2009
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Tell that "safe and secure" part to the folks at Enron, who lost $1 billion in their 401(k)s. Or WorldCom employees, who also lost $1 billion. Or Kmart employees, who lost at least $100 million. Welcome to the 21st century version of Studebaker...
...investors are wondering how so many gatekeepers, including auditors at the accounting firm Grant Thornton and officials at the Securities and Exchange Commission (SEC), missed the company's alleged book cooking so soon after the scandals of Enron, Worldcom and others. "Everybody had a chance to look them over," says Bill Harris, a forensic accountant at the business-services firm CBIZ. "Four hundred thirty million dollars is an awful big number to hide." Those who have dealt with Refco say there was reason to be careful. In 1999 the Commodity Futures Trading Commission levied $7 million in fines against Refco...
...total number of proposals submitted by shareholders hit an all-time high “in the wake of Enron and the other scandals,” says Patrick McGurn, executive vice president and special counsel at Institutional Shareholder Services...
...injuries that Kozlowski and Swartz inflicted were purely financial, and nowhere near the magnitude as the frauds at WorldCom and Enron?companies that collapsed and wiped out shareholders and many employees? 401(k) accounts. "Tyco is not Enron," Thomas Curran, a former New York City prosecutor who is now a defense lawyer, told the Associated Press. "Tyco is a real company with a real business plan that still employs thousands of people. ... There are no retirees eating cat food because of Dennis Kozlowski...
...mention dull--the oft-ridiculed ex-Governor is suddenly aglow with vindication. Amid the plummeting popularity ratings of his successor, Arnold Schwarzenegger, both a legal settlement and a documentary this summer attribute the state's energy crisis four years ago less to Davis' dithering and more to Enron's market manipulation...