Word: enronization
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Dates: during 2000-2009
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...stakes are high for anyone even superficially attached to the AIG transactions," says Christopher Bebel, a Houston securities lawyer and former federal prosecutor. "This is how things are today. It's hardball." After all, prosecutors aggressively hunted down the banks that devised the complex partnerships that helped Enron hide its financial deterioration just before it collapsed...
...predict, when he's scheduled to be sentenced in June, he could spend the rest of his life in prison. That's a bad omen for four other prominent execs facing criminal charges: Richard Scrushy, the former chief of HealthSouth being tried for fraud in Alabama; the top two Enron guys, Kenneth Lay and Jeffrey Skilling, scheduled for trials next year; and Dennis Kozlowski, accused of looting Tyco and being retried following a mistrial last year...
...similar deals; indeed, the product that took down Greenberg is legal and still used by others. "Accounting rules have an enormous amount of subjectivity," says analyst J. Paul Newsome at brokerage firm A.G. Edwards. "What nobody had an issue with 15 years ago is very much not O.K. post-Enron, post-WorldCom...
...last month, Martin Scorsese’s The Aviator—perhaps the closest Hollywood came to producing an epic in the past year—draws its dramatic power from the suspense of watching a wealthy white man choose where to invest his money. In the age of Enron and Halliburton, it’s surely a story for our time and the picture most likely to take home the top prize at this Sunday’s Academy Awards ceremony in Los Angeles...
That Fiorina, 50, lost a power struggle to her board is emblematic of a dramatic shift taking place in corporate America. With board members of companies from Disney to Enron getting hauled into court to answer for their stewardship, directors are becoming ever more emboldened to give poor- performing CEOs the boot. In fact, 92 CEOs departed in January, the highest number since February 2001, according to Challenger, Gray & Christmas, an outplacement firm. "Boards are trying to demonstrate that they are doing their duty," says Warren Batts of the University of Chicago, former CEO and director of several FORTUNE...