Word: enronization
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Dates: during 2000-2009
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...Burn, baby, burn. That's a beautiful thing." ENRON TRADER, after a forest fire shut down a major transmission line into California, on an audio tape showing apparent collusion to manipulate energy prices in the state...
Certainly, the run of greed-inspired scandals beginning in 2001 with Enron has brought about meaningful changes. The accounting industry now has a federally chartered oversight board. Stock analysts are no longer permitted to shill for investment bankers at road shows. Bankers at Goldman Sachs can't talk to analysts on the phone without a corporate chaperone listening in, and e-mails between their departments automatically bounce back. The compensation committees of public companies must now be composed of independent directors, reducing the chances for cronyism. There's legal basis for forcing executives to give back bonuses when accounting fraud...
SENTENCED. LEA FASTOW, 42, wife of former Enron CFO Andrew Fastow; to a year in prison; in Houston. The heiress to a grocery and real estate fortune pleaded guilty to helping her husband hide income from questionable financial transactions, which contributed to Enron's collapse...
There are some things that even the wealthiest of the wealthy can’t get away with. Martha Stewart and the boys at Enron learned that the hard way. So this spring, Harvard decided to take it down a few notches in our own back-Yard with compensation caps for the board of the Harvard Management Company (HMC) and increased aid for low-income students. But it has not done enough...
...regard for traffic laws. How much confidence should you have then in China's business laws?" Not much. Corruption is rampant, copyright and patent piracy is a way of life, regulation of the financial markets is murky, and Chinese accounting standards could turn the con men of Enron and WorldCom green with envy. What's more, the Chinese banking system is dominated by the government, with loans tending to go to political cronies, state-owned companies and other iffy borrowers...