Word: enronization
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Dates: during 2000-2009
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...Consider that the multi-billion-dollar scale of Enron executives’ criminal conduct and its destructive effect on innocent people dwarfs the ant scam; however, former CEO Jeffrey Skilling received just 24 years in prison, and two of his associates (and accomplices) could win parole after just five years behind bars...
...Still, it could have been worse. After eight ugly years of AIG, WMDs, Abu Ghraib, Enron, Blackwater, freedom fries, yellowcake, record deficits, Fannie and Freddie and Brownie, Mark Foley and Duke Cunningham and Tom DeLay, the Republican Party should qualify for a bailout. Retiring GOP Congressman Tom Davis memorably declared that if Republicans were a dog food, they'd be pulled off the shelves. Their usually well-funded candidates were badly outspent this cycle, but they've survived to fight for more kibble in the future. (See the screwups of Campaign...
...Remember what eight years of Republican rule has wrought: missing weapons of mass destruction, the promises we'd be greeted as liberators, Jessica Lynch, torture, the disintegration of Afghanistan. Also: Enron, WorldCom, Bear Stearns, AIG, Fannie and Freddie, GM, Chrysler, Social Security privatization, the $700 billion bailout. Also: Brownie, John Ashcroft covering up that bare-breasted statue at the Justice Department, Alberto Gonzales politicizing the Justice Department, Harriet Miers, the oil lobbyist who edited those global warming reports. Also: Jack Abramoff, Duke Cunningham, Bob Ney, Tom DeLay, Ted Stevens. Also: the Vice President shot a guy, and the President almost...
...didn't yield smarter investors. In the 1990s, employees at some fast-growing companies kept up to 90% of their 401(k)s in company stock. When Enron and WorldCom tanked in 2001 and '02, they each took more than $800 million in savings with them, prompting landmark lawsuits. The current meltdown has skimmed about 20% from 401(k)s since 2007 and ignited debate over their retirement-income reliability. "Unlike Wall Street executives, American families don't have a golden parachute to fall back on," said California Representative George Miller at an Oct. 7 hearing on retirement savings...
...There has also been mixed success with legislating clawbacks. The Sarbanes-Oxley Act, passed in 2002 in the wake of accounting scandals at Enron and other companies, required CEOs and CFOs of companies that have to restate earnings because of financial misconduct to pay back bonuses and incentive compensation. But that provision proved largely ineffective. The SEC didn't bring a case under this provision for four years, and when it finally found success - UnitedHealth's former CEO was forced to pay back more than $400 million worth of stock options gains, unexercised options and retirement pay after a stock...