Word: enronization
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Dates: during 2000-2009
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...many Americans, 2002 will go down in history as the year corporations failed them. Story after incredible story of greed and wrongdoing has created an array of new bogeymen: Tyco's Dennis Kozlowski (31 felony counts), Enron's Andrew Fastow (indicted for wire fraud, money laundering and conspiracy), ImClone's Sam Waksal (insider trading). Politicians have huffed and chuffed about how to fix the system, but legislation proposed to date is likely to lack teeth. The Bush Administration responded late to the public's sense of outrage, then seemed to lose focus. In the end, the only man who appeared...
...gaming on Indian reservations, Congress set up a regulatory scheme that is contradictory, inconsistent and shielded from public scrutiny. How arbitrary is it? The National Indian Gaming Commission can levy fines but has no power to collect them. Each tribe has its own gaming commission, but that's like Enron's auditors auditing themselves. States monitor casinos in some situations but not in others. Federal prosecutors may go after one casino for a gaming violation while ignoring the same violation by a wealthy and powerful tribe...
...living in? We call them emoticons now. In Britain, the worst royal scandal anyone could scare up this year was over a rape that allegedly occurred in 1989. And a gang of thugs wanted to kidnap Victoria Beckham, a.k.a. Posh Spice, now - that's like stealing someone's Enron stock. Even weirder were the public debates. Last year we were arguing about cloning and stem-cell research. This year, we pretended to argue about things we agreed upon long ago. The New York Times used its new front-page editorial section to lead the U.S. into a brave fight over...
...They are also influencing gaming and other policies affecting Native Americans by handing out large sums to influential lobbying firms. In 2000 alone, tribes spent $9.5 million on Washington lobbying. Altogether they spend more to influence legislation than such longtime heavyweights as General Motors, Boeing, AT&T--or even Enron in its heyday...
Whatever the final shape of the package, the White House is looking to put together a new team that is camera ready. O'Neill and Lindsey not only were unskilled at presenting the President's plan but often made news with wayward public comments. Lindsey once called the Enron debacle a "tribute to American capitalism." He speculated on the cost of going into battle with Iraq when the rest of the Administration was downplaying war talk and the President was preaching fiscal discipline. O'Neill repeatedly made pronouncements that were far too candid for the markets' delicate constitution...