Word: enronization
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Dates: during 2000-2009
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...corporate "gotcha!" moment that seemed to have it all--longer than a perp walk, more than just a Senate hearing. Former Enron managing director Michael Kopper's guilty plea to wire fraud and money laundering appeared to promise future boons for government prosecutors, who are counting on him to incriminate his bosses, and for defrauded Enron investors, employees and pensioners, who may win back some of the ill-gotten spoils. In court documents, Kopper detailed the schemes that he says he ran with former CFO Andrew Fastow, schemes that cost the energy giant more than $1 billion. (Fastow...
Lawyers representing shell-shocked Enron employees say something is better than nothing. "The amount of money pales in comparison to the losses, but it's an important psychological victory," says Seattle attorney Steve Berman, who represents 21,000 current and former Enron employees. "They will not rest--psychologically more than pocketbook-wise--until these people pay for it." --By Cathy Booth Thomas
Before its messy decline and fall, Enron had plenty of clout in George W. Bush's Washington, from the personal ties between chairman Ken Lay and the President to the company's alleged influence on Vice President Dick Cheney's energy task force. But Enron's cozy relationship with Washington didn't start there. Documents obtained by TIME show the energy giant enjoyed much closer ties with Clinton Administration regulators than was generally known. Long before Cheney's task force met with Enron officials and included their ideas in Bush's energy plan, Clinton's energy team was doing much...
Clinton officials also made efforts to help Enron get business overseas. Clinton Energy Secretary Hazel O'Leary included Enron officials on trade missions to India, China, Pakistan and South Africa. White, returning from a 1994 trip to Mexico, wrote chairman Lay that "much opportunity" existed there for natural gas, and he sent a copy of Mexico's energy plans. To persuade an Enron senior vice president to join a mission to Pakistan, White wrote, "I have strong personal relationships with the existing government." Enron showed its gratitude. At Christmas 1995, documents show, it donated an unknown sum of cash...
...President of economically troubled Brazil creates Switzerland-sized national park, invites Swiss to move right in?and bring their banks Losers LI KA-SHING Hong Kong magnate loses controversial bid for a stake in TV station, says he only wanted to spare viewers more David Letterman reruns MICHAEL KOPPER Enron exec pleads guilty to money laundering and agrees to give back $12 million in illicit gains as soon as the spin cycle is finished ALI RAFII Iranian director banned from theater because a character in one of his plays sips wine onstage. Next: breathalyzer tests for Iranian poets