Word: enronization
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Dates: during 2000-2009
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Bush, who has criticized corporate wrongdoing by companies such as WorldCom and Enron, has recently had to answer questions about his own actions while serving on Harken’s board of directors...
...stinging new congressional report mocks claims of ignorance by Enron board members like former CEO Ken Lay and Wendy Gramm, the wife of Texas Senator Phil Gramm. As a top federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals...
Chairman Carl Levin of the Senate's Permanent Subcommittee on Investigations (which prepared the study) also blasts directors for "failing to acknowledge" their share of the blame for Enron's collapse. A lawyer for the board said directors were "misled" and that the report is "very unfair," but it will be welcome news to shareholders seeking billions of dollars in compensation from Enron; they could get a legal boost from the 60-page document. The bipartisan study also raises the likelihood that onetime Enron board members will come under renewed pressure to resign directorships at other major corporations like Lockheed...
...recall a feeling of outrage like there's been lately with these stories. And then you see the pictures of the homes these guys are building ..." It's a short road from disgust to despair: What do I do with my money now? Business schools are adding courses on Enron to their fall lineup; a new book, How Companies Lie, promises to help investors see through the smoke and break the mirrors of corporate accounting. People say they have stopped investing and play poker instead; it's a safer bet. The Wall Street Journal profiles the barber who has given...
...practice he now wants to ban. In 1989 Harken concealed losses by selling most of a subsidiary to an off-the-books entity controlled by company insiders. Bush was on the audit committee, which, at least in theory, approved the deal. It's the same tactic used by Enron-on a massive, more pernicious scale-before it imploded...