Word: enronization
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Dates: during 2000-2009
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...BOARD INDEPENDENCE] [Strong stench] Enron made generous payments to its directors and institutions linked to them. A board member, who resigned in May 2001, made nearly $200,000 a year consulting for Enron...
...CONTRITION] [Thoroughly rotten] Before pleading the Fifth, Lay told Congress about his "profound sadness about what has happened to Enron." He sent his tearful wife Linda to tell viewers on NBC that "we've lost everything...
...corporate America falling apart? Each day brings sordid details of dirty dealings at the highest levels of what were once our most respected companies. The sleaze at Enron and Arthur Andersen shocked us. Now it's Tyco's turn, and it won't be the last...
...CONSULTING FEES CORRUPT CORPORATE AUDITORS The accounting firm Arthur Andersen earned $54 million a year in fees from Enron, making about as much for auditing the books as it did for consulting work. Andersen basically blessed its own advice. And guess what might have happened to those consulting fees if Andersen had stood up to Enron over questionable bookkeeping? The auditing and consulting functions should be performed by separate firms, and auditors should be replaced every three years. The U.S. should also move to "principles based" accounting standards like those in Europe. America's "rules based" approach, known as GAAP...
...giant Adelphia, borrowed billions. In each case, shareholders have been left holding the bag. So let's change the rules. Executives get paid well; let them go to the bank and put their home in hock like the rest of us. And end the practice by which executives at Enron and Tyco have sold stock back to the company, rather than on the open market, to avoid legally disclosing the sale for as long as a year--while exhorting others...