Word: enronization
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...dogma, I usually reach for Giovanni Boccaccio's Decameron and its story about a Catholic trying to convert a non-Catholic friend. The friend insists on visiting Rome so he can observe the Holy See himself. This being the 14th century, when church leaders were about as saintly as Enron executives, the Catholic fears that his pal will return home appalled. And so he does - but he declares he's ready to become a Catholic anyway. The reason: he figures any religion that can have that bad a church and still have so many followers must be pretty good...
...current farm bill allows farmers with incomes up to $2.5 million per year to collect federal dollars; in 2001, 73 percent of subsidies went to the largest 10 percent of American farms. Previous recipients of much-needed farm aid have included media mogul Ted Turner and Kenneth Lay of Enron fame. David Rockefeller—one of those Rockefellers—received $554,000 in subsidies from 1995 to 2005, despite his estimated net worth of $2.6 billion. Farmer’s need subsidies almost as much as hedge fund managers do. In an era of gaping budget deficits...
...when debt markets blow up. Why didn't they see the bankruptcy of California's Orange County coming in 1994? Why did they fail to account for the currency risks brewing in Thailand and Indonesia and South Korea in 1997? And how was it that they were still rating Enron's debt as investment grade four days before the company went belly...
...congressional hearing or two, the ratings agencies have always been allowed to go their merry and profitable way. And why not? Inability to see into the future isn't a crime, plus there has usually been someone else available to take the fall--like Arthur Andersen in the Enron case...
...responsible for collecting taxes and providing services. In contrast, the U.S. has corporate welfare, tax cuts for the wealthy and the decimation of public services and infrastructure. Republican administrations have dispensed with oversight of corporations, leading to job outsourcing and the financial collapses and crises of companies such as Enron, MCI and banks with a big stake in the mortgage industry. It matters what Presidents...