Word: enronization
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...there is one lesson to be learned from the Enron fiasco, it is that all should be wary of a corporation announcing a trade that, upon closer examination, isn’t really a trade at all. By using an accounting gimmick to disguise its enormous debts as derivatives trades—known “prepaid swaps”—Enron’s management conned its shareholders and employees out of millions of dollars. Now it looks like the Harvard Corporation is trying to pull the same “false swap” scam...
Just two days after Herbert S. “Pug” Winokur ’64-’65 resigned from the Harvard Corporation because of his involvement with Enron, the Corporation concluded its secret deliberations for selecting a member to fill another Corporation vacancy. They chose to appoint one of Enron’s bankers, the Chair of the Executive Committee of Citigroup, Robert E. Rubin ’60, to join their ranks. Although Winokur’s resignation was meant to reduce the Harvard Corporation’s connection to Enron, no one should...
...from seizing the opportunity to purge itself of Enron’s taint, the Harvard Corporation, in choosing Rubin, is adding to its Enron infection. Winokur, acting as the chair of the Enron Finance Committee, oversaw the suspension of the company’s ethical standards and the creation of a number of partnerships that Enron used to defraud its investors. Meanwhile, Citigroup, according to the complaint filed against it by Enron shareholders, allegedly “hid loans, set up false investments and facilitated phantom Enron sales” for the energy giant...
...Democrats, furiously softening the ground for when the Senate comes up with its own version down the road, are already on the attack. None of the GOP's bills "would prevent big corporations from taking advantage of their employees as Enron did,'' said Dick Gephardt and Martin Frost (D-Texas) in a letter to Speaker Dennis Hastert. "We fear that characterizing the committee-passed bills as a response to the Enron collapse would seriously mislead millions of Americans about the security of their 401(k) plans...
...They may be on to something, even if they don't know it. Bush's proposals aren't just designed to keep the Enron stink off him for the midterms; it's also to start the difficult task of prepping people for life under a partially privatized Social Security system...