Word: enronization
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...Justice has apparently turned merciful. The Wall Street Journal reported Thursday that the government is willing to forgo the felony conviction and settle its Enron obstruction-of-justice case against Andersen out of court if the accounting firm admits that it illegally shredded documents; it's a deal Andersen seems likely to take. The news came as the firm tapped an acting CEO - Andersen Worldwide Board of Partners chairman Aldo Cardoso, whose primary job will be to sell off as many overseas affiliates as he can - and a new adviser, investment bank Gleacher Partners, to carry out Volcker's plans...
...post-Enron world understandability of earnings reports is all the rage. Companies like Disney are voluntarily handing their auditing and consulting businesses to different firms, and legislation to clamp down on the accounting business is on the tip of Washington's tongue. The new Wall Street scrutiny just might reinvigorate a market for boring bean counters in green eyeshades - and make it possible for a tightly focused company like the new Andersen to charge a premium for unassailability...
...greedy selves. The multimillionaire U.S. Senators are backing legislation that would prevent you from concentrating your 401(k) assets in your company's stock. The average American invests nearly 30% of his retirement account in his employer's shares. This federalized portfolio management has its genesis in the Enron disaster, in which thousands had their retirement savings devastated when the stock dropped from 80 bucks to 80 cents as fast as you can say, "I take the Fifth." And Enron was preceded by a few lesser disasters...
...greatly troubling that it took the exposure of Enron’s corruption to provide the impetus for Congress to act on campaign finance. An incredible number of politicians received campaign contributions from Enron, but it was only the public backlash after its collapse that provided the motivation for lawmakers...
...creeds!" He bristles at the suggestion that musicals are all fluff. "Not merely escapism. Escapism is vital." And contemporary relevances are there if you look for them, he says. The Producers, after all, is about the corrupting of an accountant, a very modern theme in this post-Enron...