Word: enronization
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Corporate influence over the American political landscape has ruled supreme for far too long, and with the Enron scandal in plain view, the people know it. Change is coming in Washington, and I hope it will lead to a government that has no strings attached. TODD HAWES Newport Beach, Calif...
...Andersen, the Enron scandal may only get worse. A senior Administration official told TIME last week that an indictment of the Big Five accounting firm or some of its executives could be imminent. An adviser to the company, meanwhile, acknowledged that it was on the brink of serious financial trouble and suggested that an indictment might force it to seek protection under bankruptcy laws. This is vehemently denied by Andersen spokesman Charlie Leonard. "You can't [declare bankruptcy] if you're solvent," he says. "Andersen is solvent...
...effort to reassure clients, Andersen's partners fired the lead auditor on the Enron account, David Duncan, in January and admitted to Congress later in the month that potentially incriminating documents had been shredded. But suspicion that Andersen was not exactly forthright about the level of involvement of several executives was stoked by the revelation that Nancy Temple, a lawyer with the company, sent a memo reminding employees of Andersen's document-retention policies on Oct. 12. The memo, observers suspect, was a tacit order to start the shredding...
Fresh evidence of this came last week when, as European Union officials excoriated the U.S., the French government balked at opening its household electricity market to foreign competition. French officials in Brussels cited the recent California energy crisis and the Enron scandal as evidence of the perils of opening up the sector to privatization. Strange then that the French national electricity company EDF, flush with cash from its virtual domestic monopoly, has been snapping up energy utilities in countries where the market has already been opened...
...said that Democrats have been too timid and reserved in securing airtime, pointing to Republican political advertising and the Democrats’ lack of any public response to the current Enron controversy...