Word: enronization
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...sorry chapter in American business history. While high-profile white-collar crime persists, the dramatic criminal cases that were launched just after the dotcom economy fizzled are now mostly completed. The icons of massive, turn-of-the-century corporate fraud--Ken Lay and Jeff Skilling of Enron, Bernie Ebbers of WorldCom, Dennis Kozlowski and Mark Swartz of Tyco--are convicted and, in Lay's case, dead. Even Martha Stewart has served time. And many, if not most, of the cases the feds brought against smaller fish--to help assuage a share-owning public that had been scammed by phony accounting...
...EXTRADITED. David Bermingham, 43, Giles Darby, 44, and Gary Mulgrew, 43, British former bankers for Greenwich NatWest; in a case that has sparked controversy in the U.K. over U.S. extradition powers; to Houston, Texas. Known as the "NatWest Three," the men are accused of conspiring with Enron executives to defraud their employers through the sale of a stake the bank held in a unit of the collapsed energy firm. All three pleaded not guilty...
...DIED. Kenneth Lay, 64, founder and ex-CEO of Enron, who was convicted in May of fraud and conspiracy in the spectacular 2001 collapse of the mammoth energy company; while free on a $5 million bond as he awaited his October sentencing; of heart disease; in Aspen, Colorado. Born to a poor family in rural Missouri, Lay became a friend to Presidents (George W. Bush famously nicknamed him "Kenny Boy") and a Wall Street darling whose renown grew in step with Enron's soaring stock price. But the emergence in 2001 of the truth about Enron and its scandalous business...
DIED. Kenneth Lay, 64, founder and ex-CEO of Enron, who was convicted in May of fraud and conspiracy in the spectacular 2001 collapse of the mammoth energy company; while free on a $5 million bond as he awaited his October sentencing; of heart disease; in Aspen, Colo. Born to a poor family in rural Missouri, Lay became a friend to Presidents (George W. Bush famously nicknamed him "Kenny Boy") and a Wall Street darling whose renown grew in step with Enron's soaring stock price. But the emergence in 2001 of the truth about Enron and its scandalous business...
...Daniel Petrocelli, attorney for Lay's co-defendant, former CEO Jeffrey Skilling, says his client was saddened and shaken by Lay's death. "Jeff will miss him dearly," said Petrocelli. Skilling has already lost another close friend to the Enron debacle - vice president Cliff Baxter, who committed suicide in 2002. In an interview with the Wall Street Journal last month, Skilling admitted he had considered suicide himself. Petrocelli refused to comment on the status of Lay's case. "It's inappropriate to be thinking or talking about that right now," Petrocelli told TIME. Petrocelli is continuing to work on Skilling...