Word: enronization
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...nights ago, something marvelous happened to me. I lost all memory of the past 25 years of agenda-driven documentaries. I forgot about the last time I walked out of a documentary feeling guilty about my way of life. I couldn’t recall ever seeing an Enron, Fox News, or other large-corporation-whackumentary. And I certainly didn’t remember Michael Moore’s shotgun-style political ranting...
...actual birth. In 1987, with bells and whistles, the Ministry of Economy announced the sorpasso: Italy’s GDP had overtaken Britain’s.Since then, however, it has all been downhill. Italian financial scandals, such as the implosion of the dairy colossus Parmalat have made Enron and WorldCom look like sound companies. Whilst American CEOs appear with aplomb in front of a myriad of courts, dubious Italian executives choose instead to run for office thanks to Berlusconi’s help. Not only did the Prime Minister push a law forcing voters to cast ballots for parties instead...
...Other recent cases bolster that view as well. The U.S. Supreme Court, in a case directly related to Enron and Quattrone, in May of 2005 voided a witness-tampering conviction of the accounting firm Arthur Andersen LLP by stating that the trial's jury was wrongly told it could convict the firm for shredding documents during the government's investigation of Enron even if Andersen employees believed they were not breaking the law. And Bernie Ebbers, former CEO of WorldCom, convicted last year on fraud charges in the financial collapse of the telecommunications company, is basing his appeal on similar...
...fast, says Sam Buell, a former member of the government's Enron Task Force that brought indictments against company executives, and now a visiting professor at the University of Texas-Austin. "They're sort of apples and oranges," argues Buell of the Quattrone and Enron cases; the Quattrone case involved blocking a grand jury investigation, while Enron concerns internal accounting fraud. Even in striking down Quattrone's conviction, he noted, the appeals court panel indicated there was enough evidence to convict if jury instructions had been proper...
...event, all eyes will be on the jury instructions in the Houston courtroom. "These twelve people who decide guilt or innocence are not legal scholars," says Enron trial analyst and Houston attorney Brian Wice. "The only law they take into the jury room is the law Judge Lake gives them...