Word: enronization
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Since then, e-mail has played an increasingly important role in prosecutions. Unlike wiretaps, e-mails eliminate the problem of entrapment. They are records of what someone was saying voluntarily, on their own. Accounting firm Arthur Andersen was indicted for its role in Enron's financial fraud in part because of an e-mail that told employees to eliminate any unnecessary paperwork. A shredding party ensued. In the Martha Stewart insider-trading case, jurors said one of the more damaging pieces of evidence had to do with the fact that Stewart tried to alter an e-mail that had been...
...single piece of advice to offer young journalists, what would it be? The issue is not writing. It's what you write about. One of my favorite columnists is Jonathan Weil, who writes for Bloomberg. He broke the Enron story, and he broke it because he's one of the very few mainstream journalists in America who really knows how to read a balance sheet. That means Jonathan Weil will always have a job, and will always be read, and will always have something interesting to say. He's unique. Most accountants don't write articles, and most journalists...
What about people who seem to lack empathy altogether, like psychopaths? You talk about a "mammalian core." There's a book called Snakes in Suits, which is about psychopaths in business. Madoff would be a good example, probably, and Kenny Lay, the head of Enron. I find that such a striking title because it makes them into reptiles. Empathy is not a reptilian thing. Empathy is a mammalian thing. Psychopaths are capable of taking the perspective of somebody else, but only to take better advantage of you. They're able to play the empathy game, but without the feelings involved...
...Lots of people lose lots of money due to frauds every year - and so aside from the magnitude of the fraud, it's difficult to find a justification to treat Madoff's victims different than the victims of the Worldcom fraud or Enron," says Chris Clark, a partner at Dewey & LeBoeuf LLP. "I don't mean to sound unsympathetic, but it's difficult for me to imagine that Congress would legislate relief for one group of aggrieved investors when people lost billions of dollars in Lehman Brothers. Are they going to pass a statute that says you get your money...
...white-collar criminals have received far stiffer sentences that Sorkin's proposed 12-year term. Adelphia Communications' former finance chief Timothy Rigas is serving a 20-year term; former WorldCom chief executive Bernard Ebbers, who was 63 at the time of his sentencing, was given 25 years; and former Enron chief executive Jeffrey Skilling got 24 years. In April 2008, a federal judge in Colorado sentenced 72-year-old Norman Schmidt to 330 years for using money from his investment scheme to purchase properties near Aspen and eight NASCAR race cars, among other items. Similar to Madoff's scheme, Schmidt...