Word: enronization
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...Indy’s Nov. 30 cover story, “Sex, Lies, and Bouncing Checks,” seemed to promise a salacious tale of erotic accounting a la Playboy’s recent spread, “The Women of Enron.” (Bouncing checks? Sounds...
...expelled its Italian member firm from its international network and says matters relating to Parmalat are not its responsibility. Two former Grant Thornton partners in Italy are awaiting trial on fraud charges they deny. Deloitte says Parmalat itself was responsible for any fraud. Bondi is betting that after the Enron debacle, which brought down Arthur Andersen, it'll be hard for the auditors to persuade courts that they were deceived. - By Peter Gumbel Calm After The Storm In the first loss estimate based on insurance claims, the U.S. Insurance Information Institute put the cost of Hurricane Charley to insurers...
...they had too little information to make a buying decision. Brin and Page offered precious few details as to how the cash injection would be invested or how the company would fend off rivals like Yahoo! Instead, the founders simply asked prospective buyers to ?trust us.? In a post-Enron world, could someone really make trust a central investment criterion...
...Time, Bondi and his team pin much of the blame for the company's collapse on "large-scale and ever more costly" financings arranged by banks, often through offshore tax havens. In other massive international bankruptcies, regulators and others have forced big settlements from enabling banks. After its bankruptcy, Enron sued its own lenders; that suit is pending. In May, investors in the bankrupt telecom giant WorldCom received a $2.65 billion payout from Citigroup. So far, Parmalat's other creditors are cheered by Bondi's hardball tactics. "The more value there is in the estate - for any reason - the better...
...room.... The Great Molasses Flood knocked down several buildings and an elevated train line and drowned 21 unfortunate (and evidently slow) people.? U.S. Industrial Alcohol eventually morphed into Chemstar, which (if I have it right) in the late 20th century gathered into its growing family another petroleum company: Enron...