Word: enronization
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...This case is going to be decided by 12 decent people sitting in a courtroom in a court of law with real witnesses, with real evidence ... and not with scapegoats." DANIEL PETROCELLI, lawyer for former Enron CEO Jeffrey Skilling, who pleaded not guilty to 35 counts of conspiracy, securities fraud, wire fraud and insider trading...
...fired in April 2003 before the scandal broke because of the company's poor performance, Ramstedt and Sp?ng as the scandal was emerging - has been formally charged, and they all deny any wrongdoing. But Scandinavians are nevertheless asking themselves if their model corporate culture is going the way of Enron and Parmalat. The countries can barely accept the notion. "We thought that corruption might happen in Germany or the United States, but never here," says Per Bill, a Member of the Swedish Parliament. Confidence in big business in Sweden has fallen from 60% in 1995 to just 28% last year...
...offshore financial markets out of the reach of national regulators. The International Monetary Fund estimates that as much as $7 trillion in financial assets of various kinds are now held offshore. Concerns about money laundering and revelations about the role of tax havens in corporate scandals like Parmalat and Enron - both of which used a complex web of holding companies in places such as the Cayman Islands and, yes, Delaware - are turning up the regulatory heat on territories associated with flighty finance. Last week tax officials from the U.S., Germany, France and four other Western countries met in London with...
PLEADED GUILTY. ANDREW FASTOW, 42, former chief financial officer of Enron; to two felony counts of participating in crimes that contributed to the company's bankruptcy; in Houston. The plea deal requires him to pay more than $23 million in civil and criminal penalties and serve a probable 10-year sentence...
Will Parmalat become Italy's Enron, a crisis that leads to business reform? Don't bet on it. Yes, the government of Prime Minister Silvio Berlusconi amended Italy's antiquated bankruptcy rules to protect Parmalat from creditors, and the government plans to merge a plethora of regulators into a single agency with real teeth. But the credibility of these efforts is being undermined by Berlusconi himself, Italy's richest man. For instance, last year the government reduced the penalties for false accounting, an offense for which Berlusconi was indicted in 1999. Also, to avoid bribery charges, he pushed through...