Word: enronize
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Dates: during 2000-2009
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...death in July, it was assumed, meant the end of the criminal case against the former Enron chairman. But prosecutors want to change that. On Wednesday, they filed a a motion asking Judge Sim Lake to hold off on signing the paperwork vacating Lay's conviction on fraud and conspiracy charges until former Enron CEO Jeffrey Skilling is sentenced in late October. In the motion, prosecutors propose a new law that criminal cases not be abated when the defendant dies, as is current legal precedent. In an effort to also get a Congressional hearing on the proposal, copies were sent...
...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...
...there was enough circumstantial evidence surrounding the e-mail to win a case. In the end the decision to drop the case echoes a broader trend to allocate resources to more timely issues. "You can't focus on everything," says Andrew Weissmann, former head of the Justice Department's Enron task force, who is now in private practice. "There are a lot of other things to do." For example: the backdating of stock options. More than 100 companies, from Home Depot to Apple, are being investigated for the way they handed out stock options to executives with issue dates earlier...
There are still a few loose ends from the wave of prosecutions kicked off after the 2000 stock-market slump and the Enron meltdown. And some aren't as easy to wrap up as Quattrone's. Several British bankers, known in England as the NatWest Three, were hauled to Texas in July, after loud protests back home and a drawn-out extradition process. They face charges that they worked with ex-Enron CFO Andrew Fastow to siphon millions of dollars from a deal between their former employer, National Westminster Bank, and Enron. And in August, most of the convictions...
...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...