Word: enronize
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...biggest corporate fraud in history is turning into one of Broadway's most expensive plays. A team of theater producers is spending nearly $4 million to bring Enron to New York City from London. That's a fraction of what Hollywood routinely doles out, but on Broadway the multimillion-dollar budget of the play, which is set to open for previews on April 8, is drawing attention...
...tough economic times, though, may be exactly what Enron has going for it. The play details the rise and fall of the notorious, eponymously named, Houston-based energy company, which collapsed amid fraud in 2002. The demise of Enron had little to do with mortgages, bank bailouts or any of the things that have been at the heart of the recent financial crisis. Nonetheless, the lead producer of Enron, Jeffrey Richards, says the play is sure to strike a contemporary chord with audiences. (See the top 10 plays...
...Indeed, Richards and his partners got a bit of unexpected good news in mid-March. A newly released report uncovered accounting tricks at Lehman Brothers, causing many to compare the defunct investment bank, which failed in September 2008, to Enron. That put the energy company, at least briefly, in the headlines again. And Lehman Brothers is in the play as well, portrayed by two actors in an overcoat as a Siamese twin. "It's a play about our society and the way it attracts greed and corruption," says Richards. "Enron was the beginning." (See a TIME cover story about Enron...
...Just like the fraud, though, bringing Enron, which has been running in London for months, to Broadway is costing big bucks. In general, operating on Broadway has grown more expensive than it used to be. Producers say most plays cost between $2 million and $3 million to launch on New York's main stages these days. Musicals like Wicked can cost as much as $15 million, but they tend to draw bigger audiences than dramatic plays. The higher production costs are driving up ticket prices on Broadway and pushing out the time it takes productions to be profitable. Many plays...
Countries aren't supposed to go bankrupt. Governments, after all, are funded by the tax revenues of entire economies, and, since they manage nations, they're not likely to evaporate, Enron-style, in a sudden financial flame out, or close up shop and flee their creditors. That's why lending money to states is considered the surest bet around. Reputation aside, however, politicians abuse their ability to borrow just like any spendthrift with too many credit cards, and often pile up more bills than they can handle. Argentina, Russia, Mexico and others have stiffed their bankers over the past...