Word: enronize
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...blame them? Mutual-fund managers have suddenly joined the long parade of suits in handcuffs that began with Enron two years ago and has led to monster fines, complex trials and a video of at least one multimillion-dollar toga party. It was bad enough when mutual-fund returns were pummeled by a two-year-long bear market that started to thaw only this spring. Then, in September, a few funds came under fire from New York State attorney general Eliot Spitzer for allowing big, sophisticated investors to game the system. The abuses are turning out to be so prevalent...
...COOKING THE BOOKS Enron's Ken Lay, who last week agreed to hand over records to the SEC, and Jeffrey Skilling are poster boys for business-accounting scandals, but they have not been charged. (Other Enron executives have been.) HealthSouth's Richard Scrushy was accused of inflating earnings, while WorldCom's Bernard Ebbers faces securities-fraud charges in Oklahoma. Both men have pleaded not guilty...
...economy's slump began under that sorry so-called President Bill Clinton ... you can't blame the economy's slip on a President. If anyone is to blame it would have to be the terrorists, the rip-off artists in huge companies (i.e. Enron, Tyco, Martha Stewart) ... and leftist reporters and media such as Time Magazine. Wade Spruill Birmingham...
...supposed to monitor for much of its funding—seven out of the 11 monitors are for-profit, some with a history of doing business with the companies they’re monitoring. Especially given the recent record of failed corporate self-supervision and political sponsorship (think Enron), Harvard should know better than to let the fox guard the hen house...
...spot the red flags: inflated growth assumptions for pension assets, a subsidiary controlled by a son-in-law, lots of synthetic leases. Then get your money out. Compare the most recent reports to those of past years, and skim for the new material--if more investors had noticed Enron's infamous Footnote 16 from its 1999 10-K, which described sketchy off-balance-sheet deals, they could have saved millions. And look for onetime charges that appear year after year. "It's a little bit about being a nerd," says Leder...