Word: enronizing
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Dates: during 2000-2009
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...apples and oranges," insists Communications Director Dan Bartlett comparing the accounting practices at WorldCom and Enron and those that led to a 1990 SEC investigation and restatement of Harken's earnings. The distinction, say administration officials, is not only that Harken's restatement was in millions, not billions, but also that the company was merely caught being aggressive, not fraudulent. Many corporate executives currently under the bright lights are saying a version of the same thing...
...stinging new Congressional report, obtained by TIME, mocks claims of ignorance by Enron board members like former CEO Ken Lay and Wendy Gramm, the wife of Texas Senator Phil Gramm...
...federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals to conflicts of interest and excessive compensation for senior executives - and did little or nothing about the alleged transgressions...
...culprits of Enron and Tyco, WorldCom and Wall Street are now being described as the largest gang of upper-income banditti since the Ponzi, Insull, bank and bucket shop defendants of the early thirties. The recent peak-to-trough decline of nearly 75% in the tech-heavy Nasdaq also happens to represent the steepest decline in a major stock market index since the Dow Jones Industrial Average fell more than 80% between...
...cusp of change? Conceivably. Since 2000 the count of U.S. billionaires and millionaires has declined. Wealth momentum and hubris are slowing and possibly reversing. Enron et al may be crystallizing the beginning of a new popular suspicion of corporations. Debate, at least, is finally being joined...