Word: enronizing
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Dates: during 2000-2009
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...Martha Stewart know? And when did she know it? These are hardly the most pressing questions to emerge from the collapse of yet another stock and the disgrace of one more CEO, this time at the once high-flying biotech firm ImClone. But after the scandals and meltdowns at Enron and Tyco and the self-serving stock recommendations at Merrill Lynch, the shamed corporate hero has become positively pedestrian. It takes a celebrity touch to hold our interest, and with ImClone we're getting the full weight of high society...
...called Erbitux in 1999. Waksal, 54, was always as much salesman as scientist and employed his reputation and charm as a ladder into elite circles that included home-decor guru Stewart, Mick Jagger, actress Mariel Hemingway, financier Carl Icahn and Dr. John Mendelsohn, the cancer-drug pioneer and former Enron board member. Waksal's eclectic posse combined science and celebrity with stock-market speculation. It was an intoxicating lifestyle that the ImClone chief apparently savored...
...barely alive, but one question remained: What would its epitaph be, the lesson for others? An answer came last Saturday, when a Houston jury found Andersen guilty of obstructing justice. It provided a moment of vindication for investors who lost more than $60 billion in the spectacular collapse of Enron, whose books had been audited by Andersen. But the verdict held a twist: at first the case seemed to hinge on whether an Andersen employee ordered tons of Enron paperwork to be shredded before investigators arrived. Jurors said they based their decision instead on Andersen's alteration of an internal...
...police rogue corporations. As the jurors deliberated for the ninth day last Friday, the stock market was tumbling to its lowest level since Sept. 21, much of the decline tied to the lack of investor confidence in corporate America. The verdict also revved up prosecutors for their next target: Enron and its executives, including former CEO and chairman Ken Lay and former CFO Andrew Fastow...
Although the jury convicted the entire firm, it focused the blame on a single person, Andersen's Chicago-based lawyer Nancy Temple, who, according to the legalese, played the "corrupt persuader" who led others astray. Knowing the Securities and Exchange Commission was starting to scrutinize Enron's books, Temple told David Duncan, who supervised the account, to remove her name from a file memo that disagreed with Enron's characterization of a $1 billion loss as "non-recurring." Said prosecutor Andrew Weissman: "This is a perfect example of Arthur Andersen sanitizing the record so the SEC would have less information...