Word: enronizing
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Dates: during 2000-2009
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...Street also dreads a lengthy process to resolve the analyst flap, which, layered on top of the accounting concerns springing from the Enron scandal, is driving investors away. To help regain their confidence, brokerage firms are making a show of efforts to reform. Last week UBS Warburg initiated its coverage of JetBlue Airways--a firm whose IPO it co-managed last month--by advising investors to "reduce" their holdings. It was apparently a pre-emptive move, to show regulators that UBS Warburg is indeed capable of using the word sell...
Pitt came to the job with a goal of regulating through consensus and self-policing, a stark change from his predecessor, Arthur Levitt, who was an outspoken ally of the small investor. In the wake of Enron, Pitt hasn't had a chance to test his style, and the hard-charging Spitzer is now making many wonder if Pitt isn't plain soft. "The SEC under Harvey Pitt has been something of a reluctant regulator," says John Coffee, professor of securities law at Columbia University. Damon Silvers, associate general counsel at the AFL-CIO, which has been carping about analyst...
...utility industry used to be the place widows and retirees invested their savings for steady dividend payouts and slow appreciation. That, of course, was before Enron--and before a recession and mild winter that crimped the demand for power. Since last October, investors have fled not only from the stocks of energy companies with complex finances and trading operations but also from old reliable electric and gas utilities. Some have lost half their value. Analysts view many of these utilities as prime candidates for acquisition, but even among the stronger U.S. energy firms, few are in a position...
...three companies produce and sell power on the wholesale market and also serve a large base of regulated retail customers. Hartmann is known as a careful shopper. When he explored a U.S. acquisition as CEO of Veba, the man on the other side of the table was Enron's Jeff Skilling. Hartmann walked away after deciding that the two companies' cultures and business models wouldn't mesh well together...
These are queasy days for investors. Stalled stock markets are upsetting enough. Adding to the unease is the Enron scandal, the cloud over corporate accounting, and questions about the impartiality of stock analysts. In the U.S., few of the checks and balances designed to ensure retail investors get a fair shake appear to be functioning properly...