Word: enronizing
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Dates: during 2000-2009
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...security we had until then rarely worried about. We waged war in Afghanistan that drags on and today is deadlier than ever. Then came our fiasco in Iraq. Don't forget the anthrax letters and later the Washington, D.C., snipers and the wave of Wall Street scandals highlighted by Enron and WorldCom. (See a photo-essay on 9/11 first responders...
...brought about by a lethal combination of irresponsible deregulation and accommodating monetary policies instituted by the Federal Reserve. Bankers and financial engineers had an unsupervised free-market free-for-all just as the increased complexity of financial products - e.g., derivatives - screamed out for greater regulation or at least supervision. Enron, for instance, was a bastard child of a deregulated utilities industry and a mind-bending financial alchemy...
...economy, which grew 8.9% in the third quarter, could pull the global economy out of recession, several skeptics were arguing the Middle Kingdom's performance was unsustainable - and even that it was mostly a mirage. Chief among these naysayers is billionaire hedge fund investor Jim Chanos, who famously sold Enron short in 2001 after concluding that the rosy reports and projections about the company were not based on facts. He has come to a similar conclusion about China, according to Politico.com, and is shorting the country just as he did Enron. (See pictures of the making of modern China...
Since then, e-mail has played an increasingly important role in prosecutions. Unlike wiretaps, e-mails eliminate the problem of entrapment. They are records of what someone was saying voluntarily, on their own. Accounting firm Arthur Andersen was indicted for its role in Enron's financial fraud in part because of an e-mail that told employees to eliminate any unnecessary paperwork. A shredding party ensued. In the Martha Stewart insider-trading case, jurors said one of the more damaging pieces of evidence had to do with the fact that Stewart tried to alter an e-mail that had been...
...single piece of advice to offer young journalists, what would it be? The issue is not writing. It's what you write about. One of my favorite columnists is Jonathan Weil, who writes for Bloomberg. He broke the Enron story, and he broke it because he's one of the very few mainstream journalists in America who really knows how to read a balance sheet. That means Jonathan Weil will always have a job, and will always be read, and will always have something interesting to say. He's unique. Most accountants don't write articles, and most journalists...