Word: enronizing
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Holding hearings to yell at Jeff Skilling and Ken Lay was easy. Now, some four months after Enron officially went poof, Congress is finally getting to the hard part - trying to apply won't-happen-again medicine to all those hearts - employees', investors', capitalism's - that were broken by the energy trader's ignoble collapse. And this is where "fixing the system" gets complicated...
...bill - more or less an encapsulation of what President Bush suggested a while back - makes the easy fixes. Companies must warn employees 30 days before freezing trading in their 401(k) retirement plan accounts - remember those Enron victims? - and company executives would be banned from selling their company stock during blackout periods when workers can't make changes to their 401(k) accounts. As for diversification, it also forces companies that use their own stock to match employees' contributions to allow workers to sell that stock after three years. (Enron's threshold was a penny-pinching...
This past weekend, the Harvard Corporation waved goodbye to its youngest member, Herbert S. “Pug” Winokur ’64-’65, of Enron notoriety. Two days later, in confirming the appointment of former Secretary of the Treasury Robert E. Rubin ’60, they scored a long-awaited and much-needed public relations...
Third, eliminate known tax shelters, closing the loopholes that let Enron enjoy a particularly generous form of corporate welfare...
...think my favorite of this year’s crop of April Fools jokes has to be the article the Yale Daily News (YDN) ran, in which reporter “Art Anderson” (a reference, of course, to the beleaguered accounting firm involved in the Enron debacle) reported that Yale’s endowment had taken a billion dollar hit, due in large part to tremendous losses because of the devaluation of Enron’s stock...