Word: enronizing
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Thousands of Enron employees and stockholders lost their life savings on Winokur’s watch. What reason do we have to believe that Harvard’s interests will fare better...
...course, the absence of celebrity guests may not be a bad thing. After all, you can lead Lay to committee, but you can't make him speak, and because nobody involved in the Enron mess seems ready to talk to Congress, representatives are moving away from trying to find out who to send to jail and toward discussing how to fix the real problems. The people dodging House microphones are a veritable Who's Who of the scandal: There's Lay, who resigned from Enron's board Monday night and decided not to show up before two Congressional committees Monday...
...Guests like SEC Chairman Harvey Pitt, who spent Monday afternoon before the House Financial Services Committee telling his questioners that the SEC was not only capable of getting to the bottom of the Enron mess but of also being a friendlier place for corporate accountants to come with questions about what they should and shouldn't do. And for all Pitt's genially droning delivery, and all the time he spent dodging grandstanders digging for pungent quotes on Bush's budget priorities, at least the general theme of the exchange was figuring out - and fixing - the real problem...
Where in the world is Ken Lay? Congress wants to talk to the former Enron CEO, but he doesn't want to talk to Congress, and now even his lawyer can't find Lay. Attempting to force Lay to appear before Congress, the House Financial Services Committee contacted Lay's attorney, Earl Silbert, who said he couldn't accept a subpoena because he didn't know where Lay was. The Senate went ahead anyway, voting Tuesday to subpoena Lay to appear before the Commerce Committee...
...unless other-former-CEO Jeffrey Skilling, who as of Monday was still due to not only show up for his date this week but "speak freely" (this according to his spokesman), falls down on his knees and admits everything, no one will be pokey-bound over Enron for quite some time. Truly informational hearings, with regulators standing in for villains, won't make very good television. But the longer lawmakers are forced to ask about preventing the next Enron instead of punishing the current one, the better chance the hearings have of producing the new laws, new rules...