Word: enronizing
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Accusations that Enron’s top managers have repeatedly misrepresented its finances are supported by the revelation that Enron paid no income taxes for four of the last five years by using a network of foreign subsidiaries as tax havens. Also suspicious is the fact that Enron’s former chief, Kenneth Lay, sent an e-mail to employees touting the company’s stock in October, even while he and other senior executives were selling off their shares...
...fact that Enron was able to hide its losses immediately raises the question of why Andersen, Enron’s auditor, did not blow the whistle. Much of the blame appears to fall on the codependent relationship of Enron and Anderson, but this situation is only indicative of a larger problem. The “Big Five” accounting firms often make more money from consulting fees from their audit clients than from audit fees themselves. They have the incentive to turn a blind eye to potentially illicit practices to make sure those consulting fees keep rolling...
...surprisingly, Enron had a disturbingly cozy relationship with a large number of politicians. Seventy-one members of the Senate received political contributions from the company, while Lay was the twelfth-highest contributor to President George W. Bush’s 2000 campaign. While no special favors appear to have been granted to Enron from the Bush Administration as the company was approaching bankruptcy, the decade-long deregulation of the energy market might be seen as the return on Enron’s investment in the campaign chests of various politicians...
...feel uneasy and troubled that his duties as a member of the Harvard Corporation—overseeing President Lawrence H. Summers and the administration, as well as protecting the best interests of Harvard and its students—are so similar to the duties in which he failed at Enron...
Vice President Dick Cheney is the latest victim of the widening Enron sinkhole; his defiant refusal to reveal the names of people he met with while planning the administration's energy policy has the General Accounting Office in a litigious mood. Wednesday GAO Comptroller David Walker announced his office was suing the White House for access to energy task force documents...