Word: enronizing
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...about the best being a long way off may be the more salient prediction. Because despite the recent percolations in techs from semiconductors to data storage to cell phones, there's a bit of a chill blowing across Wall Street these days. And it's already being dubbed "the Enron effect...
...Then came the first full trading week of the year - and one in which the Justice Department announced that it would be conducting a criminal investigation into the Enron implosion. It was the week in which the daily swirl of revelations - from whistleblowings and shreddings to political connections and ominous-sounding congressional investigations - really got underway. It was also the week in which Wall Street finally started to acknowledge how unreliable corporate accounting, not to mention corporate analysis, had become. Suddenly everybody had stopped talking about the recovery - and began scouring the ticker for the next Enron-in-waiting...
...problem is shaken investor confidence - in companies' revenues and whether they're real or a product of the same kind of financial adventuring that Enron apparently relied on all those years. Investors are taking hard second looks at earnings statements - or at least promising to - and manipulation-prone numbers like EBIDTA are being stacked up against more implacable measures of corporate health like cash flow. The result is harder questions and more skepticism - can, say, Ford and GM really make money selling cars, or are they relying too heavily on their financing operations? - and it's all coming...
Each week TIME writers and editors chat about the news and answer your questions about their stories on America Online. This week we discuss medicine that will keep you in good health and Enron's poor health. Go to AOL, Keyword: Live...
Business writer DANIEL KADLEC once again dives into the stirring political and financial tale of Kenneth Lay, Arthur Andersen and the fallen Texas energy-trading giant known as Enron. Talk to Dan about one of the largest and most spectacular corporate collapses in U.S. history and what it will mean for shareholders, politicians and Enron execs, on Wednesday...