Word: enronizing
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Business education has also produced former Enron CEO Jeff Skilling and other MBAs behind the malfeasances of Tyco, HealthSouth, Haliburton, AIG, and WorldCom. Many executives of corporate America who hold MBAs have also been engaged in the unethical acts of raiding their corporate treasuries at the expense of employees and stockholders. Emulating President Bush’s hubris, a multitude of CEOs in corporate America give themselves obscenely large bonuses that have little to do with their performance. In 1980, the CEOs of Fortune 500 large corporations received, on average, 70 times larger annual compensations than their average employees. Under...
...stakes are high for anyone even superficially attached to the AIG transactions," says Christopher Bebel, a Houston securities lawyer and former federal prosecutor. "This is how things are today. It's hardball." After all, prosecutors aggressively hunted down the banks that devised the complex partnerships that helped Enron hide its financial deterioration just before it collapsed...
...decades, Wall Street prized corporate leaders who could dip into their financial black box and deliver steady, no-surprise earnings, even if investors had no idea precisely how those magic numbers were reached. That changed after dazzling bookkeeping (later found to be fraud) at Enron and WorldCom led to the destruction of billions of dollars of wealth. In today's regulatory climate, uncanny consistency invites scrutiny...
...predict, when he's scheduled to be sentenced in June, he could spend the rest of his life in prison. That's a bad omen for four other prominent execs facing criminal charges: Richard Scrushy, the former chief of HealthSouth being tried for fraud in Alabama; the top two Enron guys, Kenneth Lay and Jeffrey Skilling, scheduled for trials next year; and Dennis Kozlowski, accused of looting Tyco and being retried following a mistrial last year...
...similar deals; indeed, the product that took down Greenberg is legal and still used by others. "Accounting rules have an enormous amount of subjectivity," says analyst J. Paul Newsome at brokerage firm A.G. Edwards. "What nobody had an issue with 15 years ago is very much not O.K. post-Enron, post-WorldCom...