Word: enronizing
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...stands out as a particularly bad day for Ken Lay. As word circulated that the energy giant he founded was under investigation for balance-sheet shenanigans, the CEO tried to pull Enron's stock out of a tailspin by arranging a special conference call with analysts. "We're not trying to conceal anything," he told them. "I'm disclosing everything we've found." After Lay got off the phone, he gathered Enron's thousands of employees via a live webcast and video teleconference, and tried to reassure them too. "Our liquidity is fine," he said of the company that...
...BUSINESS ENRON: How much did Ken Lay know about his company's fraud...
...Burn, baby, burn. That's a beautiful thing." ENRON TRADER, after a forest fire shut down a major transmission line into California, on an audio tape showing apparent collusion to manipulate energy prices in the state...
Certainly, the run of greed-inspired scandals beginning in 2001 with Enron has brought about meaningful changes. The accounting industry now has a federally chartered oversight board. Stock analysts are no longer permitted to shill for investment bankers at road shows. Bankers at Goldman Sachs can't talk to analysts on the phone without a corporate chaperone listening in, and e-mails between their departments automatically bounce back. The compensation committees of public companies must now be composed of independent directors, reducing the chances for cronyism. There's legal basis for forcing executives to give back bonuses when accounting fraud...
SENTENCED. LEA FASTOW, 42, wife of former Enron CFO Andrew Fastow; to a year in prison; in Houston. The heiress to a grocery and real estate fortune pleaded guilty to helping her husband hide income from questionable financial transactions, which contributed to Enron's collapse...