Word: enronizing
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...INDICATORS Number Crunching Richard Causey, former chief accountant at Enron, denied multiple charges of securities fraud after surrendering to U.S. authorities. Prosecutors allege Causey was "a principal architect" in manipulating the failed energy firm's financial results...
...dodging "corporations who move their headquarters to Bermuda and their jobs to China." But the Boston Globe reported last month that as Governor, Dean expanded a complicated tax shelter for captive insurance--in which companies set up specialized subsidiaries that provide them with below-market insurance coverage. Enron was among 500 companies to take advantage of it, and though the Clinton Administration tried to eliminate the break, Dean publicly declared his intention to "overtake Bermuda" as the world's biggest center for captive-insurance subsidiaries...
...Tanzi was arrested, and he is confined in a Milan jail while Italian prosecutors, joined by the U.S. Securities and Exchange Commission, probe his role in an alleged $8.8 billion fraud that could implicate Parmalat in Europe's biggest corporate scandal ever, easily on a par with those of Enron and WorldCom in the U.S. Parmalat has filed for bankruptcy, and corporate-turnaround expert Enrico Bondi is trying to salvage what he can of the firm, which has 36,000 employees in 30 countries, including 7,300 in North America. Among its holdings is Archway Cookies, now on the block...
...totals €7 billion and may turn out to be far larger. Seven other executives were arrested last week, and Tanzi's son Stefano was questioned by prosecutors. The size of the alleged fraud could make Parmalat the biggest corporate scandal ever in Europe, easily on a par with Enron or WorldCom in the U.S. Parmalat filed for bankruptcy on Christmas Eve, and corporate-turnaround expert Enrico Bondi is trying to salvage what he can of the firm, which has 36,000 employees in 30 countries and top-selling brands including Parmalat uht milk and Archway cookies. On Friday, dozens...
When he walks into a room, Rex Tillerson radiates competence and stability. In a world grown weary of the shenanigans of energy companies like Enron, the oilman commands respect--and earns it--by pumping twice as much oil out of the ground as Kuwait does. As ExxonMobil's senior vice president for exploration and production, he was responsible for 80% of the $11 billion profit generated last year by the world's largest private oil company. The challenge: Can Tillerson, 51, ride that success to become...