Word: enronizing
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After a year-long stint at a European investment bank and another at Enron, Iris M. Mack signed on to be a quantitative analyst for Harvard Management Company in early 2002, hoping, she says, to find job security and distance from the risky trading and accounting practices that forced her last employer into bankruptcy in the company charged with managing Harvard’s endowment...
...Mack, a derivatives researcher for Enron before coming to HMC, says she was “shocked” by the mishandling and ignorance of derivatives at the HMC international equities division where she worked, led by Jeffrey B. Larson. At the time, Mack says, Larson’s group had only recently begun exploring more sophisticated financial instruments such as credit default swaps and capital structure arbitrage...
...rethink the financial system's rules - but, inevitably, that is a slow and painstaking task. London needs to serve up some quicker fixes. One suggestion: an immediate ban on opaque off-balance-sheet "special purpose vehicles," which played such a big role in the meltdown (and in the Enron scandal). Another: the establishment of a G20 College of Supervisors, the beginning of a world regulatory body to oversee financial markets, coordinate national responses and troubleshoot crises at cross-border financial institutions. Europe is moving in this direction; others should join...
...which bond issuers did. That generated more revenue, but it also created a massive conflict of interest, often cited in the current mortgage mess. In 2006, the SEC took regulatory authority over the agencies, in part because of their failure to ring more alarm bells concerning companies like Enron. SEC head Mary Schapiro is now signaling that the ratings system might need to be changed further, particularly who pays for ratings...
...support of less government regulation led to the collapse of Enron, the Madoff scandal, the housing crisis, the credit crisis, a deteriorating environment, global warming, and other ills. Managed capitalism can be wonderful, but if we allow the greedy to do whatever they want, we will again face sweatshops, 70-hour work weeks for the poor, lower wages, and an even greater economic mess than we currently face...