Word: enronizing
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...over everything from Vietnam to Watergate. This too is a summer not of one scandal but of many--the Roman Catholic Church, and the FBI, and Major League ballplayers on steroids. Comedians joke that Arthur Andersen tries to cover up corruption by rotating accountants from diocese to diocese, that Enron and K Mart will merge so Martha Stewart can design the prison uniforms. In each case it is the mighty who have fallen. The church scandal was as much about complicit Cardinals as about wayward priests; the FBI field agents did their job, but their careerist bosses stuffed...
...while for the blow to sink in. a market crash doesn't always come in a day. It can sneak up, slow and surreal, and you can think you survived it only to find it has barely begun. Now each week brings a new shudder and crack--first Enron and Arthur Anderson, then WorldCom, Adelphia, Xerox and the trials of Martha Stewart. Most Americans--72% in the TIME/CNN POLL--fear that they see not a few isolated cases but a pattern of deception by a large number of companies. In one survey, more than half of corporate chief financial officers...
Bush, who has criticized corporate wrongdoing by companies such as WorldCom and Enron, has recently had to answer questions about his own actions while serving on Harken’s board of directors...
...stinging new congressional report mocks claims of ignorance by Enron board members like former CEO Ken Lay and Wendy Gramm, the wife of Texas Senator Phil Gramm. As a top federal regulator during the previous Bush Administration, Wendy Gramm promoted a lucrative regulatory exemption that benefited Enron, and then became a director of the company months later, in 1993. She also served on Enron's crucial audit committee as the board "knowingly allowed Enron to engage in high-risk accounting." Another of the report's conclusions is that Enron directors were aware of everything from extensive off-the-books deals...
Chairman Carl Levin of the Senate's Permanent Subcommittee on Investigations (which prepared the study) also blasts directors for "failing to acknowledge" their share of the blame for Enron's collapse. A lawyer for the board said directors were "misled" and that the report is "very unfair," but it will be welcome news to shareholders seeking billions of dollars in compensation from Enron; they could get a legal boost from the 60-page document. The bipartisan study also raises the likelihood that onetime Enron board members will come under renewed pressure to resign directorships at other major corporations like Lockheed...