Word: fiascos
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Following the resignation of Herbert S. “Pug” Winokur ’64-’65 from the Harvard Corporation amid controversy over his role as chair of the Enron finance committee, the Corporation appointed another businessperson tainted by the Enron fiasco...
...there is one lesson to be learned from the Enron fiasco, it is that all should be wary of a corporation announcing a trade that, upon closer examination, isn’t really a trade at all. By using an accounting gimmick to disguise its enormous debts as derivatives trades—known “prepaid swaps”—Enron’s management conned its shareholders and employees out of millions of dollars. Now it looks like the Harvard Corporation is trying to pull the same “false swap” scam...
...busy weekend for the Harvard Corporation. Herbert S. “Pug” Winokur ’64-’65 thankfully stepped down, citing his involvement with the Enron fiasco. Winokur’s resignation came after he realized what has been painfully evident for a long time: his ability to serve on the Harvard Corporation, where he was responsible for protecting and overseeing the best interests of the University and its students, had been fatally compromised by his connection to Enron’s collapse in 2001. Winokur chose to step down at a moment when...
...read about the incident. Furious members of Congress are pushing legislation to gut the INS, a bureaucracy that never had many friends in Washington and is now totally alienated. "We've all been dumbfounded by these revelations," fumed Congressman James Sensenbrenner Jr., who chairs the House Judiciary Committee. "This fiasco is indicative of the enormous mismanagement...
...fingerprint systems can't cross-reference. The same bill has been proposed in the Senate, but it is snarled in a procedural squabble that could delay a vote for another month. INS Commissioner James W. Ziglar tried to quell the revolt in part by joining it. Calling the visa fiasco "unacceptable," he announced a major shake-up, reassigning four senior officials. He too favors separating the agency's enforcement unit from its immigration side. But that might not be enough to placate Sensenbrenner, who wants Ziglar's scalp...