Word: scandalizing
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Enron stands out from this sorry list not by virtue of the company's size but because the scandal is of such a fundamental nature. At the heart of capitalism is the act of investment, which is nothing more than a decision by one party to lend money to another in the hope of a return. The system can't function without trust--trust that the money so lent will not be stolen or applied to illegal purposes, and trust that an enterprise's accounts will accurately reflect the state of its business. Company directors, lawyers and accountants are said...
...scandal may prove to be systemic in a broader sense. For reasons that are well understood--the years of turmoil between John Kennedy's assassination and Richard Nixon's resignation, the end of the cold war, the absence of a sustained national emergency that required a strong Federal Government--the authority of the American political process has been in a long decline. At the same time, the reputation of U.S. business leaders has grown extraordinarily. In the 1980s and '90s, Lee Iaccoca, Sam Walton, Bill Gates, Andy Grove, Jack Welch and their ilk became our new heroes. Businessmen seemed...
...Enron affair matured into a scandal just as it began to seem that the culture of celebrity was defunct; suddenly, we remembered that Barbra Streisand was not a political philosopher. Neither is Jack Welch or Bill Gates or, certainly, Ken Lay. In the '90s, we treated businessmen as if they were film stars (and we treated film stars like gods). But we lend stars our affections only; we lend businessmen our chance of future prosperity. A lesson from Enron: we would be wise to entrust that responsibility to those with their feet on the ground, not on a pedestal. Even...
...financial world shaking from the Enron scandal, many investors are viewing with fresh skepticism the bookkeeping methods of a range of companies, including even blue chips that are widely admired and accused of nothing illegal. Some of the companies that investors point to are American Airlines, the insurer American International Group, Coca-Cola, Electronic Data Systems, General Electric, IBM, J.P. Morgan Chase and Xerox...
...president of the Salt Lake Organizing Committee, and Dave Johnson, a former senior vice president, were indicted on federal charges, including bribery and fraud. The charges were dismissed last year, but the Justice Department last month appealed the dismissal. All along, the Mormon church has tried to keep the scandal at arm's length-Hinckley says he had instructed the church to remain strictly "neutral" in every aspect of the Olympics. The hope is that by the opening ceremonies, the scandal will be largely forgotten...