Word: traders
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Crane's currency challengers have found a champion in Arizona Republican Representative Jim Kolbe. A free trader who calls the Crane monopoly "un-American," Kolbe has introduced legislation every year for a decade to overturn the laws that he says favor Crane. "First, there's the provision that only companies that are [at least] 90% American-owned can bid," he says. "We don't allow that for anything else, not even defense." The Secret Service insists that money must be produced and printed within the U.S. to maintain security, but the GAO found no reason to bar foreign companies from...
...wife, Linda, dabbed her eyes and hugged her husband while daughter Elizabeth Vittor, an attorney herself, sobbed so much her body shook. All the emotion of the moment was understandable. The 64-year-old founder of Enron, the high-flying energy company that once fancied itself as a trader of everything from water to wine, now faces the prospect of 45 years in prison - in other words, the rest of his life. Before leaving the U.S. District Courthouse after the verdict, he had to surrender his passport and his children had to sign a bond waiving rights to their property...
...Enron's former accounting firm, Arthur Andersen, as well as former Wall Street trader Frank Quattrone, have successfully appealed jury instructions based on the notion of willful blindness. When Quattrone's conviction was overturned two months ago, Skilling attorney Daniel Petrocelli told TIME, "I think it's a reminder of how dangerous it is that prosecutors can overreact in putting businesses on trial." In Andersen's case, the U.S. Supreme Court voided a witness-tampering conviction of the accounting firm by ruling that the trial's jury was wrongly told it could convict the firm for shredding documents during...
...call Tuttle a Beverly Hills car dealer is to call Averell Harriman (one of his predecessors) a Manhattan day trader. Before becoming one of the most successful business leaders in the country, Tuttle served in President Reagan’s White House for seven years—four of them as director of presidential personnel, which put him at the very center of national decision-making on the full range of foreign and domestic issues...
...thing is for sure: For the business trial of the century, the Enron trial thus far has been something of a letdown - especially its peek into the Enron executive suite. Lay and Skilling may have transformed a stodgy natural-gas carrier into a global trader in everything from energy to weather futures and broadband, but the two men remained surprisingly old-school when it came to technology. Take Skilling, a Harvard School of Business grad and master of this brave new digital world. When the Federal Energy Regulatory Commission went after Enron for the California energy crisis, it built...