Posts tagged as:

Enron

2004 will be Fastow’s Year

May 19, 2003

It looks like ex-Enron CFO Andrew Fastow’s trial will not begin until 2004:

David Gerger, Fastow’s Houston-based lawyer, pleaded not guilty for his client to nearly 100 charges of conspiracy, wire fraud, obstruction of justice, money laundering, insider trading and filing false income tax returns.

The former chief financial officer could face, hypothetically, 1,142 years in prison with fines of more than $27 million.

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Exxon Mobil Ousted

April 1, 2002

Irving’s Exxon Mobil has been removed from the top spot on the Fortune 500 list by Wal-Mart Stores Inc. More surprising is that Enron is number 5 in the publication dated April 8! That’s right, despite bankruptcy, scandal, and Congressional investigations, Enron ranks fifth on the Fortune list. In all, 45 Texas companies made the list, all of them based in one of four metropolitan areas: Dallas-Fort Worth, Houston, San Antonio and Austin.

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Michael Moore on Bush, Enron

February 5, 2002

Have you seen Michael Moore’s open letter to George W. Bush in regards to Enron? Moore makes plenty of good points. I hate how bad this all looks for the Bush Administration, but he (Moore) downplays Enron’s connection with the Clinton regime.

Regardless, we as middle class Americans need to wake up to the reality that government and business are being run by a tangled web of self-serving interests. Directors and executives serving on multiple Boards, serving as senior advisers to government officials, working for lobbyists, and working for regulatory agencies. Companies doing both audit and consulting for the same client. Analysts recommending the same stock their brokerage firm is underwriting. Players move from role to role, their primary goal to enrich themselves and their friends. See Enron Lessons for Weyerhaeuser, Willamette Industries, the SEC and Arthur Andersen as an example.

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