Lay & Skilling Found Guilty on Most Counts
I hope these guys die a natural death in prison. They deserve to be there and such a damn shame where greed takes you. And BTW, Enrons are what happen when there is no governmental regulation. Watch Enron, best documentary I have ever seen.
posted by Bulldoza at 5/25/2006 12:29:00 PM
6 Comments:
You almost made me proud 3GL. You were heading in the right direction until you stopped short. Who was on watch during the corporate scandals? Quick to heap praise on Slick for a booming economy, but how much of that boom was inflated by corporate crooks? Fudging the books to meet inflated expectations sent the market to all new highs. W took office and all of the sudden he got tough with corporate america and there were a record number of earning restatements because of his no-nonsense approach. Finally some Law and Order was brought to the White House.
I actually deleted that sentence out of my post.(sharing blame on Clinton and Dems) I was attempting to make this a bipartisan issue, do you know what that means? You hack!
3GL, The Spin Stops Here. Had it been a republican administration that allowed such coruption, you would have certainly pointed it out. How could it be a bipartisan issue? What did the republicans have to do with allowing corporate fraud?
Remus, your view is myopic. It was the Republican Congress who was responsible for massive deregulation during the 90s, not the President. Have you heard of the PSLRA, passed over Clinton's veto, which made it impossible for shareholders bring suit against public companies, and the Graham-Leach Bliley Act, which blurred the lines between banking and the securities brokerage industry?
The Oxley (R) part of the Sarbanes Oxley Act, in fact, was instrumental during this deregulatory period. He tagged along on SOX because it was popular. The SEC who was blamed for being asleep at the switch was in the midst of being starved to death by the tight purse strings of the Republican Congress. Much during that era, Arthur Levitt decried unscupulous accounting practices. It took the Enrons and World Coms for anyone to care.
You sure have a revistionist take on history. Are you also unaware of the tight relationship of the chief criminals in the Enron debable and the current president? The man used Lay's corporate jet to campaign in 2000, for god's sakes! And was about to appoint him to a cabinet position before Enron crashed.
Get to to know history, before you hurt yourself.
PS. I wouldn't be surprised if GW pardons Lay on his way out in 2008.
PS2. "PS" doesn't stand for "Princess Sophie."
Please clarify if you think W knew what was going on at Enron. Politics is a business of relationships, often with people not of the highest integrity. That does not mean everyone is corrupt. I doubt W knew Enron was about to go into the tank. Therefore, based on common knowledge prior to the scandal a cabinet position wouldn't have caused an uproar.
Do you think the SEC was underfunded or highly inefficient? There is a huge difference between the two. If it is the latter (which is correct) then why should Congress have given them more money?
Unfortunately, we are defined by the company we keep.
--Eva Braun
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