Keyword: enron

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  • The IRS Had a Contract With an Email Backup Company

    06/21/2014 2:21:02 AM PDT · by Jim Robinson · 217 replies
    reason.com ^ | June 20, 2014 | By Peter Suderman
    The Internal Revenue Service (IRS) said it can't provide emails sent between 2009 and 2011 that were requested by congressional investigators because of hard drive crashes. The agency said that emails stored on dead drives were lost forever because its email backup tapes were recycled every six months, and employees were responsible for keeping their own long-term archives. The IRS had a contract with email backup service vendor Sonasoft starting in 2005, according to FedSpending.org, which lists the contract as being for "automatic data processing services." Sonasoft's motto is "email archiving done right," and the company lists the IRS as...
  • WH on Lerner Emails: 'You've Never Heard of a Computer Crashing Before?'

    06/17/2014 11:07:02 AM PDT · by Citizen Zed · 58 replies
    Townhall ^ | 6-17-2014
    Friendly reminder, America. They think you're stupid: A top White House official blamed a computer crash for the disappearance of emails from embattled former Internal Revenue Service official Lois Lerner, echoing the explanation the agency gave Congress last week for the two years' worth of missing subpoenaed correspondence. "I think it's entirely reasonable. And it's fact," incoming White House press secretary Josh Earnest told reporters aboard Air Force One Monday. "You've never heard of a computer crashing before?" he asked.
  • Barack Obama: The New And Improved Kenneth Lay

    05/20/2013 12:52:40 PM PDT · by thetallguy24 · 6 replies
    Hardhatters ^ | 05/20/2013 | Hal Hawkins
    Remember Enron? Remember Kenneth Lay? How about the tens of billions that were lost in that scandal? It was a series of events that will be talked about for decades to come, yet history seems to be repeating itself in 2013. Not in the private sector, but in the Federal government. For those who may not know or need a refresher in history, Enron was once one of the largest companies in the world. Its business was primarily in the energy sector. Unfortunately, accounting fraud and corruption led to its ultimate downfall, one of the largest bankruptcies in history, and...
  • Enron's Jeff Skilling could get early release from prison

    04/04/2013 8:55:07 AM PDT · by SoFloFreeper · 13 replies
    NBCNEWS ^ | 4/4/13
    Former Enron CEO Jeffrey Skilling, who is serving a 24-year prison term for his role in the energy giant's epic collapse, could get out of prison early under an agreement being discussed by his attorneys and the Justice Department, CNBC has learned. Skilling, who was convicted in 2006 of conspiracy, fraud and insider trading, has served just over six years. It is not clear how much his sentence would be shortened under the deal.
  • Enron's Global Warming Scam Survived It's Bankruptcy

    02/10/2013 1:17:50 AM PST · by kathsua · 9 replies
    lawrence Daily Journal World ^ | February 4, 2013 | Reasonmclucus
    Remember Enron, the corrupt firm whose failure should have disproved the myth "too big to fail", but didn't? At the time it was the seventh largest corporation. It's bankruptcy was the largest in history until Lehman Brothers failed. Incidentally, Lehman Brothers was also involved in carbon trading. Enron owed part of its early success to emissions trading. Basically emissions trading was established as a way for some companies to profit from pollution while allowing some companies to continue to produce the chemicals that can cause acid rain. Lawrence Solomon, executive director of Energy Probe and Urban Renaissance Institute, is reporting...
  • MF Global proves Enron-era (off-balance-sheet) accounting lives on

    12/02/2011 6:45:46 AM PST · by Libloather · 5 replies
    Yahoo ^ | 12/02/11 | Nanette Byrnes
    MF Global proves Enron-era accounting lives onBy Nanette Byrnes | Reuters – 2 hours 14 minutes ago REUTERS - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global . Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk than it really was. On Thursday, Mary Schapiro, chairman of the Securities and Exchange Commission, told a committee of Congress...
  • Republican Senator Calls on Obama to Cancel Fannie Mae, Freddie Mac Bonuses

    11/01/2011 6:18:49 PM PDT · by ColdOne · 8 replies
    FoxNews.com ^ | 11/1/11 | Ed Henry/FoxNews
    A Republican senator is calling on President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout. “I am calling on the president of the United States to cancel those bonuses and explain to the American people, the taxpayers who bailed out Freddie and Fannie, why he continues to reward failure,” Sen. John Barrasso, R-Wyo., said at a news conference Tuesday. The two housing giants have received about $141 billion in taxpayer funds since the government took them over...
  • First lady event upsets local Dems

    10/27/2011 4:04:05 PM PDT · by ColdOne · 5 replies
    Politico44 ^ | 10/27/11 | JULIE MASON
    An upcoming Houston fundraiser featuring first lady Michelle Obama at the home of a former Enron executive who is part of a movement to convert public pensions to 401(k)-style plans is angering some local Democrats. John Arnold, a Houston billionaire and former Enron trader, is hosting the Michelle Obama event with his wife, Laura Arnold, at their Houston home on Nov. 1. Arnold is part of an organization pushing to convert public pensions — including teachers, police, firefighters and others — to 401(k)-style plans. The effort launched in California but has plans to go nationwide, according to a story by...
  • Enron castoffs became pipeline, terminal empire

    10/18/2011 5:23:11 AM PDT · by thackney · 4 replies · 1+ views
    Fuel Fix ^ | October 18, 2011 | Tom Fowler
    Ten years to the day after Enron Corp. began its rapid fall, Rich Kinder made a move that may signal his rise to new heights. On Oct. 16, 2001, Enron – from which Kinder had resigned as president five years earlier – reported a surprise third-quarter loss. The loss marked the beginning of the end for the one-time energy giant as it began its spiral to a Dec. 2, 2001, bankruptcy filing, thousands of local layoffs, the collapse of the energy trading business and years of criminal and civil litigation. On Oct. 16 a decade later, Rich Kinder’s company, Kinder...
  • Emails: Obama White House Monitored Huge Loan to 'Connected' Firm (Solyndra)

    09/13/2011 6:11:45 PM PDT · by MissesBush · 78 replies
    ABC News ^ | 09/13/11 | MATTHEW MOSK, BRIAN ROSS (@brianross) , and RONNIE GREENE
    Newly uncovered emails show the White House closely monitored the Energy Department's deliberations over a $535 million government loan to Solyndra, the politically-connected solar energy firm that recently went bankrupt and is now the subject of a criminal investigation. The company's solar panel factory was heralded as a centerpiece of the president's green energy plan -- billed as a way to jump start a promising new industry. And internal emails uncovered by investigators for the House Energy and Commerce Committee that were shared exclusively with ABC News show the Obama administration was keenly monitoring the progress of the loan, even...
  • Obama's Pet Billionaire at Solyndra Make Take White House Down

    09/11/2011 10:00:37 AM PDT · by Kaslin · 84 replies
    Townhall.com ^ | September 11, 2011 | Bob Beauprez
    A high profile, politically well-connected California solar energy company that had won a $535 million loan guarantee from the Obama Administration declared bankruptcy earlier this month and closed its doors sending 1100 workers to the unemployment line.   The demise of Solyndra has already sparked an FBI investigation, congressional hearings, and raised numerous questions of political cronyism and corruption connected to the highest levels of the Obama Administration.   While the White House and Congressional Democrats feign surprise at the collapse of what was described as "the most hyped startup in the crowded Solar Energy field," it appears Obama Administration representatives...
  • Solyndra CEO questioned by FBI

    09/09/2011 1:24:00 PM PDT · by NoLibZone · 28 replies
    news.cnet.com ^ | Sept 9 2011 | Martin LaMonica
    The CEO of government-backed solar company Solyndra was visited by the FBI yesterday but agents did not search his house, according to a Solyndra representative. The Washington Post reported yesterday that the home of Solyndra CEO Brian Harrison was searched after the FBI conducted a surprise raid at Solyndra's Fremont, Calif., solar panel plant. ABC News reported today the FBI also searched the homes of former CEO Chris Gronet and another executive, who is said to be co-founder Kelly Truman. Solyndra made solar collectors by covering glass tubes with thin-film solar cells. (Credit: Martin LaMonica/CNET) Solyndra spokesperson David Miller confirmed...
  • Paul Krugman: The Man, The Myth, The Fraud

    07/13/2011 9:35:11 PM PDT · by Absolutely Nobama · 3 replies
    FRee Republic | 7/14/11 | Alan Levy
    Of all the misfits and demented rejects that have the temerity to call themselves columnists at the New York Slimes , the most detestable of them all is Paul Krugman. Sure, there is Maureen the Moron and Comrade Friedman, but there's a special place in hell for the fraud known as Paul Krugman. Remember this from 1999 ? (Hat tip: Ann Coulter and her fabulous tome, Demonic .) -------------------------------------------------------------------------------- "The retreat of business bureaucracy in the face of the market was brought home to me recently when I joined the advisory board at Enron [Yes, that Enron. The same Enron...
  • Canada's carbon catastrophe begins

    05/17/2011 6:48:04 PM PDT · by george76 · 14 replies
    Ottawa Sun ^ | May 9, 2011 | Lorrie Goldstein,
    It’s like watching the same train wreck — twice. Our politicians are starting to commit the same wasteful blunders, resulting in the same perverse consequences, as the Europeans have in pricing carbon dioxide emissions, ostensibly to fight climate change. The harbinger of many bad things to come for us is now happening in B.C. There, the provincial government is forcing the transfer of millions of tax dollars from cash-strapped schools, hospitals and other public institutions, by requiring them to buy carbon offsets. Money which then benefits hugely profitable energy companies like Encana. This is eerily reminiscent of what happened in...
  • If the United States were a company, what financial shape would it be in?

    03/15/2011 5:57:32 AM PDT · by Kegger · 19 replies
    Kleiner Perkins, the well known Silicon Valley venture capital firm, just released a stunning analysis prepared by their new partner Mary Meeker, a very well-known financial analyst who worked for years at Morgan Stanley and was prescient about the impact of the Internet. Meeker spent about a year gathering publicly available data and refining an analysis of the dire debt and spending fiscal crisis facing the U.S. The result appears to be the definitive compendium of data documenting the incredibly precarious and dangerous situation facing the U.S. from generations of recklessness as welfare state policies and incentives triumphed. In over...
  • Youngest son of jailed former Enron CEO Jeffrey Skilling is found dead in college apartment

    02/03/2011 4:23:40 PM PST · by Justaham · 19 replies · 1+ views
    The youngest son of jailed former Enron CEO Jeffrey Skilling has been found dead in his college apartment. John Taylor Skilling, who went by the nickname JT, was just 20 years old. He was a sophomore at Chapman University in Orange, California. Mystery surrounds his death after authorities ruled out foul play or suicide, his father's attorney Daniel Petrocelli said. The Orange County Coroner's office said the death is under investigation. Toxicology results will take four to six weeks. A local TV station reported there was 'no obvious' cause of death. Mr Petrocelli told CNBC that classmates became concerned when...
  • U.S. 'held secret meeting with Muslim Brotherhood'

    02/01/2011 12:32:17 PM PST · by Qbert · 70 replies
    WND ^ | 2/1/2011 | Aaron Klein
    JERUSALEM – The Egyptian government has information a diplomat at the U.S. embassy in Cairo secretly met yesterday with a senior leader of the Muslim Brotherhood, the nation's major Islamist opposition group, WND has learned. The topic of the meeting was the future of Egypt following the "fall" of President Hosni Mubarak, an Egyptian intelligence official told WND. The claim comes amid charges from Cairo that the Obama administration has been encouraging the protests rocking Egypt and targeting the rule of Mubarak, a key U.S. ally in the Middle East. The Egyptian intelligence official told WND his government has information...
  • With All These Savings, We Will Soon Be Broke

    07/26/2010 10:14:12 AM PDT · by Shout Bits · 5 replies · 1+ views
    Shout Bits Blog ^ | 07/26/2010 | Shout Bits
    Unlike the private sector, government accounting is unaccountable. Governments are free to toss out ridiculous figures without an audit or criticism – Pres. Obama’s stimuli have save 3 million jobs, please. One way governments claim to save money is through creative financing that would be illegal in the private sector. One recent example is the Denver bus system’s claim that it has saved $1.9 bln on a future train to the local airport. This savings is huge, considering the project’s budget is $2.3 bln. Nobody in the press questioned the improbability of such amazing savings or how the simple math...
  • High Court Sides With Skilling, Black

    06/24/2010 8:46:34 AM PDT · by Sleeping Freeper · 16 replies
    wsj.com ^ | 6/24/2010 | Brent Kendall
    WASHINGTON—The U.S. Supreme Court found fault Thursday with the federal government's high-profile convictions of Enron's Jeffrey Skilling and former media mogul Conrad Black, rejecting the government's use of a key white-collar crime law on which part of the prosecutions were based. Former Enron CEO Jeffrey Skilling in April 2006. The U.S. Supreme Court on Thursday found fault with the federal government's convictions of Enron's Jeffrey Skilling and former media mogul Conrad Black. The justices sent the cases back to two different lower courts to determine whether portions of Messrs. Skilling and Black's convictions should be thrown out. In ruling for...
  • AUDIO: WWL Radio Personality Garland Unloads On BP and Feds

    05/23/2010 9:37:45 PM PDT · by joinedafterattack · 10 replies · 410+ views
    Garland ^ | 5-23-10 | WWL Radio
    New Orleans Radio personality unloads on BP and Feds. See video on right side of page.
  • Accenture: Went to a Penny at 2:48 p.m.

    You think the action in Procter & Gamble was weird, check out the nosedive on Accenture, which plummeted from above $40 at 2:47 p.m. to $0.01 at 2:48 p.m. Had demand for consulting services declined so sharply in that one minute? Obviously there was some sort of technical snafu out there. Still, it seems that the worries in Greece were seriously worsening Thursday. So how much of that scare was robots gone wild and how much was sensible worry from flesh and blood investors? We’ll have to wait and see, though we did close down more than 3% on the...
  • Obama the top recipient of donations from BP

    05/03/2010 3:18:32 PM PDT · by Al B. · 24 replies · 1,105+ views
    HotAir Greenroom ^ | May 3, 2010 | Cassy Fiano
    A lot of people have wondered why its taken Obama so long to respond to the oil spill disaster in the Gulf. Well, now we know. During the 2008 election cycle, individuals and political action committees associated with BP — a Center for Responsive Politics’ “heavy hitter” — contributed half a million dollars to federal candidates. About 40 percent of these donations went to Democrats. The top recipient of BP-related donations during the 2008 cycle was President Barack Obama himself, who collected $71,000.
  • Is Goldman Obama's Enron? No, it's worse (Updated)

    04/21/2010 2:27:28 PM PDT · by Nachum · 19 replies · 929+ views
    Washington Examiner ^ | 4/21/10 | J.P. Freire
    Campaign contributions from Goldman Sachs employees to President Obama are nearly seven times as much as President Bush received from Enron workers, according to numbers on OpenSecrets.org. President Bush's connections to Enron were well-hyped during the company's accounting debacle that rippled through the economy. Time magazine even had an article called, "Bush's Enron Problem." The Associated Press ran with the headline, "Bush-backing Enron makes big money off crisis." David Callaway wrote that Enron for Bush was worse than Whitewater for Clinton.
  • Is Goldman Obama's Enron? No, it's worse

    04/20/2010 12:25:52 PM PDT · by fightinJAG · 30 replies · 1,572+ views
    Wash Examiner ^ | April 20, 2010 | J.P. Freire
    Campaign contributions from Goldman Sachs employees to President Obama are nearly seven times as much as President Bush received from Enron workers, according to numbers on OpenSecrets.org. President Bush's connections to Enron were well-hyped during the company's accounting debacle that rippled through the economy. Time magazine even had an article called, "Bush's Enron Problem." The Associated Press ran with the headline, "Bush-backing Enron makes big money off crisis." David Callaway wrote that Enron for Bush was worse than Whitewater for Clinton. But the mere $151,722.42 (inflation adjusted) in contributions from Enron-affiliated executives, employees, and PACs to Bush hardly add up...
  • In Lehman’s Demise, Some Shades of Enron (Repo 105 scam--Enron type of scam)

    03/13/2010 9:22:52 AM PST · by Ernest_at_the_Beach · 3 replies · 267+ views
    The New York Times ^ | March 12, 2010, 8:00 pm | Peter J. Henning
    March 12, 2010, 8:00 pm The bankruptcy examiner’s report filed by Anton R. Valukas on the 2008 demise of Lehman Brothers discusses some accounting gimmicks that are eerily reminiscent of how Enron tried to prop up its balance sheet back in 2001 before it collapsed. Both companies appear to have played right along the edge of properly accounting for transactions designed to make them appear much stronger than they turned out to be, becoming steadily more aggressive as they teetered on the brink of ruin. Peter J. Henning, writing for DealBook’s White Collar Watch, is a commentator on white-collar crime...
  • Enron's Jeff Skilling takes fight to Supreme Court

    02/27/2010 3:05:35 PM PST · by NormsRevenge · 14 replies · 538+ views
    Reuters on Yahoo ^ | 2/27/10 | Kristen Hays
    HOUSTON (Reuters) – Former Enron chief executive Jeff Skilling lost the first half of the fight of his life when a jury convicted him nearly four years ago for committing fraud while at the helm of the once high-flying energy trader. On Monday before the U.S. Supreme Court, lawyers for federal prisoner 29296-179 will take their last shot at shredding a lower court's conviction that sentenced him to 24 years in jail. If Skilling succeeds, his sentence could be shortened or he could win a new trial. The federal government already has a 0-2 Enron record before the high court...
  • Is China the Next Enron?

    01/13/2010 6:57:03 PM PST · by SeekAndFind · 3 replies · 809+ views
    New York Times ^ | 01/13/2010 | Thomas Friedman
    Reading The Herald Tribune over breakfast in Hong Kong harbor last week, my eye went to the front-page story about how James Chanos — reportedly one of America’s most successful short-sellers, the man who bet that Enron was a fraud and made a fortune when that proved true and its stock collapsed — is now warning that China is “Dubai times 1,000 — or worse” and looking for ways to short that country’s economy before its bubbles burst. China’s markets may be full of bubbles ripe for a short-seller, and if Mr. Chanos can find a way to make money...
  • Jack Cashill: The Left's Blind Eye to the Obvious

    12/28/2009 11:14:47 PM PST · by neverdem · 65 replies · 2,325+ views
    American Thinker ^ | December 29, 2009 | Jack Cashill
    The approach of the new year might be an appropriate time to summarize what I have learned in researching the several books and articles that I have written this decade. That I came to own -- or even break -- many of the stories involved, although satisfying to me, should appall any ordinary citizen. These stories were too big for a responsible media to miss.  They became mine as a result of what I call the "ABETTO Syndrome."  For at least the last generation, the left in general, and the media in particular, have been turning A Blind Eye To...
  • Is Western Society Doomed?

    12/09/2009 5:52:55 PM PST · by kathsua · 10 replies · 502+ views
    Town hall ^ | 12/09/09 | reasonmclucus
    It is becoming increasingly clear that in western society the inmates are running the asylum. The idiot elite that holds power in most western nations have demonstrated their insanity by accepting the outright lie that the essential atmospheric gas carbon dioxide is a undesirable pollutant that needs to be regulated. The scam begun by the crooked Enron corporation in the 1990's falsely claims that very slight increases in CO2 would substantially raise air temperatures. Enron, and its successors, hoped to profit from trading carbon credits like it had profited from trading credits in sulfur dioxide, a byproduct of coal combustion....
  • Why I don't think anybody should believe in man-caused global warming

    12/09/2009 5:34:59 PM PST · by kathsua · 2 replies · 442+ views
    Town Hall ^ | 12/09/09 | Trent Davidson
    There are three levels of resistance that I have to the massive fraud that is Global Warming/Climate Change. 1st--the intent of the proponents. There were some occasional reports and studies published, and some discussion among the scholarly community, but the political and corporate involvement in the man-caused global warming discussion started 1990-1992-ish. The first major "legitimate" non-environmental-science-agenda-driven-pony-tailed-professor actors that started pushing and massively funding the global warming crap were General Electric and Enron. It just turns out that Enron was the largest provider of solar cell panels in the world, and G.E. was the largest supplier of wind turbines. So...
  • Who Was Ken Lay? (The Senate should know the industry father of U.S.-side cap-and-trade)-Enron

    12/07/2009 7:15:58 PM PST · by opentalk · 7 replies · 393+ views
    MasterResource ^ | July 7, 2009 | Robert Bradley Jr.
    “If there is one thing I have been impressed with over the last decades, it is that when the environmental community defines a number one priority, something happens. Not always something good—but something.”1 Dr. Kenneth L. Lay, Chairman, Enron Corporation, June 1997 (1) Who was the late Ken Lay, the architect and chairman of Enron throughout its 16-year history? All parties to the current legislative debate on a CO2 cap-and-trade bill should know. After all, Lay’s tireless efforts to promote CO2 regulation and enact renewable energy quotas make him a father figure for HR 2354, the Waxman-Markey climate bill, what...
  • Power Politics: Enron Lives! (From Ken Lay’s “natural gas standard” to cap & trade today)

    12/06/2009 7:37:45 AM PST · by Halfmanhalfamazing · 4 replies · 315+ views
    Master Resource Energy Blog ^ | Robert L Bradley Jr
    Backing Gas Ken Lay’s political niche began innocently enough with a unique, highly focused natural gas strategy, one that would culminate in Enron’s 1995 self-description as “the world’s first natural gas major.” In pursuit of that goal, Lay promoted gas-fired power generation relative to coal. He countered the coal lobby’s contention that the 1970s shortages were the inevitable result of a tiring North American gas resource base. “We had a surplus of regulation, not a shortage of gas,” Lay would say, and Enron backed up its claim by offering utilities long-term fixed-priced gas contracts. Enron also challenged the tendency of...
  • Can You Believe It? Alleged Carbon Fraud in...Denmark

    12/02/2009 4:00:15 PM PST · by seton89 · 7 replies · 502+ views
    First, there were those infamous hacked e-mails from the Climatic Research Unit (CRU) at the University of East Anglia. Now, a mere seven days before the Copenhagen Conference on climate change, this breaking news story takes the breath away. The whole ‘global warming’ shambles is falling apart. Today, The Copenhagen Post declares: “Denmark Rife With CO2 Fraud”: “Denmark is the centre of a comprehensive tax scam involving CO2 quotas, in which the cheats exploit a so-called ‘VAT carrousel’, reports Ekstra Bladet newspaper. Police and authorities in several European countries are investigating scams worth billions of kroner, which all originate in...
  • The (Climategate) Dominoes Fall

    12/02/2009 4:42:58 PM PST · by raptor22 · 26 replies · 2,173+ views
    Investor's Business Daily ^ | December 2, 2009 | IBD editorial staff
    Warming Scandal: The architect of climate fraud steps down, the creator of the infamous "hockey stick" is investigated, and Australia's parliament defeats cap-and-trade. We love the smell of truth in the morning. As the high priests of what Czech President Vaclav Klaus has called a "religion" prepare their pilgrimage to worship the earth goddess Gaia in Copenhagen, complete with humanity being sacrificed, the heresy of climate truth is finally being heard. The gospel of climate change, once expressed with the messianic fervor of an Elmer Gantry by Al Gore, is now expressed with the stammering incoherence of an Elmer Fudd...
  • Money and Kyoto Protocol are the real Enron story (Archive)

    12/01/2009 2:36:41 AM PST · by Halfmanhalfamazing · 11 replies · 751+ views
    Columbia daily tribune ^ | February 26, 2002 | BILL LICKERT AND CHRISTOPHER MORRIS
    Enron executives worked closely with the Clinton administration to secure support for the Kyoto Protocol because the company believed the treaty could provide it with a financial windfall. An internal Enron memo circulated immediately after the 1997 Kyoto meeting - and first reported by The Washington Post - shows the company believed the treaty "would do more to promote Enron’s business than will almost any other regulatory initiative outside of restructuring the energy and natural gas industries in Europe and the United States." So Enron philanthropists lavished almost $1.5 million on environmental groups that support international energy controls to reduce...
  • Supreme Court will hear appeal of Enron's (CEO Jeff) Skilling

    10/13/2009 10:29:15 AM PDT · by NormsRevenge · 4 replies · 608+ views
    AP on Yahoo ^ | 10/13/09 | Mark Sherman - ap
    WASHINGTON – The Supreme Court said Tuesday it will take up former Enron CEO Jeff Skilling's appeal of his convictions for his role in the collapse of the energy giant, accepting another high-profile challenge to a favorite tool of prosecutors in white-collar and public corruption cases. Skilling's appeal stems from his convictions in 2006 on 19 counts of conspiracy, securities fraud, insider trading and lying to auditors involving the 2001 collapse of Enron. The justices already are entertaining similar claims from former newspaper magnate Conrad Black and a former Alaska lawmaker ensnared in a public corruption scandal. At issue in...
  • Top court to hear appeal by Enron's Skilling

    10/13/2009 8:21:19 AM PDT · by opentalk · 2 replies · 369+ views
    AP | October 13, 2009 | Assosciated Press
    WASHINGTON - The Supreme Court will consider throwing out the convictions of former Enron Chief Executive Officer Jeffrey Skilling for his role in one of the largest scandals in U.S. business history. The court said Tuesday it will hear Skilling's appeal of lower court rulings that upheld all 19 of his 2006 convictions of conspiracy, securities fraud, insider trading and lying to auditors involving the 2001 collapse of the one-time energy giant. Skilling, serving a 24-year prison term, is asking the court to consider whether the federal "honest services" fraud statute was applied correctly.
  • Inside G.E., a Little Bit of Enron

    08/07/2009 10:51:29 AM PDT · by SeekAndFind · 5 replies · 599+ views
    New York Times ^ | 8/7/2009 | Floyd Norris
    A decade ago, General Electric was the shining star of American business. Its longtime chief executive, Jack Welch, was named manager of the century by Fortune Magazine, and its stock seemed always to go up. It ran a bewildering array of businesses but somehow always managed to make the expected profits. That record was viewed as proof of superior management, and the battle to succeed Mr. Welch in 2001 was watched all over the business universe. When a winner emerged, the losers quickly were hired to run other major companies. G.E. is different now. The stock has fallen and the...
  • Enron Also Courted Democrats

    06/20/2009 4:49:38 PM PDT · by kathsua · 8 replies · 745+ views
    Washington Post ^ | 01/13/02 | Dan Morgan
    The Clinton administration's interest in an international agreement to combat global warming also dovetailed with Enron's business plans. Enron officials envisioned the company at the center of a new trading system, in which industries worldwide could buy and sell credits to emit carbon dioxide as part of a strategy to reduce greenhouse gases. Such a system would curtail the use of inefficient coal-fired power plants that emitted large amounts of carbon dioxide, while encouraging new investments in gas-fired plants and pipelines -- precisely Enron's line of business.
  • Tom Brokaw Reduced to Infomercials

    06/20/2009 4:37:09 PM PDT · by kathsua · 20 replies · 1,100+ views
    Town Hall ^ | 6/20/;09 | reasonmclucus
    Former NBC anchorman Tom Brokaw has been reduced to doing infomercials. I don't know if it's because he has some psychological need to be on tv or he lost his money to Bernie Madoff. Perhaps he expects to profit from trading carbon credits. Most of us have watched at least portions of infomercials. They often use a similar format. A shill pretending to be a real interviewer asks the questions the seller wants to answer. Usually the seller has a manufactured product, some medical treatment, a book or perhaps some get rich quick scheme. The format can also be used...
  • Lawrence Solomon: Enron's other secret

    06/15/2009 1:23:02 PM PDT · by kathsua · 9 replies · 919+ views
    Financial Post ^ | May 30,2009 | Lawrence Solomon
    ...Enron Chairman Kenneth Lay, keen to engineer an encore, saw his opportunity when Bill Clinton and Al Gore were inaugurated as president and vice-president in 1993. To capitalize on Al Gore’s interest in global warming, Enron immediately embarked on a massive lobbying effort to develop a trading system for carbon dioxide, working both the Clinton administration and Congress. Political contributions and Enron-funded analyses flowed freely, all geared to demonstrating a looming global catastrophe if carbon dioxide emissions weren’t curbed. An Enron-funded study that dismissed the notion that calamity could come of global warming, meanwhile, was quietly buried...
  • Tea Parties Need Focus - Oppose Breath Tax

    06/15/2009 1:15:08 PM PDT · by kathsua · 10 replies · 667+ views
    Town Hall ^ | 6/15/09 | reasonmclucus
    Critics of the tea parties held in April noted that participants lacked a common theme. They carried signs dealing with a variety of issues making it difficult for simple minded critics to understand what was going on. Critics don't understand that protesters felt that government wasn't interested in them except as a source of funds for government programs that sometimes have little or no apparent value. The original Boston Tea Party had a specific theme - a symbol of what colonists felt was wrong. Colonists were tired of people an ocean away making decisions without considering their input. The new...
  • Obama Nominates Utah Gov. Envoy To China (Cap and Trade)

    05/16/2009 7:18:59 PM PDT · by Shermy · 13 replies · 805+ views
    WCCO ^ | May 15, 2009
    With a reach across the political divide for Utah Gov. Jon Huntsman as ambassador to China, President Barack Obama may have sidelined for now a potentially formidable Republican moderate and possible White House challenger in 2012. ... Huntsman, 49, is fluent in Mandarin Chinese from his days as a Mormon missionary in Taiwan. He previously served as U.S. ambassador to Singapore and as a deputy U.S. trade ambassador. ...As ambassador, Huntsman could play a critical role in getting China to sign onto a new international agreement to curb the emissions blamed for global warming. The Obama administration has said it...
  • Enron style Mark-to-Market Accounting used by Big Banks (Feds just don't like Texas companies?)

    05/07/2009 8:44:09 AM PDT · by bestintxas · 6 replies · 375+ views
    riseupfor thenewday ^ | 4/23/2009 | Enron style Mark-to-Market Accounting used by Big Banks
    With the Recession in full swing, one can’t help but ponder on the causes leading up to the effects we are feeling now. While profit is good and it has been much anticipated, this is only short-term profit. Big Banks are announcing major 1st Quarter Profits. In the long term, there is not much that can be done about continued success in a corrupt financial system. There will come a time in which the quick patches will no longer prop up failing businesses. These failing businesses are wreaking in the benefits, while others suffer. I recall a time in which...
  • Financial Elites and the Enronization of America

    05/03/2009 10:08:46 PM PDT · by rightwingcrazy · 16 replies · 617+ views
    Seeking Alpha ^ | May 03, 2009 | J.S. Kim
    Last week, almost every major US bank manufactured profits out of thin air by changing their regular reporting periods to exclude months in which huge losses occurred by changing their definitions of bad debt, and by revaluing their assets at fantasy land valuations that they will never receive in the open market, courtesy of FASB. This event was a non-event to me because it merely continued the process known as the Enronization of America. This event, the systemic injection of fraud and deceit into nearly every aspect of American life, has been unfolding for decades, even prior to the Enron...
  • Obama Helping Firms Sidestep Bailout Laws, Legality Questioned for use of ENRON type tactics

    04/04/2009 8:48:16 AM PDT · by wrrock · 9 replies · 680+ views
    http://digg.com/u1CB4 ^ | 04/04/09 | BAFM.com
    This is big. Obama's administration is now seeking to prevent Congressional restrictions on companies receiving bailouts from applying to future companies that receive bailouts, on the grounds that failure to do so will prevent more companies from accepting bailout relief funds. http://digg.com/u1CB4
  • Double jeopardy in before US Supreme Court

    03/21/2009 10:59:37 AM PDT · by rgr · 18 replies · 2,018+ views
    news.aol.com/article ^ | 03/21/09 | JUAN A. LOZANO
    Double jeopardy in before US Supreme Court HOUSTON A former Enron Corp. executive is hoping a little known component of the Fifth Amendment's double jeopardy clause will help him avoid a retrial on charges related to financial fraud at the once mighty energy giant. Attorneys for F. Scott Yeager are set to present oral arguments before the U.S. Supreme Court on Monday on the issue of whether double jeopardy prevents prosecutors from retrying individuals after a jury votes not guilty on some charges, but fails to reach a verdict on others that share an element with the acquitted charges. Prosecutors...
  • An Explanation of Mark-to-Market

    03/17/2009 2:47:28 PM PDT · by ari-freedom · 15 replies · 842+ views
    www.rushlimbaugh.com ^ | March 17, 2009 | Rush Limbaugh
    RUSH: Here's Brad in Severn, Maryland. Great to have you. Welcome to the program. CALLER: Thank you, Rush. I'm glad you moved me ahead of Carol. RUSH: She asked for it. She asked for it. CALLER: She did indeed. RUSH: There you have it. Okay. CALLER: I was just calling about this issue with the execs at AIG, and I think this is another one of the numerous plays that the Obama administration is making, because it really is absolutely pointless. They could solve a lot of their problems with a few accounting moves. One of them is getting off...
  • More on "Mark To Market"

    03/10/2009 2:56:10 PM PDT · by FromLori · 12 replies · 529+ views
    The Market Ticker Guy ^ | 3/10/09 | Karl Denninger
    There was a newsflash this morning on Reuters that "Mark to Market is NOT going to be suspended", allegedly sourced from someone at the SEC. MTM was put into place after ENRON due to the amazing abuses on their balance sheet with asset "valuations" in an attempt to prevent re-runs of that debacle. It has been circumvented to a large part by "Level 3" assets, which are in fact marked to model (same thing as non-MTM eh?) So why the furor? Let's say you are a bank and have $1 billion of some bond issue that was stuffed to the...
  • Social Security readies for onslaught

    01/07/2009 11:35:02 AM PST · by rabscuttle385 · 30 replies · 1,401+ views
    New online program can replace trip to a field office WASHINGTON — The Social Security Administration, envisioning the near-future prospect of 10,000 baby boomers applying for benefits every day, has put together a new online service that will allow people to get their benefits without ever traveling to a Social Security field office. The agency, in introducing the program Tuesday, said most people will be able to apply for their retirement or disability benefits in 15 minutes or less.