Enron – An Implosion on Wall Street
November 29, 2001
“The company’s autopsy will be a complicated affair, entailing numerous lawsuits. What is already clear, and will come as a shock to millions of trusting individual investors across America, is that the financials of a Fortune 500 company were essentially a mystery. Enron’s death watch began last month when it grudgingly disclosed that $1.2 billion of its market value had vanished as a result of “related-party” transactions with private partnerships that enriched company insiders. Then Enron admitted that it had overstated its profits over the last five years by $600 million. Dynegy cited Enron’s lack of forthrightness as a reason to walk away from the merger agreement.
Not very long ago, competitors and Democrats in Washington were worrying whether the close ties between Enron’s chairman, Kenneth Lay, and George W. Bush would give the company too much influence. Enron has aggressively lobbied, with some success in recent years, to limit regulation and disclosure of its trading operations.” #seenontheweb
February 1, 2015 (appended #remash update)
Creative accounting and “deregulation” allowed millions of American’s to be duped into furthering the wealth of the few at the expense of the many. Republicans continue to stifle all information that would make them look bad under the guise it’s to keep our kids safe from terrorists.
Republicans have already figured out how to save our children from prosperity. Will they attempt to figure out a way to shift the blame to the Democrats? Count on them to give it their all.
The Republican party, headed up by the Bush family, is as intellectually corrupt and morally blind as the Enron Corp was financially irresponsible. It’s no wonder they’re best barbecue buddies are Saudi Arabian Muslims who like to inflict barbaric public floggings on irreverent bloggers. Bush probably wishes he could strap Michael Moore to a post and beat him bloody too. He can always count on Colin Powell to testify Moore had yellowcake in his pocket.