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BOLLYWOOD?S FIRST FAMILY STAR IN ?ENRON? DRAMA
2008-06-07 08:51:00 A new Bollywood film on a shrewd businesswoman's plan to build a power plant caught up in development politics is drawing comparisons with the controversy behind the failed Indian project of U.S. utilities giant Enron. "Sarkar Raj," starring Bollywood's first family the Bachchans, has an uncanny resemblance to the real-life drama involving powerful politician Balasaheb Thackeray, whose party opposed a $2.8 billion power plant built by Enron in the 1990s. The controversy surrounding the private power plant, India's largest then, highlighted the politics of development and the difficulties of doing business in a country replete with corruption, political intimidation and red tape. Director Ram Gopal Varma, however, said neither Thackeray nor Enron inspired "Sarkar Raj," or Absolute Rule, which opens on Friday. "There is politics, but it's not entirely a political film," he said. "When you make a realistic film, there is bound to be some reference point ...
BOLLYWOOD’S FIRST FAMILY STAR IN “ENRON” DRAMA
2008-06-06 07:34:00 A new Bollywood film on a shrewd businesswoman's plan to build a power plant caught up in development politics is drawing comparisons with the controversy behind the failed Indian project of U.S. utilities giant Enron. "Sarkar Raj," starring Bollywood's first family the Bachchans, has an uncanny resemblance to the real-life drama involving powerful politician Balasaheb Thackeray, whose party opposed a $2.8 billion power plant built by Enron in the 1990s. The controversy surrounding the private power plant, India's largest then, highlighted the politics of development and the difficulties of doing business in a country replete with corruption, political intimidation and red tape.
McCain Defends 'Enron Loophole'
2008-05-23 09:45:00 by Jason Leopold Sen. John McCain says he opposes the $307 billion farm bill because it would dole out wasteful subsidies, but his chief economic adviser Phil Gramm also wants to stop its proposed regulation of energy futures trading, a market that was famously abused when Enron Corp. manipulated California’s electricity prices in 2001. Clearing the way for that California price gouging, Gramm, as a powerful Texas senator in 2000, slipped an Enron-backed provision into the Commodities Futures Modernization Act that exempted from regulation energy trading on electronic platforms. Then, over the next year, Enron – with Gramm’s wife Wendy serving on its board of directors – worked to create false electricity shortages in California, bilking consumers out of an estimated $40 billion. Gramm left the Senate in 2002 but now has emerged as what Fortune magazine calls “McCain’s econ brain,” not only filling the Arizona senator’s acknowledged void on economic expertise (“I don’t know as m...
Following the Money: The Enron Failure and the State of Corporate Disclosur
2008-04-02 09:25:00 Following the Money: The Enron Failure and the State of Corporate Disclosure# Author:Michael Bromwich (Author), Robert E. Litan (Author), Alfred Wagenhofer (Author), George J. Benston # Format:PDF 2.3MB# Page Count: 126 pages# Publisher: American Enterprise Institute Press (March 1, 2003)# Language: English# ISBN-10: 0815708904# ISBN-13: 978-0815708902A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom?as well as the discovery of accounting irregularities at other large U.S. companies?seemed to call into question the efficacy of the entire system of corporate governance in the United States.In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known...
Warner Bros. Developing Movie About the Enron Scandal - Conspiracy of Fools
2008-02-14 15:16:00 Warner Bros. Developing Movie About the Enron Scandal - Conspiracy of Fools Warner Brothers is working on three high profile based-on-true-story movies: one about outed CIA agent Valerie Plame, another about poisoned ex-KGB agent Alexander Litvinenko, and finally one about the Enron scandal from 2001. Conspiracy of Fools is the movie that tells the story of the Enron scandal and it was just announced today that Robert Schwentke has been attached to direct. Leonardo DiCaprio is producing and possibly starring as well. Let's hope Warner Brothers knows how to pull off a quality drama based on real life occurrences, because all three of these sound fairly interesting. Conspiracy of Fools is based on a book by Kurt Eichenwald of the same name. Amazon.com describes the concept: Conspiracy of Fools tells the Enron tale with a cinematic narrative style, relying almost exclusively on scene and dialogue to bring his account to vivid life. We see how federal regulators opened the doors for th...
By: El Cine
How China Can/Should Learn From Enron
2008-02-05 22:33:00 Very worthwhile post up on the Experience Not Logic blog, entitled, "Energy: Learning From the Mistakes of Others," nicely laying out how in formulating its energy policies, China should be mindful of and ready to learn from the Enron debacle in the United States. Full Disclosure: Like a complete idiot, I bought Enron stock after it had dropped to around $3 a share, figuring it would never really go completely under. Guess that is another lesson that can be learned from Enron.
By: China Law Blog
Off Balance Sheet accounting
2008-02-04 23:56:00 As an investor we would be looking for information that is from various sources like annual report, news, analysis etc. But truly there are times when we are not sure about how the company is making money. Though one may think of spending more time in knowing exactly what the company is doing. But that may not be true, as managers may choose not to disclose those to the public. Hence there is always a cap on the information available to the public when there is no ceiling set by any governing body. This is the major reason why stock market are inefficient!. Let us look more closely at specific accounting malfeasance. This will help us see what is the information that we should be looking more closely when evaluating a company? The biggest corporate scandal in U.S happened in the starting of this decade including Enron, WorldCom. Although Enron was involved in more than one accounting scandals, the important one was the off balance sheet accounting. It is just pure number jugglery. ...
Wall Street. A History. From Its Beginnings to the Fall of Enron ??????: ??
2008-01-12 20:01:00 Wall Street. A History. From Its Beginnings to the Fall of Enron??????: ???????????# Author:Charles R. Geisst# Format:PDF 26.3MB# Page Count: 449 pages# Publisher: Oxford University Press; Rev Exp edition (March 2004)# Language: English# ISBN-10: 019517061X# ISBN-13: 978-0195170610In the seven years since the publication of the first edition of Wall Street, America's financial industry has undergone a series of wrenching events that have dramatically changed the nation's economic landscape. The bull market of the 1990's came to a close, ushering in the end of the dot com boom, a record number of mergers occurred, and accounting scandals in companies like Enron and WorldCom shook the financial industry to its core. In this wide-ranging volume, financial historian Charles Geisst provides the first history of Wall Street, explaining how a small, concentrated pocket of lower Manhattan came to have such enormous influence in national and world affairs. In this updated edition, Geisst ...
Oil Firms And Their Profits. Such as Enron
2008-01-02 23:10:00 The main reason is that many gas companies are vertically integrated. This means that besides selling gasoline to the filling stations that you buy it from, they have a variety of other buisnesses. Companies like Exxon also refine oil into various components, are hired to pump oil from known reserves, explore for new reserves, consult with large oil producing nations/companies on the most efficent way to extract the oil, and of course pump from their own oil fields. Thus, their refining and wholesale buisnesses is likely not growing as rapidly as in the past, and potentially making less. This however is more than offest by the rapidly rasing profits of their other lines of buisness. Many companies that use comodies hedge their future supplies by buying contracts. This gives them the option to buy their supplies at a fixed price. This results in less volatility for the company, but they pay a premium. If the actual price is less when they actually need to purchase the oil, they will ...
By: investment-blog
How Enron Worked the President!
2007-12-15 06:54:00 Received via email from the John Bootie for President campaign How Enron Worked the President! (This is an interesting bit of information that you don't hear much about.) 1. Enron's chairman did meet with the president and the vice president in the Oval Office. 2. Enron gave $420,000 to the president's party over three years. 3. It donated $100,000 to the president's inauguration festivities. 4. The Enron chairman stayed at the White House 11 times. 5. The corporation had access to the administration at its highest level and even enlisted the Commerce and State Departments to grease deals for it. 6. The taxpayer-supported Export-Import Bank subsidized Enron for more than $600 million in just one transaction. Scandalous!! (Look below ...... ) BUT...the president under whom all this happened WASN'T George W. Bush. SURPRISE It was President Bill Clinton ! Pass this on so the whole Country will know. The Media Won't! ARE WE READY FOR MRS. CLINTON?
Enron seeks $20B from Citi
2007-11-30 03:00:00 CNN Money is reporting that Enron is seeking $20B from Citi in a lawsuit recently filed. Let’s get this out of the way first: Yes, Enron still exists! But it’s called Enron Creditors Recovery Corp., it has just 36 employees, and it exists for one reason: to pay creditors. To date, those creditors have gotten 36 ...
It's time for the housing crash and mortgage meltdown ENRON moment. Who's
2007-11-25 08:55:00 Countrywide? KB Home? Washington Mutual? Fannie Mae? Someone's about to go belly up. Someone big. And then after that, someone else will. And someone else will. And someone else will.Accounting scandal, SEC investigation, bankruptcy filing, massive write-down, share price collapse, big news on CNBC, panicked investors. Who's gonna be first?It's not a matter of if. It's a matter of when, and who. The table has been set. Who's coming to dinner? The answer(s) may shock you. Countrywide Financial denies it's bankruptCountrywide Financial Corp., the nation's largest mortgage lender, sought to reassure investors Tuesday, declaring it has ample capital, access to cash and is well-positioned to benefit from the financial turmoil rocking the mortgage sector.The company's statement came amid rumors the company, based in Calabasas, Calif., could be looking to seek bankruptcy protection and as its stock tumbled, at one point down more than 15 percent. Countrywide shares f...
By: Housing PANIC
Enron ... the sequel?
2007-11-15 12:42:00 Enron is dead and buried, right? We've been dancing on that grave since the energy giant went belly-up in late 2001. Sarbanes-Oxley took hold, corporate America was put on notice, and the story of Enron became a cautionary tale for financial ne're-do-wells. So what's that smell? According to Bethany McLean, it's awfully familiar ... and more than a little frightening. McLean, Fortune magazine's editor-at-large and co-author of the riveting book The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, has written a commentary titled "Uh-oh. It's Enron all over again," in which she compares the current credit crunch with Enron's smoke-and-mirror finances. She fears there are far too many similarities for comfort. The problem, says McLean, lies in structured investment vehicles, or SIVs. These are off-balance-sheet entities that, some say, helped lead to the recent credit and housing boom ... and may be to blame for the credit crisis that has fol...
By: CPA Success
Alistair Darling hires ex Enron accountant
2007-10-09 23:05:00 When announcing his proposals on IHT in today?s pre-budget report Alistair Darling said that he...
Daily News: IT and Enron, Happy Friday!
2007-09-07 21:21:00 Today we bring you some not-so-light Friday reading on the many advantages of implementing enforceable, auditable IT controls ? with a focus on change controls. A nice little exploration of how internal controls not only aid compliance and reduce risk, but how they work to make companies operate more efficiently. And because it?s been far ...
By: Audit Trail
As housing prices suffer "sudden, severe and deep" depreciation, "ENRON 2.0
2007-09-07 12:02:00 Great expose on Countrywide (I'm short CFC) - one of the leading causes of the Late Great Housing Bubble, and soon to be one of the biggest victims (goodbye 61,000...). Also, isn't it funny that Countrywide is crashing because, as they say, home prices are "depreciating like never before", with "sudden, severe and deep" depreciation, yet the reported median price is supposedly down just slightly? In other words, Countrywide is now telling you what's really happening out there (now that Orangelo has sold his shares). The NAR and the US Government are not. Countrywide's message of confidence turned to crisis - CEO forecast the lender would 'shine' as the industry changed. Later, he said the firm knew the bubble would burst.A year ago, Countrywide Financial Corp. Chairman and Chief Executive Angelo R. Mozilo was boasting that the looming shakeout in home prices and hike in mortgage interest rates would usher in a period of remarkable prosperity for his company."I have 53 years of...
By: Housing PANIC
Where Are They Now: Enron
2007-07-17 17:49:00 Time flies when you’re not the one under investigation (or the ones whose life savings disappeared overnight). It’s hard to believe, but we’re creeping up on six years since Enron imploded — and not coincidentally, of course, it’s 5 years since Sarbanes-Oxley passage. In honor of these milestones, we give you an update on some of Enron’s major players and where they are now (with thanks to Enron’s hometown paper, The Houston Chronicle, for the latest news on All Things Enron). Kenneth Lay, former Chair and CEO. Lay was indicted for securities and wire fraud in 2004, and he was convicted on all 6 counts in May 2006. The time since has not been good to Lay, as Lay suffered a fatal heart attack while on vacation in Colorado just after his conviction. Since he had not yet exhausted all of his legal appeals, that conviction was vacated. Jeffrey Skilling, former CEO and COO. Skilling was convicted in 2006 of multiple federal felony charges relating to Enron’s fin...
By: Audit Trail
Enron, Worldcom, Liar's Loans, Ratings Agencies and Whistling Past the Grav
2007-07-13 08:40:00 And the funniest thing is that it was all so damn obvious. Well, at least to some..."So far, the stock market keeps whistling past the graveyard," said Matt Smith, president and portfolio manager at Smith Affiliated Capital. "But these issues continue to get worse, and eventually they'll impact [mergers and acquisitions] and private-equity activity, which have been the foundations of the stock market."Until now, the pricing of risks linked to housing and subprime mortgages remained something of a mystery, as risks remained hidden in the complex world of credit derivatives. But changes in ratings will force a re-pricing of the roughly $800 billion in subprime-mortgage bonds sitting in investment portfolios across the globe."Whenever you have such a massive growth in derivatives, as we had with housing, it's [used] to hide the losses," said Smith of Smith Affiliated Capital. "Nobody knows the true counterparty risks."Some market players believe that, with the rating agencies making ...
By: Housing PANIC
From the people that brought you Enron
2007-07-02 16:37:00 Paul Krugman explains that the meltdown in the sub prime home lending market is the responsibility of the same folks who are responsible for Enron, S.& P., Moody?s and Fitch, the bond-rating agencies.Just Say AAA What do you get when you cross a Mafia don with a bond salesman? A dealer in collateralized debt obligations (C.D.O.?s) ? someone who makes you an offer you don?t understand.Seriously, it?s starting to look as if C.D.O.?s were to this decade?s housing bubble what Enron-style accounting was to the stock bubble of the 1990s. Both made investors think they were getting a much better deal than they really were. And the new scandal raises two obvious questions: Why were the bond-rating agencies taken in (again), and where were the regulators?What you see is not what you get or Enron redux. To understand the fuss over C.D.O.?s, you first have to realize that in the later stages of the great 2000-2005 housing boom, banks were making a lot of dubious loans. In particular, there was...
People are Starting to Compare CDO Hedge Funds to Enron.
2007-07-01 23:47:00 It is a very valid comparison. See, CDO Hedge Funds = Enron? But, what does it mean to the larger market and especially to small to medium real estate investors? It depends. If you are using these hedge funds as part of your investing strategy, you probably have a lot to worry about. If you are heavily leveraged in ...
By: Investing Notes
People are Starting to Compare CDO Hedge Funds to Enron.
2007-07-01 23:47:00 It is a very valid comparison. See, CDO Hedge Funds = Enron? But, what does it mean to the larger market and especially to small to medium real estate investors? It depends. If you are using these hedge funds as part of your investing strategy, you probably have a lot to worry about. If you are heavily leveraged in ...
By: Investing Notes
TEXAS: ENRON and Kenneth Lay
2007-05-28 07:16:00 Read more | Digg story Kenneth Lay and Jeffrey Skilling, the former chief executives of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
By: ENERGY BLOG
AMERICA: ENRON, Shareholders seek SEC's help to pursue banks
2007-05-16 05:37:00 Plaintiffs say it must choose: Help Wall Street or Enron victims by KRISTEN HAYS Plaintiffs whose massive Enron shareholder lawsuit was sidelined by an appeals court ruling in March want the Securities and Exchange Commission to support their fight to bring it to trial. William Lerach, who represents the Regents of the University of California, the lead plaintiff, said Tuesday that the SEC's
By: ENERGY BLOG
USA: Enron´s File [ma.gnolia]
2007-04-24 06:46:00 Tags: Andrew Fastow, bankruptcy, David Delainey, ENRON, Jeff Skilling, Mark Bennett, Michael Kopper
By: ENERGY BLOG
USA: Enron creditors get $1.87 billion payment
2007-04-02 20:30:00 Enron Creditors Recovery Corp., formerly known as Enron Corp., announced today it has distributed an additional $1.87 billion to creditors. Since November 2004, Enron has returned about $11.5 billion to creditors in twice-yearly distributions, in April and October, as well as in "catch-up" distributions paid on an interim basis every two months. Today's distribution was its 15th to creditors, the
By: ENERGY BLOG
Weird Wednesday News: Ken Lay?s Enron Desk on eBay
2007-03-28 19:46:00 Yes folks, it’s true. And I don’t just mean eBay’s slogan, “Whatever IT is, you can buy IT on eBay.” A Houston, TX non-profit, Saving Animals Across Borders, has gotten their hands on former Enron founder and CEO Ken Lay’s desk in use from 1987 until his departure. That’s right, the very ...
By: Audit Trail
Enron class-action lawsuit limited
2007-03-20 16:41:00 NEW ORLEANS, March 20: A New Orleans appeals court ruled Enron Corp. shareholders may not sue investment banks for their role in the Houston energy trader's collapse.
By: newkerala.com
Is New Century really Enron?
2007-03-13 06:50:00 WOW, what can we really say here? A lot! Lets start with New Century is not the only company that has problems with screwed up ideas. There are over 36 sub prime mortgage companies since late 2006 that have fallen upon REAL hard times or are out of business. Did you know that New Century restated ...
Jennifer Lopez On Entourage, Leonardo DiCaprio's Enron Film
2007-02-14 18:03:02 Leonardo Dicaprio will produce and star in a film about the rise and fall of Enron. Based on the book Conspiracy of Fools, the flick will follow a new employee at Enron who exposes the corruption and greed that pre-empted the energy co.'s demise into bankruptcy... Tom Cruise and Ben Stiller will play fiction's famed Hardy boy detectives in The Hardy Men, which will see the brothers reunite to solve a final case... Jennifer Lopez will reportedly guest star on an episode of Entourage next season. Talks are in the works for the singer to play herself in the HBO hit.source
By: Pop On The Pop
Former Enron CEO Skilling sentenced
2006-10-24 18:57:04 Just a quick note on this issue. I am truly happy to see that this man got what he deserves. The judge in this case could have not said it better when he stated to Mr. Skilling that ?his crimes have imposed on hundreds if not thousands a life sentence of poverty.? It seems both congress and big business will do just about anything to get rich all at the expense of middle class America. The remaining assets, which total about $60 million, will be liquidated. It?s unfortunate that only $45 million will be set-aside for the victims of the corrupted leadership of Enron. Hopefully, the families can breath a little easier knowing that this man is getting what he deserves! 24 years and 4 months!
By: Today's Talk
Enron - The Smartest Guys in the Room
2006-08-06 20:09:03 I did not really know much about what Kenneth Lay and Jeffrey Skilling had really got up to at Enron before watching this documentary. Having watched this, I now understand why shareholders, the US government and police were out for blood. It is an incredible tale of greed, corruption and arrogance which is wonderful viewing. The stories about shutting down the Californian power grid is almost impossible to believe.This is one documentary I thoroughly recommend.Movie reviews, book reviews, theatre reviews
By: Footlight
Enron: mystery death in London
2006-08-06 19:48:04 On the eve of extradition to the US, key witness Neil Coulbeck has been found dead after telling his wife he was taking a walk--just like the inconvenient Dr David Kelly did in 2003...never to return. A dog-walker found Mr Coulbeck--how very very Bwitish...a tragic, if calculated, turn. Coulbeck actually left home walking upright on Thursday, July 7--he was the former head of group treasury for
Enron juror gives some food for thought!
2006-05-27 22:01:00 A great reminder on child safety for those of us responsible for children in our ministries coming from Enron trial juror, Freddy Delgado (an elementary school principal) - "I can't say that I don't know what my teachers were doing in the classroom. I am still responsible if a child gets lost."Download PowerPoint slides with this quote.
Marketing de Percepção
1970-01-01 00:59:00 "Aparentar ter competência é tão importante quanto a própria competência." (Chuck Lieppe) Primeiro foi a Enron, gigante do setor energético e sétima maior empresa dos EUA em faturamento, arrastando consigo a Arthur Andersen, uma das "Big Five" em consultoria e auditoria no mundo. Depois veio a WorldCom, segunda maior operadora de telefonia a distância no país d |
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