The Next Enron Scandal

[malaise]

http://www.tompaine.com/articles/2007/05/11/the_next_enron_scandal.php

<snip>
The media, business elites and the Washington establishment are behaving as if Enron is a closed book. CEO Ken Lay is literally dead and buried; finance chief Andy Fastow and the other malefactors have been punished; Enron's accounting firm, Arthur Anderson, has dissolved. Blares the cover of the latest Fortune: "Business Is Back! Profits Are Boffo. Stocks Are On Fire...And the Rogues Are Behind Bars." The system is working, right?

The schemes included Merrill Lynch’s "purchase" of some Nigerian barges from Enron on December 31, 1999, which Enron bought back six months later. That way, the debt Enron incurred by buying them in the first place never showed up on the year's books. What was in it for the investment bank? A 20 percent profit—free money.

Barclays, another investment bank, created a shell company specifically to hide Enron debt. Credit Suisse First Boston let Enron make up "commodities deals" that never happened. All and sundry such deals made Enron look healthy to the investors they suckered, even as the company actually was earning no profit at all.

While some banks settled with the victims, others held out—a wise decision, it turns out. Just weeks before the opening gavel, the Fifth Circuit crapped on their victims. The banks' actions were "hardly praiseworthy," but the banks were simply not liable, the majority concluded, because the banks themselves made no false statements to the public—only Enron did.

Imagine if this became the general standard in our criminal law. As the lawyers who sued the banks put it, "The mastermind of the bank robbery who planned the heist, recruited the other robbers, provided the weapons, drove the get-away car, and went back to the hideout to split up the loot is not legally responsible just because he did not show his face inside the bank."

[SpiralHawk]

1. Ken Lay lives. Major Republicon Hoaxarino

I have no facts. Only strong instincts that tell me the whole Ken Lay death saga stinks to high heavens, and knowledge that he was "cremated" to dust faster than Bush & Cronies destroyed all the 9/11 evidence.

Call me a tin foiler if you must, but in my gut I know: Ken Lay is kicking back counting his ill-gotten republicon fortune somewhere in a fat-ass fancy hidey hole, writing thank you notes to his intimate pal, Commander AWOL, and laughing at all the American citizens he and his republicon cronies ripped off.

[liberal N proud]

2. You are not alone in the belief that he his alive somewhere

The whole story stunk. No autopsy? When anyone dies suddenly, an autopsy would be automatic.
He lives and his wife knows where he is at. As soon as she can get her grubby paws on the cash, she will disappear.

[left is right]

4. I said at the time of his demise

that in 6 months to a year, Mrs. Lay would resettle in France or Rome and that would be the indication that he is still alive. Is she still in the country?

[corkhead]

10. Autopsy? didn't you hear, he died of a "broken heart" no autopsy was necessary,

:sarcasm: :eyes:

That fucker is waiting for the rest of Bushco in Paraguay.

[Robson]

3. He is in a spider hole

I tend to agree that there is more to Ken Lay's demise and interrment than we know. The big boys like Merril and Barclays and others covered it up while they took their illegal profits.

[malaise]

7. Like you I found that holiday weekend death

and cremation beyond suspicious. I'd start searching in Dubai.

[Captain Hilts]

5. One of their executives got to dine at the White House last week with QEII. nt

[The Backlash Cometh]

6. What do you mean "if" it becomes a standard for our criminal law?

We already let the big fish get away in our "war on drugs." Whether they're CIA sanctioned or quasi-allied sanctioned, drugs continue in this country for the very reason that Sibel Edmonds got silenced. So why are we surprised that there is a whole scheme of White Collar crime out there that runs amok every day, and people pretend they're blind to it?

[annabanana]

8. Tell me about the "Fifth Circuit". . .

Whose in charge?

[malaise]

11. Edith Jones

http://www.fjc.gov/servlet/tGetInfo?jid=1194

WTF? One more Bushbot.

Federal Judicial Service:
Judge, U. S. Court of Appeals for the Fifth Circuit
Nominated by Ronald Reagan on February 27, 1985, to a new seat created by 98 Stat. 333; Confirmed by the Senate on April 3, 1985, and received commission on April 4, 1985. Served as chief judge, 2006-present.

Education:
Cornell University, B.A., 1971

University of Texas School of Law, J.D., 1974

Professional Career:
Private practice, Houston, Texas, 1974-1985

[DemReadingDU]

9. Our Government is like a giant Enron

So much corruption, too much debt. I worry about our country imploding.

[Blackhatjack]

12. Did Organized Crime Learn From Them Or Did They Learn from Organized Crime? Are They Organized Crime

The system is totally broken when you can no longer discern a difference between Organized Crime and Wall Street Owned Banks and Lenders.

Or, seriously, are they just an arm of Organized Crime?

(Between you and me, I often wonder if Organized Crime control of these banks and lenders who abetted Enron corruption would be better than what we have right now).

[malaise]

13. The world's most sophisticated and ruthless gangs

have taken over the planet.