The cozy relationship between this paragon of free enterprise and the representatives of globalized state power - stretching from the White House to the World Bank - makes the American criticism of the Asian economies as "crony capitalism" sound like the shrill hypocrisy it always was. It also underscores how much American corporations depend on the largess of government, even as they preach the gospel of deregulation and free trade. No wonder even Republicans are calling for increased regulation of accounting firms such as Arthur Andersen, which acted simultaneously as Enron's auditor and consultant, and the private pension system, which allowed Enron to pay its future retirees in the form of now worthless stock.
Interconnecting pipelines are the key to accessing and distributing oil and gas to European, Chinese and Russian markets. Policy planners have devoted years to this agenda. A report published in September detailing a conference held at the Brookings Institution in May provides clear evidence that the exploitation of Caspian Basin and Asian energy markets was an urgent priority for the Bush administration, and the centerpiece of its energy policy.
This is a huge relief for prosecutors, who made great efforts to secure guilty verdicts. THE convictions of Kenneth Lay and Jeffrey Skilling for their part in the collapse of Enron brings to an end the most notorious case arising from the corporate misdeeds of the dotcom era. Unravelling the complex fraud and conspiracy at the heart of the Enron scandal took a week trial but just six days of deliberation.
All of it was socialized, owned and developed by the skill and toil of Soviet oil and gas workers, miners, hydroelectric and power station workers. Lay was equally fulsome. Four months later, Feb. Again, the cliches poured out.
CNN Here's a look at Enron, an energy trading company that collapsed after a massive accounting fraud scheme was revealed. Its bankruptcy filing was the largest in American history at the time. Chat with us in Facebook Messenger.
Shortly after, Enron would file for the largest bankruptcy up to that point in US history. Indonesia, Malaysia and Thailand created regulatory authorities but gave them scant resources with which to do their jobs. Through the noise, only Singapore and the Philippines pressed on with market reforms. Darkness descended upon the land.
Madeleine Brand. Lou Pai is the real mystery man in the Enron scandal. The Enron executive who walked away from the company with the most money has hardly been mentioned during the trial.