Word: enronize
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...difficult to find a silver lining in the collapse of Enron. But strewn about the shredded documents and lost retirement savings, one positive outcome is emerging—a new push for campaign finance reform...
...Still, neither McMahon nor Mintz could conclusively make Skilling culpable - or, as McMahon told the committee: "I don't know how well Skilling was informed." Which was pretty much how Skilling summed it up when he took the stand Thursday afternoon. He left Enron Aug. 14 "for personal reasons," he testified, and at the time sincerely believed that Enron was not only in fine shape but that its financial statements "accurately reflected the company's financial condition...
...blame? Everybody else. Mintz and McMahon nudged the cloud upward toward Skilling (and Lay, and Buy and Causey and Kopper and Fastow). Robert Jaedicke and Herbert Winokur, two Enron board members trying to explain why they missed the whole thing, did likewise, throwing in Arthur Andersen and law firm Vinson & Elkins. Said Winokur: "It appears outside experts...failed us." Officials at both Arthur Andersen and Enron, added Jaedicke, "did not fulfill their duty...
...Skilling showed up in the lion's den because he thought he could run circles of deniability around Tauzin and his gang. He got in some convincingly righteous sparring with hopped-up committee members, and mostly blamed his apparent ignorance of anything rotten in the state of Enron on the difficult, highly delegatory task of running a large and complex international energy corporation. And when that didn't fly with the committee - and it surely didn't - Skilling merely pled more ignorance that Enron's house of cards was ever going to fall...
...crosshairs, Skilling managed to do pretty well without convincing a soul he was telling the whole story. Toward the end of the hearings, one congressman asked Skilling what he would have done differently to keep Enron's house standing. "I wasn't there," he replied, which was pretty much his defense for everything...