Word: enronize
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HarvardWatch staged a protest outside the Harvard Faculty Club yesterday, chanting, “We don’t need no Enron thug, Harvard give the boot...
...University’s potential earnings from Enron’s collapse also could have been negated by the money HMC lost on investments in Enron...
...will comply, or how long such an investigation might take. But as the SEC considers the request, Harvard should embark on its own investigation—whether Harvard Corporation member Herbert S. “Pug” Winokur ’64-’65, an Enron director since 1985, should remain on the University’s highest governing body...
Winokur’s part in the Enron debacle is illustrated by a fascinating report released last Friday, written by a special investigating committee appointed by Enron’s board. According to the report, in the late 1990s Enron had made risky investments that threatened to drag down the company’s stellar earnings. The company wanted to prevent potential losses on these investments from tarnishing its New Economy image. Enron therefore transferred the investments to shell companies with names like “Raptor,” selling them Enron stock in exchange for IOU?...
...didn’t help Enron that the outsiders were actually insiders; former Chief Financial Officer Andrew S. Fastow allegedly made millions from these partnerships. But the bigger problem was in the accounting gimmick itself. If Enron stock went up more than the bad investments went down, the shell companies could cover the loss and the trick would work. But if both the investments and Enron’s stock price went south, the shells would run out of money—and Enron could either try to bail them out with more stock or admit to its shareholders that...