A Financial History of the United States: From Enron-Era - download pdf or read online

By Jerry W Markham

ISBN-10: 0765624311

ISBN-13: 9780765624314

This new reference by way of the writer of the significantly acclaimed A monetary heritage of the USA covers the aftermath of the Enron-era scandals and the intense monetary advancements through the interval

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It simply extorted testimony from witnesses by employing tactics that were even more coercive than those used in its Arthur Andersen and other Enron-related prosecutions and was well staffed for that effort. Leslie Caldwell, a prosecutor noted for her hardball tactics, which included prosecuting the elderly mothers of two drug dealers in order to bring them to justice, initially headed the Enron Task Force. Those same tactics would be employed to win a guilty plea from Fastow, requiring him to inculpate Skilling and Lay into his own wrongdoing.

Thompson. It stated that the policy of the Justice Department was that, in order to avoid indictment for the accounting misdeeds of their employees, public companies would have to “cooperate” with the Justice Department in its investigations. Because an indictment would generally destroy or cripple a public company, cooperation was virtually mandatory. According to the Justice Department, cooperation meant waiving attorney–client privilege, firing any executive targeted by prosecutors before trial or even indictment, and then cutting off their attorney fees, even if those fees were required to be paid by contract or state law.

All Rights Reserved. Enron and Its Aftermath 23 much relevance to the charges against Skilling and Lay, but it did suggest that Enron was being sloppily managed. Fastow was then called to the stand. He admitted he had been “very greedy,” that he had lost his “moral compass,” and that he had misled his wife into signing a false tax return that led to her imprisonment, even crying to emphasize the point. Fastow testified that Skilling and Lay had been informed of his accounting manipulations. Fastow stated that Skilling liked the idea of using the special-purpose entities called LJM1 and LJM2 to manipulate Enron’s accounts by selling underperforming assets and taking them off the Enron balance sheet.

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A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham

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