By Jerry W Markham
This new reference through the writer of the severely acclaimed A monetary historical past of the USA covers the aftermath of the Enron-era scandals and the extreme monetary advancements throughout the interval
Read or Download A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis PDF
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Additional resources for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
This difference in reporting styles may have been due to the fact that the Wall Street Journal had a dog in the fight. As a part of his defense, Jeffrey Skilling was blaming Enron’s failure on a series of articles in the Wall Street Journal that he claimed had undermined market confidence in the company and created the equivalent of a run on a bank. The government continued its case with a stream of witnesses who had pleaded guilty to criminal charges or who had settled SEC claims. The picture that emerged was that Enron management was indeed focused on meeting and exceeding analysts’ projections.
As if that were not enough, Bayly was sent to a maximum-security prison, where he was housed with hardened criminals some 700 miles from his family. Bayly’s appeal was argued before the Court of Appeals for the Fifth Circuit several months later. After listening to his lawyer’s arguments, the court ordered Bayly and two other Merrill Lynch executives, with the exception of Brown, to be released on bail pending its decision on the appeal. Bayly had been in jail almost a year before that release.
The Justice Department had already run roughshod over anyone it targeted in the Enron-era scandals, and the effects of that misconduct could not be reversed, as evidenced in the Arthur Andersen case. The Trials The Arthur Andersen Fiasco Enron’s auditor, Arthur Andersen, was widely attacked in the press for not discovering Enron’s accounting manipulations. That criticism turned into rage after the accounting firm reported that its Enron audit partner had ordered the wholesale shredding of Enron work papers.
A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham