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Posted: 2/5/2002 6:16:22 AM EDT
That's what the headline currently says [url]http://www.drudgereport.com/[/url] I was just thinkig - LT is down there, and that's HIS problem, too!!
Link Posted: 2/5/2002 6:29:28 AM EDT
Someone needs to print up a t-shirt that says "I got LAYed". They could sell them to Enron shareholders, employees, bankers, and now the US Senate. I wouldn't want to show up at my own crucifixtion either. I don't blame Lay for skipping the Senate hearings. I would have skipped the country to Switzerland or Northern Cyprus a long time ago if I were him.
Link Posted: 2/5/2002 6:39:17 AM EDT
Why go anywhere? I'll bet (along with Neil Cavuto on Fox) that when all's said and done, there may have been [u]unethical[/u] practices going on at Enron, but no [u]criminal[/u] conduct, at all! And if I were Lay's attorney, I damn sure wouldn't let him appear and testify before Congress, [b]yet![/b] [b]I'd make certain that I had copies of all Enron campaign checks given to each and every congresscritter that sits on each panel![/b] And I would also bring a large, large file that I would keep asking the panel to be permitted to place into evidence on behalf of my client. When the panel refuses, which it will, and the Press asks me afterwards what was contained in the file, give them some kinda' lame answer and hint that the congresscritters definitely doesn't want the contents of the file to become public! The hearings will shut down soon! Eric The(Nasty)Hun[>]:)]
Link Posted: 2/5/2002 7:08:53 AM EDT
Originally Posted By EricTheHun: Why go anywhere? I'll bet (along with Neil Cavuto on Fox) that when all's said and done, there may have been [u]unethical[/u] practices going on at Enron, but no [u]criminal[/u] conduct, at all! And if I were Lay's attorney, I damn sure wouldn't let him appear and testify before Congress, [b]yet![/b] [b]I'd make certain that I had copies of all Enron campaign checks given to each and every congresscritter that sits on each panel![/b] The hearings will shut down soon! Eric The(Nasty)Hun[>]:)]
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If I didn't know better I would believe we have an attorney for the defense present ! I too would never allow "Lay" were he my client to testify in the current atmosphere. (Without immunity.) With both political parties guilty as hell for taking money, there's a chance - yes, yes, I know a very small chance - that Enron's misdeeds might actually be the topic of various hearings and investigations as opposed to the more typical political witch hunts. Hun, too early to be truly argumentative but I kinda think there's been some line-crossing by Enron's executive/s - crossing from the unethical to the criminal. Still too early to say much. Somewhere, somewhere there is someone who architected this off-balance sheet debt-concealing scheme. I don't know who as yet but I'd bet heavily that person was not Lay. (His responsibility though.) 'FIDUCIARY RESPONSIBILITY' - two words. Two words every company officer and every board member of EVERY company - especially publicly traded companies need to familiarize themselves with. Men and women boys and girls - you take the big salary and the perks - you take the title - along with all of the fine things comes these two words "Fiduciary Responsibility."
Link Posted: 2/5/2002 7:25:26 AM EDT
[Last Edit: 2/5/2002 7:47:52 AM EDT by prk]
As I recall, the head shredder says he did it on the advice about complying with their records retention policy of a company Chicago attorney, which he interpreted as instructions to start getting rid of everything that didn't fit the guideline (in the strictest sense, perhaps?). She says she never [i]told[/i] him to shred anything, and that he misinterpreted the advice she gave. My first problem with all this is in believing that a matter of such great importance, within such a huge and sophisticated firm as Andersen, could go so 'wrong' based on a misunderstanding of advice from their own attorneys. Secondly, the very issue of accounting for off-balance sheet liabilities/obligations is not a new one. I remember reading about it in the 70's. It's a shame and a disgrace that the accounting profession did not deal with it in such a way as to avoid this and other (potential) disasters.
Link Posted: 2/5/2002 7:46:25 AM EDT
A bunch of Enron employees got burned in all this. I'll bet some of them are gonna sing like canaries before this is over [thinking]
Link Posted: 2/5/2002 8:14:23 AM EDT
Is Chuck Schumer going to take the heat he so richly deserves for this? I'm afraid not... [V]
Link Posted: 2/5/2002 8:25:27 AM EDT
I agree w/ 5subslr5. It's too early to nail anyone to a cross, but it appears that Enrons top 1% intentionally decieved their shareholders and employees. I don't know where the legal/illegal line actually is, but either way I think Enrons exec's are dirt bags. There's enough that's already come out to at least convince me of that. While many, many peoples 401k's and life savings evaporated under the cloak of deception of Enrons top people, their exec's are flying around in private jets and hoarding hundreds of millions in money they got when they cashed out....all the while telling their employees to keep on buying Enron stock. Shareholders are not the only ones with a resonsibility.
Link Posted: 2/5/2002 8:26:58 AM EDT
Originally Posted By prk: Secondly, the very issue of accounting for off-balance sheet liabilities/obligations is not a new one. I remember reading about it in the 70's. It's a shame and a disgrace that the accounting profession did not deal with it in such a way as to avoid this and other (potential) disasters.
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(The G-Man would be a better responder to this subject.) ALL off-balance sheet financing is not evil. Certain types of companies make good use off-balance sheet items such as certain types of leases. I simply go back to 'intent'.
Link Posted: 2/5/2002 8:38:04 AM EDT
Ah, hell, Michael Corleone had to testify, why not Lay. His lawyer could always try to find Senator Pentangeli's brother in Sicily and fly him over if need be. Wait a minute, what planet is this? [rolleyes]
Link Posted: 2/5/2002 8:43:29 AM EDT
The hell with the senate hearings, put Lay on "The O'Reilly Factor"
Link Posted: 2/5/2002 10:48:06 PM EDT
Originally Posted By 5subslr5: ALL off-balance sheet financing is not evil. Certain types of companies make good use off-balance sheet items such as certain types of leases. I simply go back to 'intent'.
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No, not ALL. But when it gets used to leverage a lot without seeming to, that's bad. For further fun & adventures, see the 1/30 WSJ page 1 article on Elan Corp. I suppose with Enron the first of this kind of financing was a lot mmore innocent than the last.
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