Monthly Archives: July 2008
Today In Enron History
By this time in 2001, Enron was begining the fatal descent from which it would never recover. The stock price had begun its final decline. This was fatal to Enron because Andy Fastow had set up his partnerships to depend … Continue reading
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You Too Can Be Jeff Skilling
…or at least try out your mad management skills with a computer game designed to teach leaders about ethics and decision making. The company’s first product, “Virtual Leader,” simulates a series of company meetings in which the player has to … Continue reading
Filed under Enron
Today In Enron History
Today in 2004, Enron Broadband Services CEO Ken Rice pleaded guilty to securities fraud. As part of his plea agreement, Rice agreed to cooperate with the government in their investigation against other Enron executives. Additionally, he agreed to the forfeiture … Continue reading
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My Favorite CEOs
1. Dick Fuld, Lehman Brothers. I listened to the second quarter earnings statement again today and just loved how he was all over it, not making an excuses for the performance, saying numerous times, “this is my responsibility.” He was … Continue reading
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Former Enron Exec Settles With SEC
Lou Pai, a former top executive of collapsed Enron Corp. is paying $31.5 million to settle federal charges of using inside information to illegally profit from sales of company stock in 2001. The Securities and Exchange Commission announced the settlement … Continue reading
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Lehman Brothers Declares Q3 Dividend
Lehman issued a press release yesterday announcing a regular dividend of $0.17 per share of common stock for the third quarter of the 2008 fiscal year. Cute.
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Merrill Races For The Bottom With Another Write-Down of $5.7Billion
Less than two weeks after announcing write-downs of $9.7 billion, Merrill Lynch was hit with some more bad news today when its stock plunged 12 percent to $24.33. The brokerage said it will record $5.7 billion of pretax writedowns in … Continue reading
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Today In Enron History
Today in 2002, the NatWest Three were charged with wire fraud in a transaction involving Enron. The three former employees of National Westminster Bank (Gary Mulgrew, Giles Darby and David Bermingham) were accused of secretly investing in an Enron special … Continue reading
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Putin’s Comments Drive Company’s Stock Down $6Billion
Speaking at an industry conference this week, Putin, Russia’s former president and now prime minister, spoke five sentences critical of one of his country’s big steel companies, Mechel, and its billionaire chief executive, Igor Zyuzin. In a sign of Putin’s … Continue reading
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FDIC Seized Two More Banks
From AP: The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators. The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled … Continue reading
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Bankers Can’t Get Manhattan Apartments
NYThas illuminated the sorrow of the investment banker who canna afford the apartment of his dreams. I am amused because the whole ‘unfortunate banker’ tone seems insincere coming from the NYT. Nevertheless, I found the article uncommonly interesting and it … Continue reading
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Cara Scoops Chron Again On Enron
Chron has an article about Cindy Olson’s Enron memoir – a day after Cara Ellison wrote about it. I love that some of the Enron executives are finally out there, speaking back against the ridiculous allegations of fraud.
Filed under Enron
When The Going Gets Tough On Wall Street
Against the current economic slump, Wall Street’s big investment banks are building their restructuring departments in a bid to provide financial advice and financing to companies in distress–and to earn fat fees along the way. But should they just stick … Continue reading
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US Stocks Drop As Financials Have Biggest Drop In 8 Years
Bloomberg lays out the bad news like a Christmas buffet: U.S. stocks tumbled, sending financial shares to their worst drop in eight years, after home sales slid more than forecast and investor Bill Gross predicted the housing slump will cost … Continue reading
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