By Jerry W Markham
This new reference through the writer of the seriously acclaimed A monetary heritage of the USA covers the aftermath of the Enron-era scandals and the extreme monetary advancements throughout the interval
Read Online or Download A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis PDF
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Extra info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
That should have finished the case, but the prosecutors also claimed that a lawyer at Arthur Andersen, Nancy Temple, obstructed justice, and the jury bought the prosecutors’ claims with regard to some of that activity. Temple had advised Duncan and other Arthur Andersen employees to make sure that they were complying with the firm’s document retention policies. That advice triggered the shredding ordered by Duncan. The prosecutors claimed that Temple further obstructed justice when she directed Duncan to remove some wording from a memorandum to the file, which stated that a proposed Enron press release could be misleading.
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.
Department officials were concerned with failed audits by Arthur Andersen, including WorldCom, which imploded after the Enron scandal. Chertoff was also angered by a protest rally of Arthur Andersen employees urging the Justice Department not to indict Arthur Andersen. That rally made the news and even attracted the support of the Reverend Jesse Jackson. Chertoff knew that no financial services firm had ever survived an indictment, but went forward with the prosecution of Arthur Andersen anyway.