Tag Archives | Enron

Supreme Court Aids Corporate Fraudsters

Is this really the time to give a “get-out-of-jail-free” card to corporate chiefs who can’t resist fraudulently dipping into the honey pot of riches that they have access to? I mean we’re still unraveling (and paying for) the massive frauds perpetrated by the banksters at AIG, Goldman Sachs and their Wall Street cronies and shills in Washington. I suppose it shouldn’t be too much of a surprise that the Supreme Court is in on it too, but the timing shows a particularly callous disregard for public sentiment. Report from the Los Angeles Times:

A Supreme Court ruling Thursday dealt a severe blow to legislation meant to fight public corruption and also could affect the recent convictions of former Enron chief Jeffrey Skilling and former newspaper magnate Conrad Black.

In ruling on “honest-services fraud,” the justices said Skilling and Black were wrongly convicted on that charge. All nine justices agreed that such fraud was too vague to constitute a crime unless a bribe or kickback was involved.

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Lehman Brothers Was More Dangerous Than Enron

Lehman Brothers Are Crooks That Were Not CaughtHere's an excellent explanation from The Dylan Ratigan Show of an arcane "accounting gimmick", employed by Lehman Brothers as the firm failed in 2007 and 2008. According to the 2,200-page court examiner’s report this practice, known as "Repo 105" ("Repo"? Really, why not call it "Steal 105"?), was like "a drug" propelling the bank to conceal the true nature of its financial health. The collapse of "venerable" Wall Street investment house Lehman Brothers was the largest bankruptcy in U.S. history. Here's Dylan Ratigan and Eliot Spitzer making sense of what is clearly a crime against the economic health of the United States:
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