Dear Stock Market Investor: Are you feeling depressed, and possibly worthless? Are you suffering from mood swings that make the daily gyrations in the Dow Jones industrial average look like a smooth ride on a flat country road? Have you watched in slow-motion horror as your Keogh, your I.R.A. and your children’s college-tuition funds have Read More
Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble , by D. Quinn Mills. Financial Times, Prentice Hall, 286 pages, $21.60.
How Companies Lie: Why Enron Is Just the Tip of the Iceberg , by A. Larry Elliott and Richard J. Schroth. Crown, 200 pages, $18.95. Read More
What Went Wrong at Enron: Everyone’s Guide to the Largest Bankruptcy in U.S. History , by Peter C. Fusaro and Ross M. Miller. John Wiley & Sons, 256 pages, $14.95.
In the faraway burg of Houston, Tex., a once-modest utility, in the process of going bankrupt, sent $63 billion in shareholder value up to Read More
If you remember that terrible “energy crisis” in California a year or so ago, then you may also recall that everybody who is anybody had a strong opinion about its causes and cures. Actually, most members of the opinionated elite were promoting the same conservative certitudes: They exonerated the likes of Enron, blamed environmentalists and Read More
Though Time Out ( L’Emploi du Temps ) is only Laurent Cantent’s second feature film, he’s already been hailed in The New York Times as “France’s foremost cinematic poet of the workplace,” an accolade he is reportedly reluctant to accept for obvious career reasons. Human Resources (1999) dealt more directly with the activities of the Read More
Fishy accounting practices; executives and directors cashing out for millions while employees and shareholders see their investments wiped out; investigations by Congress, the Securities and Exchange Commission and the Federal Bureau of Investigation-no, this isn’t Enron we’re talking about, but rather Global Crossing, which had the good luck to implode after Enron and thus take Read More
“J.P. Morgan, no enemy of wealth, once said that a reasonable ratio of management pay to that of the average worker would be 20 to 1. But in the U.S. business today, it is 500 to 1,” quoth Peter F. Drucker. The 92-year-old Drucker, whom business reveres as its most respected student and thinker, did Read More
For those who are outraged at the thuggish behavior of Enron Corp. and the Arthur Andersen accounting firm, it’s good news that the cases are being prosecuted by Michael Chertoff, head of the Justice Department’s criminal division. By indicting Andersen on felony obstruction charges, Mr. Chertoff has shown that he’s not going to let the Read More
Ten days in Jamaica did wonders for the spirit. The weather was good; as always early in the year, hope sprang fresh and eternal from the golf bag; old friends came down to visit, and we tested and retested the best ingestible formula I know outside of Daily Candy’s B-complex for present happiness: “One of Read More
In a democratic society, successful propaganda generally relies on two elements: the fabrication of a useful, plausible, specific lie, and the deployment of visible professionals who are willing to repeat it until it’s believed. Like any other salesman, the resourceful propagandist must also be prepared to get lucky.
Fearful about the potential political impact of Read More