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Nov 30, 2011
11/11
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so enron's bad behavior spawned bad legislation that is still with us today. thanks a lot, enron.i'm mike mandel. >> tom: our enron coverage continues tomorrow. harvey pitt was the top stock cop when enron collapsed. we talk with the former securities and exchange commission chairman about the implosion and regulatory changes since. plus, the federal reserve releases its beige book survey of regional economies, and teen retailers aeropostale, american eagle outfitters, and express report quarterly results. >> susie: facebook has agreed to settle an investigation by the federal trade commission that looked into deceptive privacy practices. the social media giant will subject itself to an independent audit on consumer privacy for the next 20 years. facebook founder and c.e.o. mark zuckerberg wrote a blog saying he is committed to making facebook "the leader in transparency and control around privacy." he also announced the addition of two new corporate privacy officers. >> tom: u.s. home prices are falling again in most big cities after posting small gains in the summer and spring.
so enron's bad behavior spawned bad legislation that is still with us today. thanks a lot, enron.i'm mike mandel. >> tom: our enron coverage continues tomorrow. harvey pitt was the top stock cop when enron collapsed. we talk with the former securities and exchange commission chairman about the implosion and regulatory changes since. plus, the federal reserve releases its beige book survey of regional economies, and teen retailers aeropostale, american eagle outfitters, and express report...
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Nov 29, 2011
11/11
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KQED
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enron was a trading company. if people couldn't trust its word, the credit that business depended on would dry up, but enron also depended on constant growth. that led to an overwhelming emphasis on closing deals. former human resources chief cindy olson describes how enron's compensation system reinforced that. >> we gave everyone a lot of options, because everybody was doing it-- in the tech world, on wall street-- what we didn't realize is, the motive it gave people to do pretty much anything to keep our stock price up. >> reporter: it also meant that people who stood in the way of closing deals got short shrift. steven webster describes an incident that took place just before he left the company in 1999. >> i had been in a meeting-- one of my last meetings as an employee at enron-- discussing one of the projects we were doing internationally, and one of my colleagues just didn't agree with the approach that we were taking to the project, and my boss literally picked up a chair and threw it across the room at
enron was a trading company. if people couldn't trust its word, the credit that business depended on would dry up, but enron also depended on constant growth. that led to an overwhelming emphasis on closing deals. former human resources chief cindy olson describes how enron's compensation system reinforced that. >> we gave everyone a lot of options, because everybody was doing it-- in the tech world, on wall street-- what we didn't realize is, the motive it gave people to do pretty much...
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Nov 24, 2011
11/11
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CSPAN2
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enron in some ways -- jeff skilling is to fail the time that enron was caught in a perfect storm. and oddly enough in some degrees he was right. when enron collapsed, there is still lots of things that we didn't know about the inner workings of enron that would come out through this gigantic, you know, federal investigation which i think was the largest federal investigation of a single corporation. they created the task force that is unprecedented. of course one question people could have his there have been relatively few indictments out of the 2008, 2009 meltdown of top corporate officials. and that's maybe because there's just not the evidence they are what they are so widespread. but i suspect there was not a single corporation out of that was investigated the way enron. they had a dozen federal prosecutors cannot probably 20 to 25 fbi irs and sec investigators working full-time for four years. you know, going through every note creamy of that company. i suspect if you did that with any other corporation you'd probably find something. so you know -- [inaudible] >> ernie edwar
enron in some ways -- jeff skilling is to fail the time that enron was caught in a perfect storm. and oddly enough in some degrees he was right. when enron collapsed, there is still lots of things that we didn't know about the inner workings of enron that would come out through this gigantic, you know, federal investigation which i think was the largest federal investigation of a single corporation. they created the task force that is unprecedented. of course one question people could have his...
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Nov 24, 2011
11/11
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CSPAN2
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enron in some ways -- jeff skilling is to fail the time that enron was caught in a perfect storm.nd oddly enough in some degrees he was right. when enron collapsed, there is still lots of things that we didn't know about the inner workings of enron that would come out through this gigantic, you know, federal investigation which i think was the largest federal investigation of a single corporation. they created the task force that is unprecedented. of course one question people could have his there have been relatively few indictments out of the 2008, 2009 meltdown of top corporate officials. and that's maybe because there's just not the evidence they are what they are so widespread. but i suspect there was not a single corporation out of that was investigated the way enron. they had a dozen federal prosecutors cannot probably 20 to 25 fbi irs and sec investigators working full-time for four years. you know, going through every note creamy of that company. i suspect if you did that with any other corporation you'd probably find something. so you know -- [inaudible] >> ernie edwards
enron in some ways -- jeff skilling is to fail the time that enron was caught in a perfect storm.nd oddly enough in some degrees he was right. when enron collapsed, there is still lots of things that we didn't know about the inner workings of enron that would come out through this gigantic, you know, federal investigation which i think was the largest federal investigation of a single corporation. they created the task force that is unprecedented. of course one question people could have his...
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Nov 30, 2011
11/11
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WETA
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and the seeds of enron were sown in the 90s. i was in the job about four weeks when enron exploded. we took effective action and set records for enforcement action. but i was even more proud of our ability to help people understand what they had to disclose and how to disclose things, which i think is part of smarter regulation. >> susie: let me ask you, now that some years have passed, is there anything you would have done differently so that we might have been able to prevent the financial crisis of the last couple of years? >> i think there are things we could have done. we needed a better regulatory system. the current regulatory system is antiquated and outmoded, regular it's people based on -- regulates people on what they were born as. and we have a 300 page statute i that is full of all sorts of unintended consequences. they were very simple things that we needed to do, and could have done, and still should be doing. >> susie: like what? >> well, first, make sure that everyone who takes money from the public for investment purposes or has an effect on our capital or financia
and the seeds of enron were sown in the 90s. i was in the job about four weeks when enron exploded. we took effective action and set records for enforcement action. but i was even more proud of our ability to help people understand what they had to disclose and how to disclose things, which i think is part of smarter regulation. >> susie: let me ask you, now that some years have passed, is there anything you would have done differently so that we might have been able to prevent the...
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collapsed what remains of the legacy well we all remember the enron one stood for prosperity then came to be known for more for corporate scandal we tried going down we will show you what has become of the enron but let's get to today's capital account. so the big question was the eurozone debt crisis solved behind closed doors at the white house today i doubt it judging by the press releases that have come out seems like there's good reason to doubt it but here were the people who were trying to summon included u.s. president barack obama secretaries clinton and geitner and on the e.u. side you have people like european commission president jose manuel barroso and herman van rompuy now if those names draw blank stares just because they are sarkozy or merkel does not mean that they're not wielding major influence allow me to give you a little insight into that i'll play more of what nigel for raj said to her minivan run for the european council president european union president. again as a member of european parliament also one of our guests. i think you'd be the cat's assassin of the
collapsed what remains of the legacy well we all remember the enron one stood for prosperity then came to be known for more for corporate scandal we tried going down we will show you what has become of the enron but let's get to today's capital account. so the big question was the eurozone debt crisis solved behind closed doors at the white house today i doubt it judging by the press releases that have come out seems like there's good reason to doubt it but here were the people who were trying...
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morgan will one day wake up it'll go the way of enron it'll be worth zero same thing for b.n.p. same thing for many of these banks and all the gold and silver vigilantes who are d. capitalizing remember when you're fighting vampires you need a silver stake and put it through their heart this is what gold and silver acts like when you're fighting terrorist banking zombies on wall street that's why gold and silver continue to go higher as when it gets to a certain tipping point these banks' balance sheets will blow up and we'll have a new gold standard around the world and this will be a rebirth of the global economy but there'll be a tremendous amount of pain before and a lot of people like barack obama in america talking about political solutions when he is in fact in bed with the worst financial terrorist in the world that guy is quite embarrassing as my president i'm embarrassed by that right i might cause a financial analyst and of course host of auntie's concert report many thanks. you're watching on the line from moscow the u.k. government plans to open new schools with on
morgan will one day wake up it'll go the way of enron it'll be worth zero same thing for b.n.p. same thing for many of these banks and all the gold and silver vigilantes who are d. capitalizing remember when you're fighting vampires you need a silver stake and put it through their heart this is what gold and silver acts like when you're fighting terrorist banking zombies on wall street that's why gold and silver continue to go higher as when it gets to a certain tipping point these banks'...
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Nov 25, 2011
11/11
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KRCB
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there was a series of laws put into place after enron called sarbanes oxly. and those really have not been used in any serious way in prosecuting executives. one of the provisioning of the sarbanes-oxley rules is senior exclusive and-- it's typically at least the chief executive officer and the c.f.oosmed-- have to certify internal controls are adequate. for a big financial firm that has to include their risk controls. willful violation is-- sorry, a knowing violation is punishable by up to five years in jail time, willful violation is 20 years of jail time but no one's gone after these theories seriously. it's worse than lynn alludes, although what he says about the revolving door is 100% true, is the role big banks play in campaign finance. theatre second biggest donors in washington, second only to the health care industry, and for any case to be pursuedaisa criminal case, they can't pursue criminal cases on their own. they have to be pursued in conjunction with the department of justice and the department of justice has been noticeably absent on this beat
there was a series of laws put into place after enron called sarbanes oxly. and those really have not been used in any serious way in prosecuting executives. one of the provisioning of the sarbanes-oxley rules is senior exclusive and-- it's typically at least the chief executive officer and the c.f.oosmed-- have to certify internal controls are adequate. for a big financial firm that has to include their risk controls. willful violation is-- sorry, a knowing violation is punishable by up to...
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Nov 24, 2011
11/11
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FOXNEWSW
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enron boss ken lay in an indictment that could land the energy joyant in the slammer for 175 years.w of no investigation of tyco. >>neil: is a fox news alert. two of the big boys of the big 1990's are going down gore a big, big, long time. , former tyco boss dennis cost lou ski facing decades in prison. >> covered you in so many venues and so many meetings this was weird. this is weird to me, too, but i have been here for 26 months, now, it is still surreal. >>neil: martha stewart is going to jail. the only question is how long? >> she is coming down the steps and people are applauding and cheering and she is getting more horrible news. >> it has nothing to do with my company or the people that work there, it was just unfair result of my particular problem that my company and my employees had to suffer. >> i can tell you the quick of the way to separate a recession from depression, recession is when people stop eating out. depression is when they step depression is when they step visiting food stores.♪ you want to save money on car insurance? no problem. you want to save money on rv
enron boss ken lay in an indictment that could land the energy joyant in the slammer for 175 years.w of no investigation of tyco. >>neil: is a fox news alert. two of the big boys of the big 1990's are going down gore a big, big, long time. , former tyco boss dennis cost lou ski facing decades in prison. >> covered you in so many venues and so many meetings this was weird. this is weird to me, too, but i have been here for 26 months, now, it is still surreal. >>neil: martha...
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Nov 24, 2011
11/11
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venda tenth anniversary of the collapse of the enron energy company. later, discussion on the defense budget cuts. >> next a discussion on the planned closure of camp ashraf and iran's net we are threat. the compound located in iraq, is home to thousands of members and supporters of the iranian opposition group, the people's mujahideen also known as mek. is scheduled to be close by the end of the year. speakers include former homeland security secretary tom ridge, harvard law professor alan dershowitz, former vermont governor in dnc chairman howard dean. this runs two hours. the moderator is former congressman patrick kennedy. >> now we have the honor of hearing from someone who has spoken eloquently on the subject before. if you want to know about the history of the terrorism museum it is perhaps best to listen to the man who was the first homeland security secretary for our country after 9/11. 911 tom ridge, former governor of pennsylvania, has distinguished himself in service to our natior and can speak more eloquently than on most anybody else onel
venda tenth anniversary of the collapse of the enron energy company. later, discussion on the defense budget cuts. >> next a discussion on the planned closure of camp ashraf and iran's net we are threat. the compound located in iraq, is home to thousands of members and supporters of the iranian opposition group, the people's mujahideen also known as mek. is scheduled to be close by the end of the year. speakers include former homeland security secretary tom ridge, harvard law professor...
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Nov 30, 2011
11/11
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tomorrow, we continue our look at "enron: ten years later."ecurities and exchange commission chairman harvey pitt joins us to talk about regulatory changes after enron's collapse. for more financial news, tune in to "nightly business report" weeknights on this public television station.
tomorrow, we continue our look at "enron: ten years later."ecurities and exchange commission chairman harvey pitt joins us to talk about regulatory changes after enron's collapse. for more financial news, tune in to "nightly business report" weeknights on this public television station.
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Nov 2, 2011
11/11
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KTVU
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industrial auctioneers famous for auctioning off enron's estate says this auction is special. >> the response has been overwhelming. because the company's name has been in the marketplace, it's sort of transcends, it's not just an auction it's an event. >> reporter: uncle sam will have to wait until private investors get their $70 million first. no doubt taxpayers will take a big hit. >> historically used equipment prices are 25, 50-cents on the dollar. so there's a real savings on a real expensive items. >> reporter: many buyers will come from u.s. industries especially silican valley. >> there's a lot of generic equipment that many solar companies can use. this which i equipment is ready for you to purchase and back your truck up. >> reporter: tomorrow's inperson an online auction will last about two days. after that solyndra will be essentially gone and you are paying for it. reporting live, consumer editor tom vacar, ktvu channel 2 news. >>> new court documents filed today shows solyndra founder and former ceo chris gromet received a half a million dollars severance package. he w
industrial auctioneers famous for auctioning off enron's estate says this auction is special. >> the response has been overwhelming. because the company's name has been in the marketplace, it's sort of transcends, it's not just an auction it's an event. >> reporter: uncle sam will have to wait until private investors get their $70 million first. no doubt taxpayers will take a big hit. >> historically used equipment prices are 25, 50-cents on the dollar. so there's a real...
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Nov 1, 2011
11/11
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and it's not quite enron. but you have a chance to own a piece of notorious company that fell from grace. solyndra is auctions off surplus items starting tomorrow. that includes equipment, tools, art work and the office microwave. the solar technology company received a half billion government loan. that online auction ends on thursday. >> no, problem night. >> you might as well get a new one. >> christina, i once covered the bankruptcy auction of napster. i had the opportunity to buy their business license. just a little city sft. i didn't. to this day i regret that. that would luk awesome hanging up somewhere. >> you know sean parker is laughing this morning. >> good morning to you. if you are watching, you have great taste, sean parker. 48 in novato. we're at 55 in oakland. 53 in hayward. you live and you learn. we're looking good today. we have a lot of sunshine in the forecast. the biggest concern we have is if you are waking up with nus the east bay hills or the north bay hills it will get gusty in your
and it's not quite enron. but you have a chance to own a piece of notorious company that fell from grace. solyndra is auctions off surplus items starting tomorrow. that includes equipment, tools, art work and the office microwave. the solar technology company received a half billion government loan. that online auction ends on thursday. >> no, problem night. >> you might as well get a new one. >> christina, i once covered the bankruptcy auction of napster. i had the...
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Nov 9, 2011
11/11
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. >> reporter: to combat the kind of fraud that brought down enron, congress has tightened accounting rules, making it harder for companies to go public. entrepreneurs like idea lab's bill gross say crowd funding will provide cash before venture capital and the chance at an initial public offering comes along. >> at this first stage, when a company is just getting going, this could be a big boost to getting a company to go from, say ten people or five people to 50 people, and to first revenues or even first profits. and i think that's going to be really helpful to the economy. >> reporter: but state securities regulators like heath abshure say crowd funding will lead to crowd fraud. >> the fact is that it is a wide open gate that a lot of folks can run through, and a some of those folks, we don't want them running through the gate. >> reporter: but supporters say the internet will help police the crowd. >> anything that happens is posted to the web almost in real time. anything that goes wrong or right is posted to the web in almost real time. and so, the crowd will be a great enforce
. >> reporter: to combat the kind of fraud that brought down enron, congress has tightened accounting rules, making it harder for companies to go public. entrepreneurs like idea lab's bill gross say crowd funding will provide cash before venture capital and the chance at an initial public offering comes along. >> at this first stage, when a company is just getting going, this could be a big boost to getting a company to go from, say ten people or five people to 50 people, and to...
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Nov 22, 2011
11/11
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MSNBCW
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this happened, by the way to enron executives. everybody knew enron was going down.ah, but the executives before one of the quarterly reports sold a bunch of stock. they ended up doingç jail time >> because they actually knew. >> that's right. and they had specifics. and it was material information related to the health of the company. so this is a huge distinction. the fact is there's so much that goes on in washington that effects markets, effects health of companies. >> because of the auction in money and politics. >> exactly. they can pass laws. there can be a small line in se a piece of health care legislation can have a huge effect on the health of pharmaceutical companies. they can and do trade on information and they do very well. >> how is it that financial professionals themselves at the banks themselves are forced into all sorts of compliance for the management of their personal accounts. >> yep. >> how is it that financial journalists at bloomberg, cnbc, i'm sure at the wall street journal and i would imagine quite honestly at reuters and all the other f
this happened, by the way to enron executives. everybody knew enron was going down.ah, but the executives before one of the quarterly reports sold a bunch of stock. they ended up doingç jail time >> because they actually knew. >> that's right. and they had specifics. and it was material information related to the health of the company. so this is a huge distinction. the fact is there's so much that goes on in washington that effects markets, effects health of companies. >>...
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Nov 14, 2011
11/11
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KNTV
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how many warnings were given about enron?ow many warnings went up the chain before that organization collapsed? how many warnings in writing were sent to the securities and exchange commission about bernie madoff before he was finally adjudicated? how many warnings went out relative to the banking and mortgage industry before that collapse came? the reality is long before organizations become too big to fail, they become too big to derail. >> the story is there was an employee of penn state university who had a sexual relation on campus with a minor. that is the story. what we are talking about, though, is joe paterno and should he coach and shouldn't he coach. and we're having students riot as to whether or not they should remove him and how they removed him, and the story is about everything but the activity, and action that took place. what does that tell us about ourselves? >> as nfar as the young people are concerned, their relationship is with the university, their classes, and their coach. these are kids we're talking
how many warnings were given about enron?ow many warnings went up the chain before that organization collapsed? how many warnings in writing were sent to the securities and exchange commission about bernie madoff before he was finally adjudicated? how many warnings went out relative to the banking and mortgage industry before that collapse came? the reality is long before organizations become too big to fail, they become too big to derail. >> the story is there was an employee of penn...
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Nov 25, 2011
11/11
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it's been ten years since enron's collapse. on monday, we begin a week-long look at the meteoric rise and dramatic fall of the energy company. there's a new wave of downsizing in the airline industry that will impact smaller airports. planes that connect smaller cities in america are being phased out. it's due to the lack of fuel efficiency and the high cost of fuel. many big airlines are expected to scrap or sell jets with 50 seats or less. propeller planes are also meeting the same fate. the loss of those planes will leave some cities with fewer flights or have service discontinued. give yourself extra travel time >> tom: the stock market has limped into this holiday season, weighed down by europe. but tonight's market monitor says the biggest risk is that despite the worries, there is still too much optimism around the banking sector. bernie schaeffer is chairman of schaeffer's investment research and publisher of the "option advisor market letter." happy thanksgiving. >> thank you. >> tom: why focus on the optimism around t
it's been ten years since enron's collapse. on monday, we begin a week-long look at the meteoric rise and dramatic fall of the energy company. there's a new wave of downsizing in the airline industry that will impact smaller airports. planes that connect smaller cities in america are being phased out. it's due to the lack of fuel efficiency and the high cost of fuel. many big airlines are expected to scrap or sell jets with 50 seats or less. propeller planes are also meeting the same fate. the...
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economy wall street is just one big enron and once confidence evaporates so does all the equity and it's good night marie now it was the images of them even dressed as the homeless that they had made homeless that really resulted in them the firm going out of business and i want to turn to this image here that i saw on the occupy wall street news dot org and it's an image of some cyborgs or policeman i can't tell but they're protecting jay can work in chase and with that in mind i want to look at these next headlines most of them involving j.p. morgan chase m.f. global the mess that keeps getting messier so this is an article on c.n.n. money from leader mcgrath goodman friend of the show and apparently big institutional investors are getting a taste of what many frustrated taxpayers experienced during the financial crisis being on the hook for losses of a major financial firm against their wishes now remember the trustees have now said announce that in fact it's a one point two billion dollars black hole of missing client funds which quinn said only happens to be the exact same amount of
economy wall street is just one big enron and once confidence evaporates so does all the equity and it's good night marie now it was the images of them even dressed as the homeless that they had made homeless that really resulted in them the firm going out of business and i want to turn to this image here that i saw on the occupy wall street news dot org and it's an image of some cyborgs or policeman i can't tell but they're protecting jay can work in chase and with that in mind i want to look...