Download A Financial History of the United States: From Enron-Era by Jerry W Markham PDF

By Jerry W Markham

This new reference by way of the writer of the severely acclaimed A monetary heritage of the U.S. covers the aftermath of the Enron-era scandals and the extreme monetary advancements through the interval

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Additional info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis

Sample text

Prosecutors dropped those charges just before trial. Brown continued to fight his prior conviction. The government spent untold sums to prosecute the Nigerian barge case, which dragged on for years, and it imposed undue hardship on the defendants for a relatively minor matter that turned into a complete fiasco. The matter could have been easily handled in civil court by the SEC and appropriate sanctions negotiated with the parties. Instead, the Department of Justice chose to bend the criminal laws and use its massive resources to beat the defendants into submission, all for the purpose of making the Justice Department look tough in the Enron affair.

The Enron Task Force indicted four employees at Merrill Lynch, as well as three at Enron, including Fastow. The defendants included Dan Boyle, an Enron vice president of finance; Sheila Kahanek, an Enron accountant; Daniel Bayly, chairman of Merrill Lynch’s investment banking group; and James Brown, Robert Furst, and William Fuhs, who worked for Merrill Lynch’s investment banking group. Jeff McMahon, who replaced Fastow as Enron’s CFO and also served as the company’s president, had proposed the Nigerian Barge deal to Merrill Lynch.

Government Response The accounting scandal at Enron touched off a media and political storm that President George W. Bush responded to with a speech on Wall Street promising tough action. E. Sharpe, Inc. All Rights Reserved. Enron and Its Aftermath 5 ment prosecutions of executives at Enron and other corporations involved in accounting scandals that were blossoming as the economy slowed and the stock market crashed. S. attorney general and later secretary of homeland security. Chertoff acted with zeal, indicting hundreds of executives caught up in these scandals.

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