By Jerry W Markham
This new reference by way of the writer of the severely acclaimed A monetary heritage of the us covers the aftermath of the Enron-era scandals and the extreme monetary advancements in the course of the interval
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Additional resources for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
14 Enron and Corporate Reforms caused large losses because it failed to overcome several technical problems that made it impractical, at the time, to stream video into consumers’ homes and demand for the product was, in any event, very low. The prosecutors charged that those problems were covered up by false press releases claiming that technical problems had been overcome and that the business would be wildly profitable. Prosecutors also charged that losses at Enron Broadband Services were concealed through various accounting manipulations that boosted Enron’s earnings from what prosecutors charged was a sham sale of future earnings at inflated prices that were unlikely.
The first government witness at the trial was Mark Koenig, the former Enron head of investor relations, who pleaded guilty to criminal charge. Koenig also agreed to pay the SEC a fine to settle charges that he had helped prepare false press releases on Enron’s financial condition and misled analysts. He agreed as a part of his plea bargain to testify against other Enron executives. In fulfilling that bargain, Koenig testified that Lay and Skilling had participated in misleading the public concerning Enron’s businesses.
2 million Enron shares for $76 million at a time when he knew that Enron Broadband Services was in trouble. The Rice indictment contained forty counts related to his promotion of the failing entity. If found guilty on all counts, Rice would have faced decades in prison. The alternative was a guilty plea with a much-reduced sentence. 7 million. Rice’s guilty plea also required him to testify against his fellow Enron Broadband Services executives and then to testify against Skilling and Lay in their trial.
A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham