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Gov‘t. Enron trial record is spotty
In a 2-1 decision last week, a panel from the court overturned fraud and conspiracy convictions against four former Merrill Lynch & Co. executives who participated in a sham 1999 deal that allowed Enron to book bogus profits.
"In a sense, this reversal underscores how the government also fell victim to the Byzantine nature of the Enron fraud," said Robert Mintz, a former federal prosecutor. "These were unprecedented crimes to which the government responded with some very aggressive and largely untested theories of prosecution.
Enron, once the nations seventh-largest company, spiraled into bankruptcy proceedings in December 2001 amid revelations of hidden debt and inflated profits. The Justice Department formed the task force to launch a sprawling investigation that produced 16 guilty pleas from ex-Enron executives.
Brown's policies write the script for debt-ridden Britain
The obvious (or simplistic) answer is: their own. After all, mentally fit adults, not being held at the point of a gun, cannot claim to have been forced to borrow ruinous amounts of money. They are possessed of free will, and offered an unprecedented range of choices about how to organise their own finances - which is precisely the problem.
What the banks and their accomplices in the credit-card companies present to the unworldly and financially inexperienced is an apparent promise of heaven on earth: instant gratification of your material desires in return for payment of small sums of money that recede into the unforeseeable future. The banks are taking a deserved hammering over the national "debt crisis". Certainly there is something sinister - almost diabolical - in their systematic temptation to fecklessness.Northwest Airlines 2Q Loss Widens
EAGAN, Minn. -- Northwest Airlines Corp., which has been operating under Chapter 11 bankruptcy protection, on Monday posted a wider second-quarter loss as restructuring costs mount.
After paying dividends on preferred stock, losses totaled $285 million, or $3.27 per share, foe the three months ended June 30 compared with $234 million, or $2.69 per share, in the prior-year quarter.
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