By Jerry W Markham
This new reference via the writer of the seriously acclaimed A monetary background of the U.S. covers the aftermath of the Enron-era scandals and the extreme monetary advancements through the interval
Read Online or Download A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis PDF
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Additional info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
That prosecution related to the purported $28 million sale by Enron in 1999 of some barges to a special-purpose entity called Ebarge, which had been created by Merrill Lynch, the giant brokerage firm that would spectacularly fail during the subprime crisis. The barges, anchored off the coast of Nigeria, were used as a platform for electricity generators. The government charged that there was no true sale of the barges to Merrill Lynch because Enron CFO Fastow had assured Merrill that Enron would repurchase the barges six months later, at a profit to Merrill Lynch of 15 percent.
Sharpe, Inc. All Rights Reserved. 20 Enron and Corporate Reforms begun, and since she was not otherwise involved in the wrongdoing at Enron. However, to the Enron Task Force prosecuting Fastow’s wife was the key to the success of its case against Skilling and Lay because it would persuade Fastow to testify against them. The Fastows tried to have Lea’s trial delayed until after Andrew’s trial, so that he could testify in her favor without waiving his Fifth Amendment rights against self-incrimination in his own trial.
In the meantime, Rice began serving his two-year sentence in July 2007. Another Broadband executive, Kevin Hannon, pleaded guilty and was also serving a two-year sentence. However, the government had little else to show for this misguided prosecution. E. Sharpe, Inc. All Rights Reserved. 16 Enron and Corporate Reforms already tattered image abroad. That case involved three bankers working at the London offices of the NatWest Bank (now the Royal Bank of Scotland, which was nationalized by the UK government during the subprime crisis).