By Jerry W Markham
This new reference via the writer of the seriously acclaimed A monetary historical past of the U.S. covers the aftermath of the Enron-era scandals and the intense monetary advancements through the interval
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Extra info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
Brown’s perjury and obstruction conviction was upheld because he had falsely testified before the grand jury that there was no agreement with Enron for the repurchase of the barges. However, the court reversed all the defendants’ convictions on mail and wire fraud charges. The court held that the defendants were not guilty of “honest services” mail and wire fraud, as charged in the government indictment. ”) Such a charge requires the government to show that defendants defrauded their employer by some dishonest act, usually bribery or kickbacks.
Rice was the government’s principal witness, but he made a serious misstep when he wrongly testified that a film of Skilling talking up Enron had been shown to financial analysts. Skilling appeared at the trial to observe its proceedings before his own trial, but Vanessa Gilmore, the federal district court judge hearing the case, had him removed from the courtroom. In response to Rice’s testimony, the defendants testified that he was out of touch with Broadband’s business and that he did not understand the technology.
This hedge was implemented through a special-purpose entity (SPE) called LJM Swap Sub, which required outside funding to meet accounting requirements for such transactions. Credit Swiss First Boston and NatWest supplied that “independent” ownership capital. The Rhythms NetConnections stock subsequently rose in value, and Fastow arranged with the three NatWest bankers to sell NatWest’s now-profitable position in that SPE to another entity at a price well below its actual value. 3 million when the Rhythms NetConnections stock was resold.
A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis by Jerry W Markham