24 Daze to Bankrupt

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3 years ago
Topics: Fraud, Security, Life, History

What can be done, can happen in just 24 days?

3 weeks and 3 days.

While all of reality was built in just 7 days, we are not that creator.

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An Education takes years if not a lifetime.

Making things takes time.

While a Game can only take maybe 4 hrs or less, a season takes months.

Having worked in the Music Biz, a song can take 20 mins to get done, sometimes they take years...and if left to the artists they'd never be done.

All art is like that, if not for the Producer/Publicists we'd never have a product.

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So what's the deal with 24 days?....why?

Because the World's 6th largest Company went Bankrupt in 24 days.

Enron.

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The Insiders sold off Billions in stock while telling their employees to buy more.

The 6th Largest Company.

Bigger than All the Record Labels Combined, all the film studios I worked with in the late 1980's.

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Destroyed the lives of countless people all so the people at the top of Enron could make more cash.

I'm a Capitalist, meaning Own Property, a Free Market and Profit you get to keep.

What Enron did was Criminal and even with their connection to the White House, they were prosecuted for this theft.

All told, sixteen people pleaded guilty for crimes committed at the company, and five others, including four former Merrill Lynch employees, were found guilty.

Ken Lay was convicted of six counts of securities and wire fraud for which he had been tried, and he was subject to a maximum total sentence of 45 years in prison. However, before sentencing was scheduled, Lay died on July 5, 2006.

Jeff Skilling was convicted of 19 of 28 counts of securities fraud and wire fraud and acquitted on the remaining nine, including charges of insider trading. He was sentenced to 24 years and 4 months in prison. In 2013 the Dept. of Justice reached a deal with Skilling, which resulted in ten years being cut from his sentence.

Arthur Andersen was charged with and found guilty of obstruction of justice for shredding the thousands of documents and deleting e-mails and company files that tied the firm to its audit of Enron.

Only a small number of Arthur Andersen's employees were involved with the scandal, the firm was effectively put out of business; the SEC is not allowed to accept audits from convicted felons.

The company surrendered its CPA license on August 31, 2002, and 85,000 employees lost their jobs. 

The conviction was later overturned. The Supreme Court ruling theoretically left Andersen free to resume operations. However, the damage to the company's name had been so great that it has not returned as a viable business on any level.

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Enron's shareholders lost $74 billion in the four years before the company's bankruptcy ($40 to $45 billion was attributed to fraud)

$67 billion that it owed creditors, employees and shareholders received limited, if any, assistance aside from severance.

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Enter the Sarbanes-Oxley Act.

  • All companies must have a majority of independent directors.

  • Independent directors must comply with an elaborate definition of independent directors.

  • The compensation committee, nominating committee, and audit committee shall consist of independent directors.

  • All audit committee members should be financially literate. In addition, at least one member of the audit committee is required to have accounting or related financial management expertise.

  • In addition to its regular sessions, the board should hold additional sessions without management.

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So What does that have to do with anything?

It takes time and skill to create most anything, even a pizza takes time as the right recipe has to be followed to have something worth having, or eating...in this case.

But...and here's the Caveat....

It can take seconds to destroy, in this case it was 3 weeks and 3 days, only because the people at the top of the 6th largest company on earth thought they could get away with their criminal acts and tried to cover it up...even to the point of corrupting their Auditor.

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What say You?...Will You build a lifetime worthy of other peoples love, or destroy what you see for your own benefit?

In 24 Days, the 6th Largest Company on Earth went Bankrupt.

If it can happen to them, it can happen to anyone.

Wall Street's claims are always a mixed bag....if you believe it's even real at this point.

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Live, Love and invest in the people around you, you can only take with you what you know when your time is up.

Everything you claim, or think, you own is not yours, you are just the Steward of it.

When You die, it stays here.

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I am J1, find me on GAB.com, @AcidBrainWash

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3 years ago
Topics: Fraud, Security, Life, History

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