Content provided in partnership with
Street smarts?
Washington Monthly, July-August, 2005 by Charles Peters
If you have doubted the depth of Wall Street's corruption, consider that the recent settlement by Citigroup and JP Morgan Chase, in which they agreed to pay Enron investors $2 billion and $2.2 billion respectively, followed by only a few months the agreement by those same two banks to pay WorldCom investors $2.6 billion and $2 billion, respectively. In other words, each of these respected pillars of the financial world were up to their ears in two of the greatest financial scandals of the era.
- Most Popular Articles in News
- The Ten Best Laptop bags
- Tata plans cheapest-ever car for Indian market
- GLOBALIZATION AND THE DEVELOPMENT OF UNDERDEVELOPMENT OF THE THIRD WORLD
- Corn is good for you; Corn is not only a tasty treat, but also a cereal that ...
- THE 50 BEST STYLISH HANDBAGS TO CARRY
- More »
By the way, be sure to catch Enron: The Smartest Guys in the Room. George H and George W. can be seen cozying up to Enron executives. As you leave the theater, you might reflect on W.'s recent nomination of Rep. Christopher Cox (R-Calif.), an apostle of deregulation, to head the SEC. If it does nothing else, this film demonstrates the folly of the deregulation zealots, showing that they let Enron manipulate the California energy crisis and revealing how they abused their freedom from oversight to make one shady deal after another.
COPYRIGHT 2005 Washington Monthly Company
COPYRIGHT 2008 Gale, Cengage Learning
