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Thursday, Jan 24, 2002 8:30 PM UTC2002-01-24T20:30:00Zl, M j, Y g:i A T

Houston under siege

Residents of Enron's hometown can't stop comparing the collapse of the energy trader to Sept. 11.

Houston under siege

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Hyperbole is a native Texan.

But are we already far enough away from Sept. 11 that the collapse of Enron can really be compared to it? Apparently so, in Houston, hometown of the biggest bankruptcy in history.

“Whereas Sept. 11 was a shock for the nation and indeed the world, this is a second shock for Houston, certainly not of equal magnitude, but up there on the Richter scale,” says Peter Bishop, chair of the studies of the future department at the University of Houston-Clear Lake. “Ken Lay. You couldn’t find a fairer person, a person who did more for the community, and just like the World Trade Center, that doesn’t exist anymore.”

It’s a sign of how shocked Houstonians are about Enron’s ignominious demise that Sept. 11 can be invoked — and is frequently — to explain the shock of the company’s collapse.

No lives have been lost in this corporate implosion, but the financial catastrophe is large-scale. Some 4,000 local Enron employees were laid off when the company went bust, while company employees and retirees lost an estimated $1.3 billion in retirement savings. Then, there’s the collateral damage to other local businesses here, like the pizza parlor across the street from Enron’s flashy new headquarters, which is now occupied by FBI agents instead of hundreds of energy traders. And it seems as if everyone in the Houston ‘burbs is just one or two degrees of separation away from someone hit by the meltdown.

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Katharine Mieszkowski is a senior writer for Salon.  More Katharine Mieszkowski

Monday, Jun 28, 2010 8:29 PM UTC2010-06-28T20:29:00Zl, M j, Y g:i A T

The Wall Street Journal’s Freudian tweet

The newspaper declares Enron-inspired Sarbanes-Oxley law struck down by Supreme Court. Er, not so fast

The Wall Street Journal's Freudian tweet

The Wall Street Journal has never made any attempt to hide its antipathy for Sarbanes-Oxley, the Enron/Worldcom-inspired law that attempted to increase oversight on public company accounting. The Journal’s position is that the law imposed costs on businesses that hurt the overall economy. Since this is the Journal’s editorial position on any legislation that tries to rein in the business world, no one was ever required to take their rantings too seriously (even though, it is true, Sarbanes-Oxley has resulted in compliance costs that can be challenging for smaller public firms).

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Andrew Leonard

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21.  More Andrew Leonard

Thursday, May 6, 2010 4:01 PM UTC2010-05-06T16:01:00Zl, M j, Y g:i A T

Jack Abramoff, Eliot Spitzer: A tale of two swindlers

What connects the disgraced N.Y. governor and the jailed D.C. lobbyist? Oscar-winner Alex Gibney explains

Former New York governor Spitzer speaks at the Reuters Global Financial Regulation Summit in New York

Former New York governor Eliot Spitzer speaks at the Reuters Global Financial Regulation Summit 2010 in New York April 28, 2010. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS HEADSHOT) (Credit: © Brendan Mcdermid / Reuters)

What do the following have in common: Imprisoned Washington lobbyist Jack Abramoff, disgraced ex-New York Gov. Eliot Spitzer, the collapse of Enron, the Bush administration’s torture policies, the late gonzo journalist Hunter S. Thompson? Before we go chasing some thread of thematic continuity — and we could definitely do that — let’s observe the emotional connection. All of those people and things provoke or embody big, visceral reactions: shock, outrage, disgust, amazement.

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Andrew O

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Friday, Apr 30, 2010 4:31 PM UTC2010-04-30T16:31:00Zl, M j, Y g:i A T

Exclusive Alex Gibney clip: Jack Abramoff and healthcare

See a deleted scene from Oscar-winner Alex Gibney's new movie about the guy who dosed Congress with dirty money

In an exclusive premiere for Film Salon readers, here’s a deleted scene from Oscar-winning director Alex Gibney’s upcoming documentary “Casino Jack and the United States of Money.” The film recounts the horrifying, mesmerizing saga of über-lobbyist Jack Abramoff and the congressional corruption scandal of the late ’90s and early 2000s that dramatically changed the landscape of Washington (and definitely not for the better).

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Andrew O

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Thursday, Mar 18, 2010 12:20 AM UTC2010-03-18T00:20:00Zl, M j, Y g:i A T

It’s time for Wall Street to pay

We need accountability -- as in, jail time where warranted -- for those who created the financial disaster

James Cayne of Bear Stearns, John Thain of Merrill Lynch, and Lloyd Blankfein of Goldman Sachs

James Cayne of Bear Stearns, John Thain of Merrill Lynch, and Lloyd Blankfein of Goldman Sachs

Almost everybody’s got their noses out of joint these days — and no wonder. If there’s a significant American institution that hasn’t failed in its fundamental public responsibility over the past decade, it’d be hard to identify.

Writing in Time, Christopher Hayes puts it succinctly: “Nearly every pillar institution in American society — whether it’s General Motors, Congress, Wall Street, Major League Baseball, the Catholic Church or the mainstream media — has revealed itself to be corrupt, incompetent or both. And at the root of these failures are the people who run these institutions, the bright and industrious minds who occupy the commanding heights of our meritocratic order.”

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Arkansas Times columnist Gene Lyons is a National Magazine Award winner and co-author of "The Hunting of the President" (St. Martin's Press, 2000). You can e-mail Lyons at eugenelyons2@yahoo.com.  More Gene Lyons

Friday, Jan 29, 2010 10:29 PM UTC2010-01-29T22:29:00Zl, M j, Y g:i A T

Sundance: Searing portrait of a top lobbyist

Oscar-winner Alex Gibney talks about his new Jack Abramoff expos

Washington lobbyist Abramoff leaves courthouse in Miami

18 Aug 2005, MIAMI, FL, USA --- Washington lobbyist Jack Abramoff leaves the courthouse in Miami August 18, 2005. Abramoff, a central figure in investigations involving House Majority Leader Tom Delay, plans to fight charges he defrauded two lenders of $60 million to buy a casino cruise line, his lawyer said on Thursday. Abramoff, a well-connected Republican lobbyist, and Adam Kidan, his partner in the $147.5 millions buyout of SunCruz Casino five years ago, were indicted by a federal grand jury in Fort Lauderdale, Florida, on August 11. --- Image by © CARLOS BARRIA/Reuters/Corbis (Credit: © Carlos Barria/reuters/corbis)

PARK CITY, Utah — Alex Gibney’s new documentary, “Casino Jack and the United States of Money,” which premiered at Sundance this week, is much more than a shocking and highly entertaining movie about Jack Abramoff, the über-lobbyist at the center of the biggest corruption scandal in congressional history. It’s a portrait of a political system that has been poisoned down to the root by the pernicious influence of big money, by the buying and selling of connections and influence, and by a radical free-market ideology that has been systematically employed to undermine the principles of representative democracy.

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Andrew O

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