Bigger than enron

Here is roughly the same article in English. In the discussions about the collapse of the Icelandic banking system that have taken place since Octobervery little has been said about the size of the collapse of the three banks, in either absolute or relative terms. This is unfortunate, as without a sense of perspective for these large bank failures, Icelanders have a hard time understanding the magnitude of what befell our small economy.

Bigger than enron

Reddit Flipboard How did the mortgage industry destroy itself and set off an economic collapse that ruined the finances of millions of Americans? Executives tend to hold themselves blameless, saying that no one could have seen the disaster coming.

Well, judge for yourself after you hear the story of Paul Bishop update: Bigger than enron Bishop loses arbitration hearingwho worked at the nation's second largest savings and loan. World Savings Bank was among the industry's most admired mortgage lenders.

But Bishop says the kind of lending practices he saw were leading to a world of trouble that would ultimately result in billions in losses and a federal investigation. What does Paul Bishop say he told executives at World Savings, three years before the crash?

We're breaking the law. You know we're breaking the law. I know we're breaking the law.

Bigger than Enron

What the hell do you think is going on here? You know, you're granting too many people loans who simply can't qualify," Bishop told 60 Minutes correspondent Scott Pelley.

Bishop's story is a rare inside look at forces that tore the economy apart, as seen by a plain-spoken loan salesman who is now suing World Savings, claiming that he was fired for telling executives what they didn't want to hear.

I said, 'We're sitting on an Enron. I mean, we're doing four billion a month in loans. If housing drops, housing value drops, people start to default, you know?

This is a nightmare. These people will not survive it," Bishop told Pelley. He'd been a top salesman at IBM and spent years as a stock broker. Most everywhere he went, he had a reputation for speaking his mind and ruffling feathers.

He joined World inin part, because of its history. Bishop says the owners were Herb and Marion Sandler. In fact, Herb and Marion Sandler were legendary.

The Sandlers' were known for careful, conservative lending. They've given away millions of dollars to charity and started an advocacy group for low income borrowers called the Center for Responsible Lending.

Trouble is, some of their money came from people like Betty Townes, who is financially ruined after being sold a series of World Savings mortgages she couldn't afford. Asked how many times she refinanced, Townes said, "Well we refinanced practically every year.

Bigger than enron

But how could it be best when Betty's pension couldn't qualify her for the loans?Enron Enablers New York Times – by Stephen Labaton – February 4, WASHINGTON -- Here we go again.

In an eerie flashback to the savings and loan scandal a decade ago, it turns out that some of the lawmakers and regulators investigating some of the causes behind the Enron-Arthur Andersen scandal — Democrats and Republicans alike — may need to look no further than .

Bigger Than Enron Words Nov 7th, 4 Pages Lobbing of commercial and political interests in the establishing of the standards is a fact, which leads to believe that there might be large groups of the financial information users, who are interested in the particular way of reporting.

© Hedrick Smith All Rights Reserved Site by Sean Akers. Hedrick Smith Productions Montgomery Ave, Suite Bethesda, Md., () hsmithprod. Der Energiekonzern Enron gehörte zu den größten Konzernen der USA und hatte seinen Firmensitz in Houston, bezeichnete sich in Veröffentlichungen gerne als „The World's Greatest Company“ (großartigste Firma der Welt) und wurde von zahlreichen Medien für lange Zeit als angeblich höchst innovatives Unternehmen gelobt und .

Bigger Than Enron On June 15, a Houston jury convicted Arthur Andersen — the year-old accounting firm once known as the gold standard of integrity in auditing — for obstruction of justice in the government’s investigation of Enron, Andersen’s biggest client.

In "Bigger Than Enron," FRONTLINE correspondent Hedrick Smith shines a spotlight on how the corporate watchdogs -- the bankers, lawyers, regulators, politicians, and above all, the accountants.

What Caused Enron to Collapse? | Bizfluent