I'll keep it simple for you, and use Enron. Just look at the timeline.
chron.com
1999
· Enron forms its broadband services unit. The first phase of the Dabhol project begins operations. One-third of Azurix is sold to the public in an initial public offering. After an early rise, shares fall sharply as the year goes on and the problems facing the company become apparent. Enron Online, the company's commodity trading Internet site, is formed. It quickly becomes the largest e-business site in the world. Enron Energy Services turns its first profit in the fourth quarter.
2000
· Rebecca Mark resigns from her position as Azurix chairwoman and the company announces a plan to take the troubled water subsidiary private.
· Annual revenues reach $100 billion, more than double the year before, reflecting the growing importance of trading.
· Enron Field is opened in downtown Houston. In addition to buying the naming rights, Enron Chairman Ken Lay helped raise financial support for the construction project.
· The Energy Financial Group ranks Enron the sixth-largest energy company in the world, based on market capitalization.
· Enron and strategic investors, IBM and America Online, launch The New Power Co. to provide electric service in a deregulated market.
2001
[· In January, Bush takes office.]
· In March, Enron and Blockbuster call off deal to bring movies into homes over the Internet.
· In April, Enron discloses it is owed $570 million by bankrupt California utility Pacific Gas & Electric Co.
· In August, Skilling unexpectedly resigns for personal reasons. Lay takes back the CEO job. Wall Street starts cranking up its requests for Enron to provide more detailed financial information about its performance.
· In October, Enron releases third-quarter earnings, with $1.01 billion in charges, including $35 million related to investment partnerships formerly headed by Andrew Fastow, Enron's chief financial officer. Fastow is replaced as CFO. The Securities and Exchange Commission launches a formal investigation into the partnerships.
· In November, Enron restates earnings for 1997 through 2000 and the first three quarters of this year.
Seems to me that the "corruption" occurred during Clinton's presidency, and came to light during Bush's. |
