Tuesday, January 14, 2003

And yet more from the weekend reading:

A little while ago, I noted that recent investigations have found truly massive fraud in Enron's accounting going all the way back to the creation of the company, when one company, Internorth, bought another, Houston Natural Gas, and overvalued the assets it was buying by well over a billion dollars. A revelation that I found in a New York Times story --- buried in the back.

So, where did they learn their tricks? Buried in the back of Brian Cruver's account of his own experience at the company (the basis of the recent CBS movie), is a passage where he draws our attention to the guy who provided the financing for the deal --- Mike Milken, whose fraud was so extreme that he got hit with a half billion dollar fine (and jail time) personally.


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