It appears Enron investors won their case.
Here are some who must pay up for their duplicity:
- CIBC
- JPMorgan Chase
- Citigroup
- Arthur Andersen
- Lehman Brothers
- Bank of America
Each stock will be valued at $6.79 and preferred at $168.50 and about 1.5 million people are eligible.
Frontline did an incredible documentary Bigger Than Enron, which is available for online streaming and the focus is on accounting.
Enron is so infamous, How Stuff Works has the how to on cookin' the books with Enron as the model.
CBS Market Watch has a time chart graphic on Enron.
My question is just how much money did these plaintiffs who must now cough up actually make and does it even come close to the damage award and the fines?
Seeking Alpha has a good article on how these shady practices are still ongoing and have affected our current crisis. This article is from 2007.
So how does the fact
That none of these plaintiffs are still actually in business affect the outcome?
-------------------------------------
Maximum jobs, not maximum profits.
good point
I imagine they are just another creditor now who has to get in line to get some percentage on the dollar.
That must suck, years and years of litigation and then...whamo, guess what that house of cards imploded.