By Jerry W Markham

This new reference by way of the writer of the seriously acclaimed A monetary background of the U.S. covers the aftermath of the Enron-era scandals and the extreme monetary advancements in the course of the interval

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Extra resources for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis

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Arthur Andersen had proposed a settlement of $750 million for its Enron-related liabilities that was to be paid out of the accounting firm’s future revenues. That offer was taken off the table after the indictment, which meant that investors received only a fraction of the offered amount after Arthur Andersen declared bankruptcy. Because of the indictment, Arthur Andersen was also unable to comply with an agreement to pay $217 million to the mostly elderly investors who lost their investments in the Baptist Foundation of Arizona, which had been running a Ponzi scheme that had gone undetected by Arthur Andersen auditors.

However, Watkins never actually blew the whistle on anybody to any government regulator.

Brown’s retrial was delayed to allow the court to consider defense claims that government prosecutors improperly withheld evidence. Prosecutors dropped those charges just before trial. Brown continued to fight his prior conviction. The government spent untold sums to prosecute the Nigerian barge case, which dragged on for years, and it imposed undue hardship on the defendants for a relatively minor matter that turned into a complete fiasco. The matter could have been easily handled in civil court by the SEC and appropriate sanctions negotiated with the parties.

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