“Twenty years ago, this month, Enron Corporation, once the seventh largest U.S. corporation, suddenly filed for Chapter 11 bankruptcy protection, abruptly destroying the jobs and retirement savings of 25,000 employees and the value of shares held by nearly 60,000 stockholders.
The problems Enron’s meltdown revealed in 2001 — deceptive accounting, runaway executive pay, tax avoidance, offshoring of profits and excessive speculation in high-risk financial instruments — predicted the destructive imbalances that seven years later caused the Great Recession and remain with us today.”
Read the full op-ed piece by Jim Townsend and Elise Bean on Detroit News (for subscribers) or click below for a downloadable pdf version.
