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Tuesday, March 5, 2002 |
"If a man is standing in the middle of the forest speaking and there is no woman around to hear him ... is he still wrong?"
-- George Carlin
...don't ask!...mj
8:09:33 PM 
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Laynochio...the wooden man
 Business 2.0 goes the extra mile with the magazine cover of the year so far! You just have to love it. It nicely captures the essence of the whole Enron mess and the after"math". It's nice to see someone call it was it really is...Meet Ken Laynochio. This article really hits the nail on the head. Too many corporate lies lead to distrust and that leads to ruin. It wasn't waht Lay did, it was the culture that Lay, Skilling and others fostered. That was the real crime that allowed this to happen...mj
2:35:05 PM
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Enron...Sex and Turf Wars
 Two stories for you viewing pleasure:
The first is a tale of executive combat. Two execs fighting for the heart and soul of a company. Most of the time this would be old hat...but not when it's Enron. During the 90's our man Jeff Skilling fought a turf war with Rebecca Mark for control of the furture of Enron...
The second is the story that Jeff Skilling got married to his corporate sweetheart. What the story somehow misses is that he was responsible for her getting the $600,000 a year job as Board Secretary..give whole new meaning to the concept of 'kept woman'.
What is so cool is that I don't have to make this stuff up...mj
2:22:21 PM
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idealab!...Ugly! As! It! Wants! To! Be!
 Yesterday, I bloged this story about 25 more plaintiffs joining the lawsuit against Idealab. closer reading gives us some details of the complaint against the leaders of this 'stinkubator' of dotbombs. According to the suit, the combined salaries and bonuses of Gross and Goodstein went from $440,000 to $1.4 million while Idealab racked up losses of more than $600 million from 2000 to 2002. Those figures do not include the value of the use of Idealab's corporate jet and life insurance premiums paid by the corporation, which added $47,000 to Gross' compensation and about $107,000 to Goodstein's, according to the suit. "The more money Idealab loses, the greater the benefits the defendants dole out to enrich themselves and ... the greater the compensation for Gross and Goodstein," the suit states.
The lawsuit also alleges that on a single day, March 15, 2000, soon after the $1 billion was invested by the shareholders, the defendants: -- spent more than $600 million in cash and gave away more than $250 million in Idealab preferred stock, investing in 26 speculative companies, including some in which the defendants personally owned stock. -- went on a personal "spending spree" with corporate money in which they ratified personal loans to eight Idealab executives totaling $35.7 million and granted themselves and others $46 million worth of stock options for $40 million. Months later, the suit alleges, the board members "took a number of actions to enrich themselves," including forgiving loans, retroactively awarding compensation, giving executives bonuses and increasing executives' salaries, among other things...mj
Sources for this blog...
11:11:33 AM
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