The Federal Reserve Hires Enron Lobbyist

You can't make this stuff up folks. A former Enron lobbyist is being hired by the Federal Reserve.

The Federal Reserve intends to hire a veteran lobbyist as it seeks to counter skepticism in Congress about the central bank’s growing power over the U.S. financial system, people familiar with the matter said.

Linda Robertson currently handles government, community and public affairs at Johns Hopkins University in Baltimore, and headed the Washington lobbying office of Enron Corp., the energy trading company that collapsed in 2002 after an accounting scandal. She was also an adviser to all three of the Clinton administration’s Treasury secretaries.

She is going to spruce up the Fed's image.

Right o. Just what we need, another millionaire lobbyist focused on image instead of substance.

Indian Outsoucer Satyam Cooks the Books, Enron Level of Fraud

India has been importing U.S. jobs for some time. It appears they imported another American corporate problem, fraud.

Indian offshore outsourcer, Satyam Computer Services, admits to falsifying books:

The chairman of India’s Satyam Computer Services resigned on Wednesday after confessing to fixing the IT outsourcing company’s books for the past “several” years, the country’s first major fraud case to emerge following the global financial crisis.

In a letter to Satyam’s board, B Ramalinga Raju admitted wildly inflating Satyam’s margins to paint a picture of good performance and retain his management position, in one of the worst scams to have hit India’s outsourcing sector.

How bad is it? Looks like a reported 24% profit margin is actually 3%.

Justice Delayed is ...Some Justice - Enron Stock Holders Win Settlement

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.