John Coffee
John Coffee
John R. Coffeewas an American planter and state militia general in Tennessee. He commanded troops under General Andrew Jackson during the Creek Warsand during the Battle of New Orleans in the War of 1812...
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It's been a very successful Act I. This trial is being run by a skilled and experienced judge. Given what can go wrong in a trial, nothing has gone wrong. The trains are running on time. From a prosecution standpoint, you need the trains to run on time. The moment a jury begins to not understand things, they become suspicious and resentful.
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Companies are resigned to the fact that Arthur Andersen is soon to be deceased.
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Cendant was the unrecognized harbinger of financial disasters to come. It was the harbinger in the late 1990s of how the quest for higher stock prices led managers astray.
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This is not a classic setting where someone gets barred for conduct as a corporate officer. Everything Martha did was in her private capacity.
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NYSE will move from selling a single product to hosting a variety of products linked to its strong brand name.
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It's going to change the board from a prudential body and a restraining influence into a bunch of cheerleaders. It will give the board a strong incentive not to look too closely at the numbers. It puts directors on the same side as management.
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I suspect this rush to settle the civil antitrust actions and the securities class action are the product of both an approaching deal with the government involving a plea of guilty to criminal price fixing, and also the approaching shareholders meeting.
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I think it's safe to say they won't serve more than 10 to 12 years,
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I think the SEC had to get aboard this ship. Otherwise, they would look like they are lagging behind the parade. They have been somewhat embarrassed by being behind everyone on the issue of accounting reform.
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This has worked out to benefit the NYSE, but totally by chance.
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Enron in its simplest form was a stark and vivid lesson that a company could comply with generally accepted accounting principles and totally deceive investors at the same time.
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One thing prosecutors can expect to get from Causey is testimony that he met with Ken Lay during that period and made him aware of how deep the plight was at Enron. By the time of Lay's return, Enron was almost like the Titanic after it hit the iceberg.
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It's Act 1, but I think it's been a very successful Act 1. Given what can go wrong in a trial, nothing has gone wrong so far.
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I would expect that both sides now are struggling to control the board. It may be that there are directors who were appointed by each side, but outside independent directors are not going to be loyal to someone if there is strong persuasive evidence that that person was involved in fraud.