ML-Implode News - Andy Fastow says US companies doing same thing as Enron, En Masse

He acknowledged that he was the primary cause of Enron's demise and apologized for all of the harm this caused. He said he knowingly engaged in numerous transactions that were designed to mislead investors by hiding debt in special purpose entities, etc. He also noted, however, that every single one of them was approved by Enron's board, auditors, etc. -- and, most alarmingly, gave numerous examples of many major companies today are doing similar things, just not (for most companies anyway) to the same degree.
His point -- an entirely correct one -- is that the world's largest company today is engaged in tax dodging behavior that, while perhaps technically legal, is clearly designed to increase profits and inflate the stock by misleading and confusing regulators (and perhaps investors) via a massively complex web of entities -- exactly what he did at Enron! And this is 100% routine, common behavior among most large US companies.

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Andy Fastow says US companies doing same thing as Enron, En Masse