Eventually the Securities and Exchange Commission ruled that this was a phony transaction, and forced the company to restate its 1989 earnings.
He did it in the mid-2000s, whexecutivesves at General Re, owned by Buffett's company, Berkshire Hathaway, were prosecuted for concocting a phony transaction with A.I.G.
But the division turns out to have had another role: to create phony energy transactions, inflating Enron's actual profits at the expense of the state of California.
Forbes: So if we have the centralized clearing, we'll avoid the suspicions of phony CDS transactions to put pressure on stocks, or make rating agencies think that, "Oh, maybe the bonds aren't what we thought they were," and start all of that?
"The evidence shows that, far from being a terrorist or large-scale drug trafficker, Mr. Abdelrahman is a hapless tribesman who got involved in a phony drug transaction that he did not understand, which was then disingenuously used by the Drug Enforcement Administration to make a political point," his lawyer wrote.
In a phony loan transaction, a lender introduces you to a refinancing loan document that claims to bring your neglected loan current.
That day, Mr. Brown provided damaging testimony against all the Rigases, describing a variety of accounting gimmicks, sham transactions and phony financial reports that helped Adelphia mask the eroding financial performance that led to its filing for bankruptcy protection in June 2002.
The company has a suite of software-related security solutions, including end-point and networking products and services that are focused on helping to ensure Internet-connected devices and networks are protected from malicious content, phony requests and unsecured transactions and communications.
Ruble, who is appealing, had been accused of writing letters blessing knowingly bogus tax shelters complicated transactions without economic substance that created massive phony losses used to offset massive taxable income.
