Boil Them in Oil
2002-05-29 02:19:59
Yesterday, Dynergy, a large energy company that is in many ways very similar to Enron, announced that it had inflated its revenue streams some 4.5 BILLION dollars through various trading shenanigans - mostly reverse trades.
Reserve trades occur when one company buys goods from another and then immediately trades them back. The two trades cancel each other out and no money or goods actually changes hands. Both companies' assets are exactly as they were prior to the first transaction, but each company gets to book the trade - so it appears that both companies have a MUCH higher trading volume then actually exists.
This is a completely disingenuous act and the intent is nothing less then to mislead and defraud the investors. And there is no doubt in my mind that the executives of the corporations that commit these acts should be hauled off to jail. But they aren't. They never are. The CEO of Dynergy resigned - probably with several hundred million dollars worth of ill-gotten booty in his bank account. And while the SEC might investigate, if history is any guide, it won't even bother filing charges in this case.
And that just sucks.
Here in California we have a "three strikes are you are out" law. On your third felony conviction you get life. So if you are some poor, deranged street bum with two strikes and you stumble drunk into some Stop and Rob liquor store and quaff a 40 without paying, you can be sentenced for shoplifting and spend the rest of your life in prison for drinking a can of malt liquor.
However, if you are some high flying corporate executive with a fleet of New York attorneys and a bank account filled with cash from all the stock options you managed to sell after jacking up the price with all your swindling trades before anyone else figured out how you cooked the books by some billion or so dollars, you get to buy a nice ranch, staffed with a troop of servants and escorts, and "ride the pine" during the next Republican sponsored round of fraud and get rich quick schemes. But that's ok... because that round will create a whole new batch of crooks with unpunished "crimes" that dwarf yours and make you look damn near innocent.
Quite frankly, I'm just fed up with all this corporate corruption and I want to start boiling some of these bastards in oil.
T O P S T O R I E S
The Future Ain't What It Used To Be
Ideas have taken horrifying shape and rooted into our modern reality. (More...)
The Once & Future King of Dust
Only The Onion could have acquired Infowarts. (More...)
Another Nobel Prize-Winning Author Describes Drunkenness
This book won a Pulitzer Prize. Here's its famous paragraph on getting drunk... (More...)
Why I'm pretty sure JD Vance had sex with a couch
True or false? The answers await us in that magical land where all truths are revealed -- the internet. (More...)
In 2010 Dr. Cheng-Huai Ruan discovered a way to cause a patient with an abnormal heartbeat to get back into a normal rhythm by sticking a finger up the patient's ass. (More...)
WKRP in Cincinnati aired from 1978 through 1982. Howard Hesseman played Dr. Johnny Fever, a DJ from Los Angeles who was fired from his previous job for saying the word "booger" on the air. In the show Hesseman would do some dialogue, introduce a song, and start the song. You'd hear a few notes, but never the whole song. (More...)
C L A S S I C P I G D O G
The Deep Dark Underbelly of the Star Wars Myth, or Ramayana Remembered
It's a fact: Star Wars is a blatant plagiarism of an ancient Asian legend, and the long lines of devout Star Wars freaks are really unscrupulous Asian copyright busters. From Indonesia to Thailand to Nepal, videos are available for sale or rent before they're even released in the US and UK due to this nerdy camcorder-clutching bunch. (More...)
The Ancient and Correct Sake Ceremony
Many Americans have learned to appreciate the delicate, sophisticated flavors of Japanese food and drink, along with the beautifully refined rituals of Japanese dining. San Francisco, as a gateway between East and West, has especially benefited from the flowering of Eastern consciousness in America. It is hardly possible to walk down the street without stepping on somebody's sushi. (More...)
The One I Feel Sorry For Is Joses
We've had a lot of Jesus coverage lately here at the PDJ. But let's face it, we're not exactly cutting-edge in this subject area. Jesus has been making headlines for, oh, I guess it's a couple thousand years now. Jesus is a very strong brand. Jesus has a lot of mindshare. (More...)
Three Days and 25 Spocktails: A Cautionary Tale
Johnnie Royale picked me up from the dental surgery. I felt warm, safe, cradled in the anathesia's loving embrace. The pharmacy downstairs gave me a bottle of Vicodin and a few instructions: take it with food, don't mix with alcohol, don't operate heavy machinery. I put it in my pocket and we left. "Do you want to go home, or do you want to go to a bar?" asked Johnnie. (More...)
Vacationing from Somnambulant Narrow Realities
So about six months ago, I was chilling in Chang Mai, Thailand with ICBINJ, perursing the Bangkok Times over my banana pancake and Big Chang breakfast when I spotted this article reprinted from the LA Times. It was about some kooks from California (where else?) who were claiming to have been to the front lines in Afgahnistan in mid-December and had recorded the whole feat on their website. "Holy Fuck!" I thought, "Now That's web journalism. Who are these guys!?" (More...)
There are two kinds of Assmen in this world. Wild, hairy assmen, who put stickers that say things like "Why Be Normal?" all over their trucks and drink Corona beer and wear fezzes at parties for attention; these are the Assman Desperados. Our job is to ferret them out and expose them. (More...)