Editorial Page

Financial Crisis, You’re Still Young And In Control

July 17, 2020,

You are the master of your fate. Do you believe that?

Most people would say yes but when you examine their lives, our lives, so often we place our fate in the hands of others.

Often times with disastrous results.

Do we really have a choice not to?

In this online world, where else can we store our money, manage our credit cards, and perform banking and the like without the help of financial institutions who become the masters of our financial fate?

Knowing that and understanding the past makes it a risky proposition.

Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded in 1985 as a merger between Houston Natural Gas and InterNorth, both relatively small regional companies.

Before its bankruptcy on December 3, 2001, Enron employed approximately 29,000 staff and was a major electricity, natural gas, communications and pulp and paper company, with claimed revenues of nearly $101 billion during 2000.

Fortune named Enron “America’s Most Innovative Company” for six consecutive years.

At the end of 2001, it was revealed that Enron’s reported financial condition was sustained by institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal.

Enron has since become a well-known example of willful corporate fraud and corruption.

The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enactment of the Sarbanes–Oxley Act of 2002.

The real tragedy is that, according to the Los Angeles Times, 15,000 Enron employees have seen their retirement accounts decline right along with the company stock.

A movie was made about this unfortunate disaster.

fcielitecompetitor.com, fciwomenswrestling2.com femcompetitor.com articles, Magnolia Pictures

Enron: The Smartest Guys in the Room is a 2005 American documentary film based on the best-selling 2003 book of the same name by Fortune reporters Bethany McLean and Peter Elkind, a study of one of the largest business scandals in American history.

The film examines the 2001 collapse of the Enron Corporation, which resulted in criminal trials for several of the company’s top executives during the ensuing Enron scandal; it also shows the involvement of the Enron traders in the California electricity crisis.

The film features interviews with McLean and Elkind, as well as former Enron executives and employees, stock analysts, reporters and the former Governor of California Gray Davis.

The film won the Independent Spirit Award for Best Documentary Feature and Best Documentary Screenplay from the Writers Guild of America. It was also nominated for Best Documentary Feature at the 78th Academy Awards in 2006.

The world of film has chronicled another financial scandal.

The Wizard of Lies is a 2017 American television bio comedy film directed by Barry Levinson and written by Sam Levinson, Sam Baum, and John Burnham Schwartz, based on the non-fiction book of the same name by Diana B. Henriques.

The film stars Robert De Niro as businessman Bernard Madoff, Michelle Pfeiffer as his wife Ruth Madoff, and Alessandro Nivola as their older son Mark Madoff.

It aired on HBO on May 20, 2017.

Here is HBO’s presenting of storyline events, “In 2008, stockbroker, investment advisor and financier Bernie Madoff made headlines around the world when he was arrested for perpetrating perhaps the largest financial fraud in U.S. history.

Debuting in May, HBO Films’ The Wizard of Lies examines Bernie Madoff’s Ponzi scheme — his deception, lies and cover-up, all as the financier’s wife and sons are catapulted into a harsh and unrelenting spotlight.

fcielitecompetitor.com, fciwomenswrestling2.com femcompetitor.com articles, HBO-Films

Robert De Niro (Oscar winner for “Raging Bull” and “The Godfather II”) comes to HBO for the first time in the role of family patriarch Bernie Madoff. Also on HBO for the first time, Michelle Pfeiffer (Golden Globe winner for “The Fabulous Baker Boys”) stars as Ruth Madoff, Bernie’s longtime spouse and unwitting partner during the events that would lead to financial ruin for countless people and institutions, as well as his and his family’s destruction.”

It is an extremely sad tale that seems to play out over and over.

A Wizard is a man who has magical powers, especially in legends and fairy tales.

The most famous being the Wizard in the timeless classic, The Wizard of Oz.

Political interpretations of The Wonderful Wizard of Oz include treatments of the modern fairy tale (written by L. Frank Baum and first published in 1900) as an allegory or metaphor for the political, economic, and social events of America in the 1890s.

The political interpretations focus on the first three, and emphasize the close relationship between the visual images and the story line to the political interests of the day. Biographers report that Baum had been a political activist in the 1890s with a special interest in the money question of gold and silver, and the illustrator William Wallace Denslow was a full-time editorial cartoonist for a major daily newspaper. For the 1901 Broadway production Baum inserted explicit references to prominent political characters such as President Theodore Roosevelt.

What can we do to help protect ourselves from seemingly one financial crisis after another?

We came across a book on Amazon that we found interesting and you might too.

Escaping Oz: Protecting your wealth during the financial crisis Paperback – November 27, 2010

By Jim Mosquera

“The financial shocks to our economy left the public dazed and confused.

How could this have happened? Can’t the Federal Government and the Federal Reserve fix this? Who is responsible for this mess? What can I do to help myself and the country? The answers to these questions are revealed inside.

These answers are important not just for your family’s welfare but for the broader goal of our country’s future – both political and economic.

Politics and economics will become inseparable in the years ahead. It will simply be impossible to have meaningful dialogue on the weighty matter of our economic future without an understanding of how we got here.

Escaping Oz presents a very basic, fundamental description of our journey to these problems and what you can do to deal with the crisis. This is not a book about assigning blame or dealing in conspiracy theories. It is a very no-nonsense detailing of how we got here and what we should do to escape the financial quagmire. Those expecting a rescue from our “Wizards” will be placing their welfare in peril.”

We don’t need to be Wizards ourselves to help protect our money. In fact we certainly don’t desire to be since Wizardry is based upon illusions.

However, we all can be the masters of our fate when it comes to protecting and managing our money.

It is a skillset we hope to be exceptionally magical at.

~ ~ ~

OPENING PHOTO – fcielitecompetitor.com, fciwomenswrestling2.com femcompetitor.com articles, pexels.com Andrea-Piacquadio.

https://en.wikipedia.org/wiki/Enron

https://www.latimes.com/archives/la-xpm-2001-nov-28-me-9068-story.html

https://en.wikipedia.org/wiki/The_Wizard_of_Lies

https://www.hbo.com/movies/the-wizard-of-lies/synopsis

https://en.wikipedia.org/wiki/Enron:_The_Smartest_Guys_in_the_Room

https://www.amazon.com/Escaping-Oz-Protecting-wealth-financial/dp/1453891218

 

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