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Enron logo, designed by Paul Rand
|Traded as||NYSE: ENE|
|Founded||Omaha, Nebraska, United States (1985)|
|Headquarters||1400 Smith Street
Houston, Texas, United States
|Key people||Kenneth Lay, Founder, Chairman and CEO
Jeffrey Skilling, former President, and COO
Andrew Fastow, former CFO
Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International
Stephen F. Cooper, Interim CEO and CRO
The Enron scandal, revealed in October 2001, eventually led to thebankruptcy of the Enron Corporation, an American energycompany based in Houston, Texas, and the de facto dissolution ofArthur Andersen, which was one of the five largest audit andaccountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron was attributed as the biggest audit failure.
Enron was formed in 1985 byKenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skillingwas hired, he developed a staff of executives that, by the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects. Chief Financial OfficerAndrew Fastow and other executives not only misled Enron’s board of directors and audit committee on high-risk accounting practices, but also pressured Andersen to ignore the issues.
Enron shareholders filed a $40 billion lawsuit after the company’s stock price, which achieved a high of US$90.75 per share in mid-2000, plummeted to less than $1 by the end of November 2001. The U.S. Securities and Exchange Commission (SEC) began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a very low price. The deal failed, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of theUnited States Bankruptcy Code. Enron’s $63.4 billion in assets made it the largest corporate bankruptcy in U.S. history untilWorldCom‘s bankruptcy the next year.
Many executives at Enron were indicted for a variety of charges and were later sentenced to prison. Enron’s auditor, Arthur Andersen, was found guilty in a United States District Court, but by the time the ruling was overturned at theU.S. Supreme Court, the company had lost the majority of its customers and had closed. Employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices. As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. One piece of legislation, theSarbanes-Oxley Act, increased penalties for destroying, altering, or fabricating records in federal investigations or for attempting to defraud shareholders. The act also increased the accountability of auditing firms to remain unbiased and independent of their clients.
- 1 Rise of Enron
- 2 Causes of downfall
- 2.1 Revenue recognition
- 2.2 Mark-to-market accounting
- 2.3 Special purpose entities
- 2.4 Corporate governance
- 2.5 Other accounting issues
- 3 Timeline of downfall
- 4 Trials
- 5 Aftermath
- 6 See also
- 7 Notes
- 8 References
- 9 Further reading
- 10 External links
Rise of Enron
In 1985, Kenneth Lay merged the natural gas pipeline companies of Houston Natural Gas and InterNorth to form Enron. In the early 1990s, he helped to initiate the selling of electricity at market prices and, soon after, the United States Congress approved legislationderegulating the sale of natural gas. The resulting markets made it possible for traders such as Enron to sell energy at higher prices, thereby significantly increasing its revenue. After producers and local governments decried the resultant price volatility and asked for increased regulation, strong lobbying on the part of Enron and others allowed for the proliferation of crony capitalism.
As Enron became the largest seller of natural gas in North America by 1992, its gas contracts trading earned earnings before interest and taxes of $122 million, the second largest contributor to the company’s net income. The November 1999 creation of the EnronOnline trading website allowed the company to better manage its contracts trading business.
In an attempt to achieve further growth, Enron pursued a diversification strategy. The company owned and operated a variety of assets including gas pipelines, electricity plants, pulp and paper plants, water plants, and broadband services across the globe. The corporation also gained additional revenue by trading contracts for the same array of products and services with which it was involved.
Enron’s stock increased from the start of the 1990s until year-end 1998 by 311% percent, only modestly higher than the average rate of growth in the Standard & Poor 500 index. However, the stock increased by 56% in 1999 and a further 87% in 2000, compared to a 20% increase and a 10% decrease for the index during the same years. By December 31, 2000, Enron’s stock was priced at $83.13 and its market capitalization exceeded $60 billion, 70 times earnings and six times book value, an indication of the stock market’s high expectations about its future prospects. In addition, Enron was rated the most innovative large company in America in Fortune’s Most Admired Companies survey.
Causes of downfall
Enron’s complex financial statements were confusing to shareholders and analysts. In addition, its complex business model and unethical practices required that the company use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.
The combination of these issues later resulted in the bankruptcy of the company, and the majority of them were perpetuated by the indirect knowledge or direct actions of Lay, Jeffrey Skilling, Andrew Fastow, and other executives. Lay served as the chairman of the company in its last few years, and approved of the actions of Skilling and Fastow although he did not always inquire about the details. Skilling constantly focused on meeting Wall Street expectations, advocated the use of mark-to-market accounting (accounting based on market value, which was then inflated) and pressured Enron executives to find new ways to hide its debt. Fastow and other executives “…created off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them.”
Enron and other energy suppliers earned profits by providing services such as wholesale trading and risk management in addition to building and maintaining electric power plants, natural gas pipelines, storage, and processing facilities. When accepting the risk of buying and selling products, merchants are allowed to report the selling price as revenues and the products’ costs ascost of goods sold. In contrast, an “agent” provides a service to the customer, but does not take the same risks as merchants for buying and selling. Service providers, when classified as agents, are able to report trading and brokerage fees as revenue, although not for the full value of the transaction.
Although trading companies such as Goldman Sachs and Merrill Lynch used the conventional “agent model” for reporting revenue (where only the trading or brokerage fee would be reported as revenue), Enron instead elected to report the entire value of each of its trades as revenue. This “merchant model” was considered much more aggressive in the accounting interpretation than the agent model. Enron’s method of reporting inflated trading revenue was later adopted by other companies in the energy trading industry in an attempt to stay competitive with the company’s large increase in revenue. Other energy companies such as Duke Energy, Reliant Energy, and Dynegy joined Enron in the wealthiest 50 of the Fortune 500 mainly due to their adoption of the same trading revenue accounting as Enron.
Between 1996 and 2000, Enron’s revenues increased by more than 750%, rising from $13.3 billion in 1996 to $100.8 billion in 2000. This extensive expansion of 65% per year was unprecedented in any industry, including the energy industry which typically considered growth of 2–3% per year to be respectable. For just the first nine months of 2001, Enron reported $138.7 billion in revenues, which placed the company at the sixth position on the Fortune Global 500.
In Enron’s natural gas business, the accounting had been fairly straightforward: in each time period, the company listed actual costs of supplying the gas and actual revenues received from selling it. However, when Skilling joined the company, he demanded that the trading business adopt mark-to-market accounting, citing that it would represent “… true economic value.” Enron became the first non-financial company to use the method to account for its complex long-term contracts. Mark-to-market accounting requires that once a long-term contract was signed, income is estimated as the present value of net future cash flow. Often, the viability of these contracts and their related costs were difficult to estimate. Due to the large discrepancies of attempting to match profits and cash, investors were typically given false or misleading reports. While using the method, income from projects could be recorded, although they might not have ever received the money, and in turn increasing financial earnings on the books. However, in future years, the profits could not be included, so new and additional income had to be included from more projects to develop additional growth to appease investors. As one Enron competitor stated, “If you accelerate your income, then you have to keep doing more and more deals to show the same or rising income.” Despite potential pitfalls, theU.S. Securities and Exchange Commission (SEC) approved the accounting method for Enron in its trading of natural gas futures contracts on January 30, 1992. However, Enron later expanded its use to other areas in the company to help it meet Wall Street projections.
For one contract, in July 2000, Enron and Blockbuster Video signed a 20-year agreement to introduce on-demand entertainment to various U.S. cities by year-end. After several pilot projects, Enron recognized estimated profits of more than $110 million from the deal, even though analysts questioned the technical viability and market demand of the service. When the network failed to work, Blockbuster withdrew from the contract. Enron continued to recognize future profits, even though the deal resulted in a loss.
Special purpose entities
Enron used special purpose entities—limited partnerships or companies created to fulfill a temporary or specific purpose—to fund or manage risks associated with specific assets. The company elected to disclose minimal details on its use of “special purpose entities”. These “shell firms” were created by a sponsor, but funded by independent equity investors and debt financing. For financial reporting purposes, a series of rules dictates whether a special purpose entity is a separate entity from the sponsor. In total, by 2001, Enron had used hundreds of special purpose entities to hide its debt. Enron used a number of special purpose entities, such as partnerships in its Thomas and Condor tax shelters,financial asset securitization investment trusts (FASITs) in the Apache deal, real estate mortgage investment conduits (REMICs) in the Steele deal, and REMICs and real estate investment trusts (REITs) in the Cochise deal.
The special purpose entities were used for more than just circumventing accounting conventions. As a result of one violation, Enron’s balance sheet understated its liabilities and overstated its equity, and its earnings were overstated. Enron disclosed to its shareholders that it had hedged downside risk in its own illiquid investments using special purpose entities. However, the investors were oblivious to the fact that the special purpose entities were actually using the company’s own stock and financial guarantees to finance these hedges. This prevented Enron from being protected from the downside risk. Notable examples of special purpose entities that Enron employed were JEDI, Chewco, Whitewing, and LJM.
JEDI and Chewco
In 1993, Enron established a joint venture in energy investments with CalPERS, the California state pension fund, called the Joint Energy Development Investments (JEDI). In 1997, Skilling, serving as Chief Operating Officer(COO), asked CalPERS to join Enron in a separate investment. CalPERS was interested in the idea, but only if it could be terminated as a partner in JEDI.However, Enron did not want to show any debt from assuming CalPERS’ stake in JEDI on its balance sheet. Chief Financial Officer (CFO) Fastow developed the special purpose entity Chewco Investments limited partnership (L.P.) which raised debt guaranteed by Enron and was used to acquire CalPERS’s joint venture stake for $383 million. Because of Fastow’s organization of Chewco, JEDI’s losses were kept off of Enron’s balance sheet.
In autumn 2001, CalPERS and Enron’s arrangement was discovered, which required the discontinuation of Enron’s prior accounting method for Chewco and JEDI. This disqualification revealed that Enron’s reported earnings from 1997 to mid-2001 would need to be reduced by $405 million and that the company’s indebtedness would increase by $628 million.
Whitewing was the name of a special purpose entity used as a financing method by Enron. In December 1997, with funding of $579 million provided by Enron and $500 million by an outside investor, Whitewing Associates L.P. was formed. Two years later, the entity’s arrangement was changed so that it would no longer be consolidated with Enron and be counted on the company’s balance sheet. Whitewing was used to purchase Enron assets, including stakes in power plants, pipelines, stocks, and other investments. Between 1999 and 2001, Whitewing bought assets from Enron worth $2 billion, using Enron stock ascollateral. Although the transactions were approved by the Enron board, the asset transfers were not true sales and should have been treated instead as loans.
LJM and Raptors
In 1999, Fastow formulated two limited partnerships: LJM Cayman. L.P. (LJM1) and LJM2 Co-Investment L.P. (LJM2), for the purpose of buying Enron’s poorly performing stocks and stakes to improve its financial statements. LJM 1 and 2 were created solely to serve as the outside equity investor needed for the special purpose entities that were being used by Enron. Fastow had to go before the board of directors to receive an exemption from Enron’s code of ethics (as he had the title of CFO) in order to manage the companies. The two partnerships were funded with around $390 million provided by Wachovia, J.P. Morgan Chase,Credit Suisse First Boston, Citigroup, and other investors. Merrill Lynch, which marketed the equity, also contributed $22 million to fund the entities.
Enron transferred to “Raptor I-IV”, four LJM-related special purpose entities named after the velociraptors in Jurassic Park, more than “$1.2 billion in assets, including millions of shares of Enron common stock and long term rights to purchase millions more shares, plus $150 million of Enron notes payable” as disclosed in the company’s financial statement footnotes. The special purpose entities had been used to pay for all of this using the entities’ debt instruments. The footnotes also declared that the instruments’ face amount totaled $1.5 billion, and the entities notional amount of $2.1 billion had been used to enter into derivative contracts with Enron.
Enron capitalized the Raptors, and, in a manner similar to the accounting employed when a company issues stock at a public offering, then booked the notes payable issued as assets on its balance sheet while increasing theshareholders’ equity for the same amount. This treatment later became an issue for Enron and its auditor Arthur Andersen as removing it from the balance sheet resulted in a $1.2 billion decrease in net shareholders’ equity.
Eventually the derivative contracts worth $2.1 billion lost significant value. Swapswere established at the time the stock price achieved its maximum. During the year ensuing the value of the portfolio under the swaps fell by $1.1 billion as the stock prices decreased (the loss of value meant that the special purpose entities technically now owed Enron $1.1 billion by the contracts). Enron, which used a “mark-to-market” accounting method, claimed a $500 million gain on the swap contracts in its 2000 annual report. The gain was responsible for offsetting its stock portfolio losses and was attributed to nearly a third of Enron’s earnings for 2000 (before it was properly restated in 2001).
Healy and Palepu write that a well-functioning capital market “creates appropriate linkages of information, incentives, and governance between managers and investors. This process is supposed to be carried out through a network of intermediaries that include assurance professionals such as external auditors; and internal governance agents such as corporate boards.” On paper, Enron had a model board of directors comprising predominantly of outsiders with significant ownership stakes and a talented audit committee. In its 2000 review of best corporate boards, Chief Executive included Enron among its five best boards. Even with its complex corporate governance and network of intermediaries, Enron was still able to “attract large sums of capital to fund a questionable business model, conceal its true performance through a series of accounting and financing maneuvers, and hype its stock to unsustainable levels.”
Although Enron’s compensation and performance management system was designed to retain and reward its most valuable employees, the system contributed to a dysfunctional corporate culture that became obsessed with short-term earnings to maximize bonuses. Employees constantly tried to start deals, often disregarding the quality of cash flow or profits, in order to get a better rating for their performance review. Additionally, accounting results were recorded as soon as possible to keep up with the company’s stock price. This practice helped ensure deal-makers and executives received large cash bonuses and stock options.
The company was constantly emphasizing its stock price. Management was compensated extensively using stock options, similar to other U.S. companies. This policy of stock option awards caused management to create expectations of rapid growth in efforts to give the appearance of reported earnings to meet Wall Street’s expectations. The stock ticker was located in lobbies, elevators, and on company computers. At budget meetings, Skilling would develop target earnings by asking “What earnings do you need to keep our stock price up?” and that number would be used, even if it was not feasible. At December 31, 2000, Enron had 96 million shares outstanding as stock option plans(approximately 13% of common shares outstanding). Enron’s proxy statement stated that, within three years, these awards were expected to be exercised.Using Enron’s January 2001 stock price of $83.13 and the directors’ beneficial ownership reported in the 2001 proxy, the value of director stock ownership was $659 million for Lay, and $174 million for Skilling.
Skilling believed that if employees were constantly worried about cost, it would hinder original thinking. As a result, extravagant spending was rampant throughout the company, especially among the executives. Employees had large expense accounts and many executives were paid sometimes twice as much as competitors. In 1998, the top 200 highest-paid employees received $193 million from salaries, bonuses, and stock. Two years later, the figure jumped to $1.4 billion.
Before its scandal, Enron was lauded for its sophisticated financial risk management tools. Risk management was crucial to Enron not only because of its regulatory environment, but also because of its business plan. Enron established long-term fixed commitments which needed to be hedged to prepare for the invariable fluctuation of future energy prices. Enron’s bankruptcy downfall was attributed to its reckless use of derivatives and special purpose entities. By hedging its risks with special purpose entities which it owned, Enron retained the risks associated with the transactions. This arrangement had Enron implementing hedges with itself.
Enron’s aggressive accounting practices were not hidden from the board of directors, as later learned by a Senate subcommittee. The board was informed of the rationale for using the Whitewing, LJM, and Raptor transactions, and after approving them, received status updates on the entities’ operations. Although not all of Enron’s widespread improper accounting practices were revealed to the board, the practices were dependent on board decisions. Even though Enron extensively relied on derivatives for its business, the company’s Finance Committee and board did not have enough experience with derivatives to understand what they were being told. The Senate subcommittee argued that had there been a detailed understanding of how the derivatives were organized, the board would have prevented their use.
Enron’s auditor firm, Arthur Andersen, was accused of applying reckless standards in its audits because of a conflict of interest over the significant consulting fees generated by Enron. During 2000, Arthur Andersen earned $25 million in audit fees and $27 million in consulting fees (this amount accounted for roughly 27% of the audit fees of public clients for Arthur Andersen’s Houstonoffice). The auditor’s methods were questioned as either being completed solely to receive its annual fees or for its lack of expertise in properly reviewing Enron’s revenue recognition, special entities, derivatives, and other accounting practices.
Enron hired numerous Certified Public Accountants (CPAs) as well as accountants who had worked on developing accounting rules with the Financial Accounting Standards Board (FASB). The accountants searched for new ways to save the company money, including capitalizing on loopholes found inGenerally Accepted Accounting Principles (GAAP), the accounting industry’s standards. One Enron accountant revealed “We tried to aggressively use the literature [GAAP] to our advantage. All the rules create all these opportunities. We got to where we did because we exploited that weakness.”
Andersen’s auditors were pressured by Enron’s management to defer recognizing the charges from the special purpose entities as its credit risksbecame known. Since the entities would never return a profit, accounting guidelines required that Enron should take a write-off, where the value of the entity was removed from the balance sheet at a loss. To pressure Andersen into meeting Enron’s earnings expectations, Enron would occasionally allow accounting companies Ernst & Young or PricewaterhouseCoopers to complete accounting tasks to create the illusion of hiring a new company to replace Andersen. Although Andersen was equipped with internal controls to protect against conflicted incentives of local partners, it failed to prevent conflict of interest. In one case, Andersen’s Houston office, which performed the Enron audit, was able to overrule any critical reviews of Enron’s accounting decisions by Andersen’s Chicago partner. In addition, after news of U.S. Securities and Exchange Commission (SEC) investigations of Enron were made public, Andersen would later shred several tons of relevant documents and delete nearly 30,000 e-mails and computer files, causing accusations of a cover-up.
Revelations concerning Andersen’s overall performance led to the break-up of the firm, and to the following assessment by the Powers Committee (appointed by Enron’s board to look into the firm’s accounting in October 2001): “The evidence available to us suggests that Andersen did not fulfill its professional responsibilities in connection with its audits of Enron’s financial statements, or its obligation to bring to the attention of Enron’s Board (or the Audit and Compliance Committee) concerns about Enron’s internal contracts over the related-party transactions”.
Corporate audit committees usually meet for just a few times during the year, and their members typically have only modest experience with accounting and finance. Enron’s audit committee had more expertise than many. It included:
- Robert Jaedicke of Stanford University, a widely respected accounting professor and former dean of Stanford Business School
- John Mendelsohn, President of the University of Texas M.D. Anderson Cancer Center
- Paulo Pereira, former president and CEO of the State Bank of Rio de Janeiro in Brazil
- John Wakeham, former United Kingdom Secretary for Energy
- Ronnie Chan, a Hong Kong businessman
- Wendy Gramm, former Chair of U.S. Commodity Futures Trading Commission
Enron’s audit committee was later criticized for its brief meetings that would cover large amounts of material. In one meeting on February 12, 2001, the committee met for an hour and a half. Enron’s audit committee did not have the technical knowledge to question the auditors properly on accounting issues related to the company’s special purpose entities. The committee was also unable to question the company’s management due to pressures on the committee. The United States Senate Permanent Subcommittee onInvestigations of the Committee on Governmental Affairs‘ report accused the board members of allowing conflicts of interest to impede their duties as monitoring the company’s accounting practices. When Enron’s scandal became public, the audit committee’s conflicts of interest were regarded with suspicion.
Ethical and political analyses
Commentators attributed the mismanagement behind Enron’s fall to a variety of ethical and political-economic causes. Ethical explanations centered on executive greed and hubris, a lack of corporate social responsibility, situation ethics, and get-it-done business pragmatism. Political-economic explanations cited post-1970s deregulation, and inadequate staff and funding for regulatory oversight. A more libertarian analysis maintained that Enron’s collapse resulted from the company’s reliance on political lobbying, rent-seeking, and the gaming of regulations.
Other accounting issues
Enron made a habit of booking costs of cancelled projects as assets, with the rationale that no official letter had stated that the project was cancelled. This method was known as “the snowball”, and although it was initially dictated that such practices be used only for projects worth less than $90 million, it was later increased to $200 million.
In 1998, when analysts were given a tour of the Enron Energy Services office, they were impressed with how the employees were working so vigorously. In reality, Skilling had moved other employees to the office from other departments (instructing them to pretend to work hard) to create the appearance that the division was larger than it was. This ruse was used several times to fool analysts about the progress of different areas of Enron to help improve the stock price.
Timeline of downfall
“At the beginning of 2001, the Enron Corporation, the world’s dominant energy trader, appeared unstoppable. The company’s decade-long effort to persuade lawmakers to deregulate electricity markets had succeeded from California to New York. Its ties to the Bush administration assured that its views would be heard in Washington. Its sales, profits and stock were soaring.”
In February 2001, Chief Accounting OfficerRick Causey told budget managers: “From an accounting standpoint, this will be our easiest year ever. We’ve got 2001 in the bag.” On March 5, Bethany McLean‘s Fortune article Is Enron Overpriced? questioned how Enron could maintain its high stock value, which was trading at 55 times its earnings. She argued that analysts and investors did not know exactly how Enron was earning its income. McLean was first drawn to the company’s situation after an analyst suggested she view the company’s 10-K report, where she found “strange transactions”, “erratic cash flow”, and “huge debt.” She telephoned Skilling to discuss her findings prior to publishing the article, but he called her “unethical” for not properly researching the company. Fastow cited two Fortune reporters that Enron could not reveal earnings details as the company had more than 1,200 trading books for assorted commodities and did “… not want anyone to know what’s on those books. We don’t want to tell anyone where we’re making money.”
In a conference call on April 17, 2001, then-Chief Executive Officer (CEO) Skilling verbally attacked Wall Street analyst Richard Grubman, who questioned Enron’s unusual accounting practice during a recorded conference call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling replied “Well, thank you very much, we appreciate that … asshole.” This became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling’s offensiveness, with slogans such as “Ask Why, Asshole”, a variation on Enron’s official slogan “Ask why”. However, Skilling’s comment was met with dismay and astonishment by press and public, as he had previously disdained criticism of Enron coolly or humorously.
By the late 1990s Enron’s stock was trading for $80–90 per share, and few seemed to concern themselves with the opacity of the company’s financial disclosures. In mid-July 2001, Enron reported revenues of $50.1 billion, almost triple year-to-date, and beating analysts’ estimates by 3 cents a share.Despite this, Enron’s profit margin had stayed at a modest average of about 2.1%, and its share price had decreased by more than 30% since the same quarter of 2000.
As time passed, a number of serious concerns confronted the company. Enron had recently faced several serious operational challenges, namely logistical difficulties in operating a new broadband communications trading unit, and the losses from constructing the Dabhol Power project, a large power plant in India. There was also increasing criticism of the company for the role that its subsidiary Enron Energy Services had in the California electricity crisis of 2000-2001.
“There are no accounting issues, no trading issues, no reserve issues, no previously unknown problem issues. I think I can honestly say that the company is probably in the strongest and best shape that it has probably ever been in.”
On August 14, Skilling announced he was resigning his position as CEO after only six months. Skilling had long served as president and COO before being promoted to CEO. Skilling cited personal reasons for leaving the company. Observers noted that in the months before his exit, Skilling had sold at minimum 450,000 shares of Enron at a value of around $33 million (though he still owned over a million shares at the date of his departure). Nevertheless, Lay, who was serving as chairman at Enron, assured surprised market watchers that there would be “no change in the performance or outlook of the company going forward” from Skilling’s departure. Lay announced he himself would re-assume the position of chief executive officer.
The next day, however, Skilling admitted that a very significant reason for his departure was Enron’s faltering price in the stock market. The columnist Paul Krugman, writing in The New York Times, asserted that Enron was an illustration of the consequences that occur from the deregulation and commodification of things such as energy. A few days later, in a letter to the editor, Kenneth Lay defended Enron and the philosophy of the company:
The broader goal of [Krugman’s] latest attack on Enron appears to be to discredit the free-market system, a system that entrusts people to make choices and enjoy the fruits of their labor, skill, intellect and heart. He would apparently rely on a system of monopolies controlled or sponsored by government to make choices for people. We disagree, finding ourselves less trusting of the integrity and good faith of such institutions and their leaders.
The example Mr. Krugman cites of “financialization” run amok (the electricity market in California) is the product of exactly his kind of system, with active government intervention at every step. Indeed, the only winners in the California fiasco were the government-owned utilities of Los Angeles, the Pacific Northwest and British Columbia. The disaster that squandered the wealth of California was born of regulation by the few, not by markets of the many.
On August 15, Sherron Watkins, vice president for corporate development, sent an anonymous letter to Lay warning him about the company’s accounting practices. One statement in the letter said “I am incredibly nervous that we will implode in a wave of accounting scandals.” Watkins contacted a friend who worked for Arthur Andersen and he drafted a memorandum to give to the audit partners about the points she raised. On August 22, Watkins met individually with Lay and gave him a six-page letter further explaining Enron’s accounting issues. Lay questioned her as to whether she had told anyone outside of the company and then vowed to have the company’s law firm, Vinson & Elkins, review the issues, although she argued that using the law firm would present a conflict of interest. Lay consulted with other executives, and although they wanted to dismiss Watkins (as Texas law did not protect companywhistleblowers), they decided against it to prevent a lawsuit. On October 15, Vinson & Elkins announced that Enron had done nothing wrong in its accounting practices as Andersen had approved each issue.
Investors’ confidence declines
Something is rotten with the state of Enron.
By the end of August 2001, his company’s stock value still falling, Lay named Greg Whalley, president and COO of Enron Wholesale Services and Mark Frevert, to positions in the chairman’s office. Some observers suggested that Enron’s investors were in significant need of reassurance, not only because the company’s business was difficult to understand (even “indecipherable”) but also because it was difficult to properly describe the company in financial statements. One analyst stated “it’s really hard for analysts to determine where [Enron] are making money in a given quarter and where they are losing money.” Lay accepted that Enron’s business was very complex, but asserted that analysts would “never get all the information they want” to satisfy their curiosity. He also explained that the complexity of the business was due largely to tax strategies and position-hedging. Lay’s efforts seemed to meet with limited success; by September 9, one prominent hedge fund manager noted that “[Enron] stock is trading under a cloud.” The sudden departure of Skilling combined with the opacity of Enron’s accounting books made proper assessment difficult for Wall Street. In addition, the company admitted to repeatedly using “related-party transactions,” which some feared could be too-easily used to transfer losses that might otherwise appear on Enron’s own balance sheet. A particularly troubling aspect of this technique was that several of the “related-party” entities had been or were being controlled by CFO Fastow.
After the September 11, 2001 attacks, media attention shifted away from the company and its troubles; a little less than a month later Enron announced its intention to begin the process of selling its lower-margin assets in favor of its core businesses of gas and electricity trading. This policy included sellingPortland General Electric to another Oregon utility, Northwest Natural Gas, for about $1.9 billion in cash and stock, and possibly selling its 65% stake in the Dabhol project in India.
Restructuring losses and SEC investigation
On October 16, 2001, Enron announced that restatements to its financial statements for years 1997 to 2000 were necessary to correct accounting violations. The restatements for the period reduced earnings by $613 million (or 23% of reported profits during the period), increased liabilities at the end of 2000 by $628 million (6% of reported liabilities and 5.5% of reported equity), and reduced equity at the end of 2000 by $1.2 billion (10% of reported equity).Additionally, in January Jeff Skilling had asserted that the broadband unit alone was worth $35 billion, a claim also mistrusted. An analyst at Standard & Poor’s said “I don’t think anyone knows what the broadband operation is worth.”
Enron’s management team claimed the losses were mostly due to investment losses, along with charges such as about $180 million in money spent restructuring the company’s troubled broadband trading unit. In a statement, Lay revealed, “After a thorough review of our businesses, we have decided to take these charges to clear away issues that have clouded the performance and earnings potential of our core energy businesses.” Some analysts were unnerved. David Fleischer at Goldman Sachs, an analyst termed previously ‘one of the company’s strongest supporters’ asserted that the Enron management “… lost credibility and have to reprove themselves. They need to convince investors these earnings are real, that the company is for real and that growth will be realized.”
Fastow disclosed to Enron’s board of directors on October 22 that he earned $30 million from compensation arrangements when managing the LJM limited partnerships. That day, the share price of Enron decreased to $20.65, down $5.40 in one day, after the announcement by the SEC that it was investigating several suspicious deals struck by Enron, characterizing them as “some of the most opaque transactions with insiders ever seen”. Attempting to explain the billion-dollar charge and calm investors, Enron’s disclosures spoke of “share settled costless collar arrangements,” “derivative instruments which eliminated the contingent nature of existing restricted forward contracts,” and strategies that served “to hedge certain merchant investments and other assets.” Such puzzling phraseology left many analysts feeling ignorant about just how Enron managed its business. Regarding the SEC investigation, chairman and CEO Lay said, “We will cooperate fully with the S.E.C. and look forward to the opportunity to put any concern about these transactions to rest.”
Two days later, on October 25, despite his reassurances days earlier, Lay dismissed Fastow from his position, citing “In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO.” However, with Skilling and Fastow now both departed, some analysts feared that revealing the company’s practices would be made all the more difficult. Enron’s stock was now trading at $16.41, having lost half its value in a little more than a week.
On October 27 the company began buying back all its commercial paper, valued at around $3.3 billion, in an effort to calm investor fears about Enron’s supply of cash. Enron financed the re-purchase by depleting its lines of credit at several banks. While the company’s debt rating was still considered investment-grade, its bonds were trading at levels slightly less, making future sales problematic.
As the month came to a close, serious concerns were being raised by some observers regarding Enron’s possible manipulation of accepted accounting rules; however, analysis was claimed to be impossible based on the incomplete information provided by Enron. Industry analysts feared that Enron was the new Long-Term Capital Management, the hedge fund whose bankruptcy in 1998 threatened systemic failure of the international financial markets. Enron’s tremendous presence worried some about the consequences of the company’s possible bankruptcy. Enron executives accepted questions in written form only.
Credit rating downgrade
The main short-term danger to Enron’s survival at the end of October 2001 seemed to be its credit rating. It was reported at the time that Moody’s andFitch, two of the three biggest credit-rating agencies, had slated Enron for review for possible downgrade. Such a downgrade would force Enron to issue millions of shares of stock to cover loans it had guaranteed, which would decrease the value of existing stock further. Additionally, all manner of companies began reviewing their existing contracts with Enron, especially in the long term, in the event that Enron’s rating were lowered below investment grade, a possible hindrance for future transactions.
Analysts and observers continued their complaints regarding the difficulty or impossibility of properly assessing a company whose financial statements were so mysterious. Some feared that no one at Enron apart from Skilling and Fastow could completely explain years of mysterious transactions. “You’re getting way over my head,” said Lay during late August 2001 in response to detailed questions about Enron’s business, a reaction that worried analysts.
On October 29, responding to growing concerns that Enron might have insufficient cash on hand, news spread that Enron was seeking a further $1–2 billion in financing from banks. The next day, as feared, Moody’s lowered Enron’s credit rating from Baa1 to Baa2, two levels above junk status. Standard & Poor’s also lowered Enron’s rating to BBB+, the equivalent of Moody’s rating. Moody’s also warned that it would downgrade Enron’s commercial paper rating, the consequence of which would likely prevent the company from finding the further financing it sought to keep solvent.
November began with the disclosure that the SEC was now pursuing a formal investigation, prompted by questions related to Enron’s dealings with “related parties”. Enron’s board also announced that it would commission a special committee to investigate the transactions, directed by William C. Powers, the dean of the University of Texas law school. The next day, an editorial in The New York Times demanded an “aggressive” investigation into the matter.Enron was able to secure an additional $1 billion in financing from cross-town rival Dynegy on November 2, but the news was not universally admired in that the debt was secured by assets from the company’s valuable Northern Natural Gas and Transwestern Pipeline.
Proposed buyout by Dynegy
Sources claimed that Enron was planning to explain its business practices more fully within the coming days, as a confidence-building gesture. Enron’s stock was now trading at around $7, as investors worried that the company would not be able to find a buyer.
After it received a wide spectrum of rejections, Enron management apparently found a buyer when the board of Dynegy, another energy trader based in Houston, voted late at night on November 7 to acquire Enron at a very low price of about $8 billion in stock. Chevron Texaco, which at the time owned about a quarter of Dynegy, agreed to provide Enron with $2.5 billion in cash, specifically $1 billion at first and the rest when the deal was completed. Dynegy would also be required to assume nearly $13 billion of debt, plus any other debt hitherto occluded by the Enron management’s secretive business practices,possibly as much as $10 billion in “hidden” debt. Dynegy and Enron confirmed their deal on November 8, 2001.
Commentators remarked on the different corporate cultures between Dynegy and Enron, and on the “straight-talking” personality of the CEO of Dynegy, Charles Watson. Some wondered if Enron’s troubles had not simply been the result of innocent accounting errors. By November, Enron was asserting that the billion-plus “one-time charges” disclosed in October should in reality have been $200 million, with the rest of the amount simply corrections of dormant accounting mistakes. Many feared other “mistakes” and restatements might yet be revealed.
Another major correction of Enron’s earnings was announced on November 9, with a reduction of $591 million of the stated revenue of years 1997–2000. The charges were said to come largely from two special purpose partnerships (JEDI and Chewco). The corrections resulted in the virtual elimination of profit for fiscal year 1997, with significant reductions for the other years. Despite this disclosure, Dynegy declared it still intended to purchase Enron. Both companies were said to be anxious to receive an official assessment of the proposed sale from Moody’s and S&P presumably to understand the effect the completion of any buyout transaction would have on Dynegy and Enron’s credit rating. In addition, concerns were raised regarding antitrust regulatory restrictions resulting in possible divestiture, along with what to some observers were the radically different corporate cultures of Enron and Dynegy.
Both companies promoted the deal aggressively, and some observers were hopeful; Watson was praised for attempting to create the largest company on the energy market. At the time, Watson said “We feel [Enron] is a very solid company with plenty of capacity to withstand whatever happens the next few months.” One analyst called the deal “a whopper […] a very good deal financially, certainly should be a good deal strategically, and provides some immediate balance-sheet backstop for Enron.”
Credit issues were becoming more critical, however. Around the time the buyout was made public, Moody’s and S&P both reduced Enron’s rating to just one notch above junk status. Were the company’s rating to fall below investment-grade, its ability to trade would be severely limited if there was a reduction or elimination of its credit lines with competitors. In a conference call, S&P affirmed that, were Enron not to be bought, S&P would reduce its rating to low BB or high B, ratings noted as being within junk status. Additionally, many traders had limited their involvement with Enron, or stopped doing business altogether, fearing more bad news. Watson again attempted to re-assure, attesting at a presentation to investors that there was “nothing wrong with Enron’s business”. He also acknowledged that remunerative steps (in the form of more stock options) would have to be taken to redress the animosity of many Enron employees for management after it was revealed that Lay and other officials had sold hundreds of millions of dollars’ worth of stock during the months prior to the crisis. The situation was not helped by the disclosure that Lay, his “reputation in tatters”, stood to receive a payment of $60 million as a change-of-control fee subsequent to the Dynegy acquisition, while many Enron employees had seen their retirement accounts, which were based largely on Enron stock, decimated as the price decreased 90% in a year. An official at a company owned by Enron stated “We had some married couples who both worked who lost as much as $800,000 or $900,000. It pretty much wiped out every employee’s savings plan.”
Watson assured investors that the true nature of Enron’s business had been made apparent to him: “We have comfort there is not another shoe to drop. If there is no shoe, this is a phenomenally good transaction.” Watson further asserted that Enron’s energy trading part alone was worth the price Dynegy was paying for the whole company.
By mid-November, Enron announced it was planning to sell about $8 billion worth of underperforming assets, along with a general plan to reduce its scale for the sake of financial stability. On November 19 Enron disclosed to the public further evidence of its critical state of affairs. Most pressingly that the company had debt repayment obligations in the range of $9 billion by the end of 2002. Such debts were “vastly in excess” of its available cash. Also, the success of measures to preserve its solvency were not guaranteed, specifically as regarded asset sales and debt refinancing. In a statement, Enron revealed “An adverse outcome with respect to any of these matters would likely have a material adverse impact on Enron’s ability to continue as a going concern.”
Two days later, on November 21, Wall Street expressed serious doubts that Dynegy would proceed with its deal at all, or would seek to radically renegotiate. Furthermore Enron revealed in a 10-Q filing that almost all the money it had recently borrowed for purposes including buying its commercial paper, or about $5 billion, had been exhausted in just 50 days. Analysts were unnerved at the revelation, especially since Dynegy was reported to have also been unaware of Enron’s rate of cash use. In order to end the proposed buyout, Dynegy would need to legally demonstrate a “material change” in the circumstances of the transaction; as late as November 22, sources close to Dynegy were skeptical that the latest revelations constituted sufficient grounds.
The SEC announced it had filed civil fraud complaints against Andersen. A few days later, sources claimed Enron and Dynegy were renegotiating the terms of their arrangement. Dynegy now demanded Enron agree to be bought for $4 billion rather than the previous $8 billion. Observers were reporting difficulties in ascertaining which of Enron’s operations, if any, were profitable. Reports described an en masse shift of business to Enron’s competitors for the sake of risk exposure reduction.
On November 28, 2001, Enron’s two worst-possible outcomes came true: Dynegy Inc. unilaterally disengaged from the proposed acquisition of the company, and Enron’s credit rating was reduced to junk status. Watson later said “At the end, you couldn’t give it [Enron] to me.” The company had very little cash with which to operate, let alone satisfy enormous debts. Its stock price fell to $0.61 at the end of the day’s trading. One editorial observer wrote that “Enron is now shorthand for the perfect financial storm.”
Systemic consequences were felt, as Enron’s creditors and other energy trading companies suffered the loss of several percentage points. Some analysts felt Enron’s failure indicated the risks of the post–September 11 economy, and encouraged traders to lock in profits where they could. The question now became how to determine the total exposure of the markets and other traders to Enron’s failure. Early calculations estimated $18.7 billion. One adviser stated, “We don’t really know who is out there exposed to Enron’s credit. I’m telling my clients to prepare for the worst.”
Enron was estimated to have about $23 billion in liabilities from both debt outstanding and guaranteed loans. Citigroup and JP Morgan Chase in particular appeared to have significant amounts to lose with Enron’s bankruptcy. Additionally, many of Enron’s major assets were pledged to lenders in order to secure loans, causing doubt about what if anything unsecured creditors and eventually stockholders might receive in bankruptcy proceedings.
Enron’s European operations filed for bankruptcy on November 30, 2001, and it sought Chapter 11 protection two days later on December 2. It was the largestbankruptcy in U.S. history (before being surpassed by WorldCom‘s bankruptcy the next year), and resulted in 4,000 lost jobs. The day that Enron filed for bankruptcy, the employees were told to pack their belongings and were given 30 minutes to vacate the building. Nearly 62% of 15,000 employees’ savings plans relied on Enron stock that was purchased at $83 in early 2001 and was now practically worthless.
In its accounting work for Enron, Andersen had been sloppy and weak. But that’s how Enron had always wanted it. In truth, even as they angrily pointed fingers, the two deserved each other.
On January 17, 2002 Enron dismissed Arthur Andersen as its auditor, citing its accounting advice and the destruction of documents. Andersen countered that it had already ended its relationship with the company when Enron became bankrupt.
Fastow and his wife, Lea, both pleaded guilty to charges against them. Fastow was initially charged with 98 counts of fraud, money laundering, insider trading, and conspiracy, among other crimes. Fastow pleaded guilty to two charges of conspiracy and was sentenced to ten years with no parole in a plea bargain to testify against Lay, Skilling, and Causey. Lea was indicted on six felony counts, but prosecutors later dismissed them in favor of a single misdemeanor tax charge. Lea was sentenced to one year for helping her husband hide income from the government.
Lay and Skilling went on trial for their part in the Enron scandal in January 2006. The 53-count, 65-page indictment covers a broad range of financial crimes, including bank fraud, making false statements to banks and auditors, securities fraud, wire fraud, money laundering, conspiracy, and insider trading. United States District Judge Sim Lake had previously denied motions by the defendants to have separate trials and to relocate the case out of Houston, where the defendants argued the negative publicity concerning Enron’s demise would make it impossible to get a fair trial. On May 25, 2006, the jury in the Lay and Skilling trial returned its verdicts. Skilling was convicted of 19 of 28 counts of securities fraud and wire fraud and acquitted on the remaining nine, including charges ofinsider trading. He was sentenced to 24 years and 4 months in prison.
Lay pleaded not guilty to the eleven criminal charges, and claimed that he was misled by those around him. He attributed the main cause for the company’s demise to Fastow. Lay was convicted of all six counts of securities and wire fraud for which he had been tried, and he was subject to a maximum total sentence of 45 years in prison. However, before sentencing was scheduled, Lay died on July 5, 2006. At the time of his death, the SEC had been seeking more than $90 million from Lay in addition to civil fines. The case of Lay’s wife, Linda, is a difficult one. She sold roughly 500,000 shares of Enron ten minutes to thirty minutes before the information that Enron was collapsing went public on November 28, 2001. Linda was never charged with any of the events related to Enron.
Although Michael Kopper worked at Enron for more than seven years, Lay did not know of Kopper even after the company’s bankruptcy. Kopper was able to keep his name anonymous in the entire affair. Kopper was the first Enron executive to plead guilty. Chief Accounting Officer Rick Causey was indicted with six felony charges for disguising Enron’s financial condition during his tenure. After pleading not guilty, he later switched to guilty and was sentenced to seven years in prison.
All told, sixteen people pleaded guilty for crimes committed at the company, and five others, including four former Merrill Lynch employees, were found guilty. Eight former Enron executives testified—the main witness being Fastow—against Lay and Skilling, his former bosses. Another was Kenneth Rice, the former chief of Enron Corp.’s high-speed Internet unit, who cooperated and whose testimony helped convict Skilling and Lay. In June 2007, he received a 27-month sentence.
Michael W. Krautz, a former Enron accountant, was among the accused who was acquitted of charges related to the scandal. Represented by Barry Pollack, Krautz was acquitted of federal criminal fraud charges after a month-long jury trial.
Arthur Andersen was charged with and found guilty of obstruction of justice for shredding the thousands of documents and deleting e-mails and company files that tied the firm to its audit of Enron. Although only a small number of Arthur Andersen’s employees were involved with the scandal, the firm was effectively put out of business; the SEC is not allowed to accept audits from convicted felons. The company surrendered its CPA license on August 31, 2002, and 85,000 employees lost their jobs. The conviction was lateroverturned by the U.S. Supreme Court due to the jury not being properly instructed on the charge against Andersen. The Supreme Court ruling theoretically left Andersen free to resume operations. However, the damage to the Andersen name has been so great that it has not returned as a viable business even on a limited scale.
Giles Darby, David Bermingham, and Gary Mulgrew worked for Greenwich NatWest. The three British men had worked with Fastow on a special purpose entity he had started called Swap Sub. When Fastow was being investigated by the SEC, the three men met with the British Financial Services Authority (FSA) in November 2001 to discuss their interactions with Fastow. In June 2002, the U.S. issued warrants for their arrest on seven counts of wire fraud, and they were then extradited. On July 12, a potential Enron witness scheduled to be extradited to the U.S., Neil Coulbeck, was found dead in a park in north-east London. The U.S. case alleged that Coulbeck and others conspired with Fastow. In a plea bargain in November 2007, the trio plead guilty to one count of wire fraud while the other six counts were dismissed. Darby, Bermingham, and Mulgrew were each sentenced to 37 months in prison. In August 2010, Bermingham and Mulgrew retracted their confessions.
Employees and shareholders
Enron’s shareholders lost $74 billion in the four years before the company’s bankruptcy ($40 to $45 billion was attributed to fraud). As Enron had nearly $67 billion that it owed creditors, employees and shareholders received limited, if any, assistance aside from severance from Enron. To pay its creditors, Enron held auctions to sell assets including art, photographs, logo signs, and its pipelines.
In May 2004, more than 20,000 of Enron’s former employees won a suit of $85 million for compensation of $2 billion that was lost from their pensions. From the settlement, the employees each received about $3,100. The next year, investors received another settlement from several banks of $4.2 billion. In September 2008, a $7.2-billion settlement from a $40-billion lawsuit, was reached on behalf of the shareholders. The settlement was distributed among the main plaintiff, University of California (UC), and 1.5 million individuals and groups. UC’s law firm Coughlin Stoia Geller Rudman and Robbins, received $688 million in fees, the highest in a U.S. securities fraud case. At the distribution, UC announced in a press release “We are extremely pleased to be returning these funds to the members of the class. Getting here has required a long, challenging effort, but the results for Enron investors are unprecedented.”
In the Titanic, the captain went down with the ship. And Enron looks to me like the captain first gave himself and his friends a bonus, then lowered himself and the top folks down the lifeboat and then hollered up and said, ‘By the way, everything is going to be just fine.’
Between December 2001 and April 2002, theSenate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services held multiple hearings about the Enron scandal and related accounting and investor protection issues. These hearings and the corporate scandals that followed Enron led to the passage of the Sarbanes-Oxley Act on July 30, 2002. The Act is nearly “a mirror image of Enron: the company’s perceived corporate governance failings are matched virtually point for point in the principal provisions of the Act.”
The main provisions of the Sarbanes-Oxley Act included the establishment of the Public Company Accounting Oversight Board to develop standards for the preparation of audit reports; the restriction of public accounting companies from providing any non-auditing services when auditing; provisions for the independence of audit committee members, executives being required to sign off on financial reports, and relinquishment of certain executives’ bonuses in case of financial restatements; and expanded financial disclosure of companies’ relationships with unconsolidated entities.
On February 13, 2002, due to the instances of corporate malfeasances and accounting violations, the SEC recommended changes of the stock exchanges’ regulations. In June 2002, the New York Stock Exchange announced a new governance proposal, which was approved by the SEC in November 2003. The main provisions of the final NYSE proposal include:
- All companies must have a majority of independent directors.
- Independent directors must comply with an elaborate definition of independent directors.
- The compensation committee, nominating committee, and audit committee shall consist of independent directors.
- All audit committee members should be financially literate. In addition, at least one member of the audit committee is required to have accounting or related financial management expertise.
- In addition to its regular sessions, the board should hold additional sessions without management.
- The Crooked E: The Unshredded Truth About Enron – television film about the rise and fall of Enron, based on Anatomy of Greed, a 2002 book by an ex-employee
- Enron: The Smartest Guys in the Room – 2005 documentary based on the 2003 The Smartest Guys in the Room (book) about the scandal
- ENRON – 2009 play by British playwright Lucy Prebble about the scandal
- Arthur Andersen LLP v. United States – conviction in United States District Court subsequently overturned by United States Supreme Court
- The Enron Corpus – a database of more than 600,000 emails between Enron executives, made public and used extensively in social networking research
- Jump up^ Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 61. Retrieved 2010-10-12.
- Jump up^ “Enron shareholders look to SEC for support in court” (WEB). New York Times (New York Times). May 2007. Retrieved 2013-05-96.
- ^ Jump up to:a b c Benston, George J. (November 6, 2003). “The Quality of Corporate Financial Statements and Their Auditors Before and After Enron” (PDF). Policy Analysis (Washington D.C.: Cato Institute) (497): 12. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Ayala, Astrid; Giancarlo Ibárgüen, Snr. (March 2006). “A Market Proposal for Auditing the Financial Statements of Public Companies” (PDF). Journal of Management of Value(Universidad Francisco Marroquín): 1. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Cohen, Daniel A.; Dey Aiyesha and Thomas Z. Lys (February 2005). Trends in Earnings Management and Informativeness of Earnings Announcements in the Pre- and Post-Sarbanes Oxley Periods. Evanston, Illinois: Kellogg School of Management. p. 5. Retrieved 2010-10-13.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 3. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Gerth, Jeff; Richard A. Oppel, Jr. (2001-11-10). “Regulators struggle with a marketplace created by Enron”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Banerjee, Neela (2001-11-09). “Surest steps, not the swiftest, are propelling Dynegy past Enron”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 7. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 5. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 1. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 6. Retrieved 2010-10-12.
- Jump up^ Mack, Toni (2002-10-14). “The Other Enron Story”. Forbes. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 9. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. pp. 132–133. ISBN 1-59184-008-2.
- Jump up^ Foss, Michelle Michot (September 2003). Enron and the Energy Market Revolution. University of Houston Law Center. p. 1. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Dharan, Bala G.; William R. Bufkins (July 2008). Red Flags in Enron’s Reporting of Revenues and Key Financial Measures. Social Science Research Network. pp. 101–103. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Dharan, Bala G.; William R. Bufkins (July 2008). Red Flags in Enron’s Reporting of Revenues and Key Financial Measures. Social Science Research Network. p. 102. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Dharan, Bala G.; William R. Bufkins (July 2008). Red Flags in Enron’s Reporting of Revenues and Key Financial Measures. Social Science Research Network. p. 105. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Dharan, Bala G.; William R. Bufkins (July 2008). Red Flags in Enron’s Reporting of Revenues and Key Financial Measures. Social Science Research Network. pp. 97–100. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. pp. 39–42. ISBN 1-59184-008-2.
- ^ Jump up to:a b Mack, Toni (1993-05-24). “Hidden Risks”(Registration required). Forbes. Retrieved 2010-10-16.
- ^ Jump up to:a b c Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 10. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 127.ISBN 1-59184-008-2.
- Jump up^ Hays, Kristen (2005-04-17). “Next Enron trial focuses on broadband unit”. USA Today. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c d e Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 11. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Niskanen, William A. (2007). After Enron: Lessons for Public Policy. Rowman & Littlefield. pp. 306–307. ISBN 978-0-7425-4434-5.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 67.ISBN 1-59184-008-2.
- Jump up^ Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 30. Retrieved 2010-10-12.
- ^ Jump up to:a b c Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 31. Retrieved 2010-10-12.
- Jump up^ McCullough, Robert (January 2002). Understanding Whitewing (PDF). Portland, Oregon: McCullough Research. p. 1. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Cornford, Andrew (June 2004). “Internationally Agreed Principles For Corporate Governance And The Enron Case” (PDF). G-24 Discussion Paper Series No. 30 (New York: United Nations Conference on Trade and Development): 18. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Lambert, Jeremiah D. (September 2006). Energy Companies and Market Reform. Tulsa: PennWell Corporation. p. 35. ISBN 1-59370-060-1.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 193 and 197. ISBN 1-59184-008-2.
- Jump up^ Levine, Greg (2006-03-07). “Fastow Tells Of Loss-Hiding Enron ‘Raptors'”. Forbes. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 33. Retrieved 2010-10-12.
- Jump up^ Hiltzik, Michael A. (2002-01-31). “Enron’s Web of Complex Hedges, Bets; Finances: Massive trading of derivatives may have clouded the firm’s books, experts say” (Fee required). Los Angeles Times. Retrieved 2010-10-16.
- Jump up^ Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 38. Retrieved 2010-10-12.
- Jump up^ Flood, Mary (2006-02-14). “Spotlight falls on Enron’s crash point”. Houston Chronicle. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Bratton, William W. (May 2002). “Does Corporate Law Protect the Interests of Shareholders and Other Stakeholders?: Enron and the Dark Side of Shareholder Value” (PDF). Tulane Law Review (New Orleans: Tulane University Law School) (1275): 39. Retrieved 2010-10-12.
- ^ Jump up to:a b Gillan, Stuart; John D. Martin (November 2002). Financial Engineering, Corporate Governance, and the Collapse of Enron. Alfred Lerner College of Business and Economics, The University of Delaware. p. 21. Retrieved 2010-10-16.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 4. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Dharan, Bala G.; William R. Bufkins (July 2008). Red Flags in Enron’s Reporting of Revenues and Key Financial Measures. Social Science Research Network. p. 112. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 187.ISBN 1-59184-008-2.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 13. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 119.ISBN 1-59184-008-2.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 401.ISBN 1-59184-008-2.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 241.ISBN 1-59184-008-2.
- Jump up^ Kim, W. Chan; Renée Mauborgne (1999-10-11). “New dynamics of strategy in the knowledge economy”. Financial Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Rosen, Robert (2003). “Risk Management and Corporate Governance: The Case of Enron”. Connecticut Law Review 35 (1157): 1171. Retrieved 2010-10-16.
- Jump up^ Gillan, Stuart; John D. Martin (November 2002). Financial Engineering, Corporate Governance, and the Collapse of Enron. Alfred Lerner College of Business and Economics, The University of Delaware. p. 17. Retrieved 2010-10-16.
- Jump up^ Rosen, Robert (2003). “Risk Management and Corporate Governance: The Case of Enron”. Connecticut Law Review 35 (1157): 1170. Retrieved 2010-10-16.
- Jump up^ Rosen, Robert (2003). “Risk Management and Corporate Governance: The Case of Enron”. Connecticut Law Review 35 (1157): 1175. Retrieved 2010-10-16.
- ^ Jump up to:a b Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 15. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 142.ISBN 1-59184-008-2.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 148.ISBN 1-59184-008-2.
- Jump up^ Enron: The Smartest Guys in the Room (DVD). Magnolia Pictures. January 17, 2006. Event occurs at 1:32:33.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 383.ISBN 1-59184-008-2.
- Jump up^ Cornford, Andrew (June 2004). “Internationally Agreed Principles For Corporate Governance And The Enron Case” (PDF). G-24 Discussion Paper Series No. 30 (New York: United Nations Conference on Trade and Development): 30. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Lublin, Joann S. (2002-02-01). “Enron Audit Panel Is Scrutinized For Its Cozy Ties With the Firm”.The Wall Street Journal. Retrieved 2009-08-09.
- Jump up^ Healy, Paul M.; Krishna G. Palepu (Spring 2003). “The Fall of Enron” (PDF). Journal of Economic Perspectives 17 (2): 14. doi:10.1257/089533003765888403. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Deakin, Simon; Suzanne J. Konzelmann (September 2003). “Learning from Enron” (PDF). ESRC Centre for Business Research (University of Cambridge) (Working Paper No 274): 9. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Kristen Hayes, “Executives’ greed big factor in Enron crash, probe shows,”The Seattle Times, August 23, 2002.
- Jump up^ Bethany McLean, “Why Enron Went Bust: Start with Arrogance,” Fortune, December 24, 2001.
- Jump up^ Duane Windsor, “Business Ethics at ‘The Crooked E’” in Enron: Corporate Fiascos and Legal Implications, ed. Nanacy Rapoport and Bala Dharan, 659—87. New York: Foundation Press, 2004.
- Jump up^ Alan Charles Raul, “In Era of Broken Rules, Society Breaks,” Los Angeles Times, October 11, 2002
- Jump up^ “Enron: Whatever happened to risk management?” Personnel Today, March 19, 2002.
- Jump up^ David Leonhardt, “How Will Washington Read the Signs?” The New York Times, February 10, 2002.
- Jump up^ Staff of the Committee on Governmental Affairs, United States Senate,“Financial Oversight of Enron: The SEC and the Private-Sector Watchdogs,”October 7, 2002.
- Jump up^ Robert L. Bradley Jr., “Enron: The Perils of Interventionism“, Library of Economics and Liberty
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 77.ISBN 1-59184-008-2.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. pp. 179–180. ISBN 1-59184-008-2.
- ^ Jump up to:a b c d e f Berenson, Alex; Richard A. Oppel, Jr. (2001-10-28). “Once-Mighty Enron Strains Under Scrutiny”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 299.ISBN 1-59184-008-2.
- ^ Jump up to:a b McLean, Bethany (2001-03-05). “Is Enron Overpriced?”. Fortune (CNNMoney.com). Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Kurtz, Howard (2002-01-18). “The Enron Story That Waited To Be Told”. The Washington Post. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Barringer, Felciity (2002-01-28). “10 Months Ago, Questions on Enron Came and Went With Little Notice”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Pasha, Shaheen (2006-04-10). “Skilling comes out swinging”. CNNMoney.com. Archived from the originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Tolson, Mike; Katherine Feser (2004-06-20). “Jeff Skilling’s spectacular career”. Houston Chronicle. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Niles, Sam (2009-07-10). “In Pictures: 10 All-Time Great CEO Outbursts: Jeffrey Skilling”. Forbes. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Norris, Floyd (2001-07-13). “Enron Net Rose 40% in Quarter”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 347.ISBN 1-59184-008-2.
- ^ Jump up to:a b c Oppel, Richard A., Jr.; Alex Berenson (2001-08-15). “Enron’s Chief Executive Quits After Only 6 Months in Job”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Krugman, Paul (2001-08-17). “Enron Goes Overboard”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Lay, Ken (2001-08-22). “Defending Free Markets”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Foley, Stephen (2006-03-16). “Enron whistleblower tells court of Lay lies”. The Independent. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 357.ISBN 1-59184-008-2.
- Jump up^ Zellner, Wendy; Stephanie Forest Anderson and Laura Cohn (2002-01-28).“A Hero—and a Smoking-Gun Letter”.BusinessWeek. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 358.ISBN 1-59184-008-2.
- Jump up^ Duffy, Michael (2002-01-19). “By the Sign of the Crooked E”. Time. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c d Berenson, Alex (2001-09-09). “A self-inflicted wound aggravates angst over Enron”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c Oppel, Richard A., Jr. (2001-08-29). “Two are promoted as Enron seeks executive stability”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Sorkin, Andrew Ross (2001-10-06). “Enron Reaches a Deal to Sell Oregon Utility for $1.9 Billion”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c d Gilpin, Kenneth N. (2001-10-17). “Enron Reports $1 Billion In Charges And a Loss”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-10-24). “Enron Tries To Dismiss Finance Doubts”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c Norris, Floyd (2001-10-23). “Where Did The Value Go At Enron?”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c Norris, Floyd (2001-10-25). “Enron Ousts Finance Chief As S.E.C. Looks at Dealings”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-10-27). “Enron Taps All Its Credit Lines To Buy Back $3.3 Billion of Debt”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-10-28). “Plumbing Mystery Of Deals By Enron”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr. (2001-10-29). “Enron Seeks Additional Financing”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Enron Credit Rating Is Cut, And Its Share Price Suffers”. The New York Times. 2001-10-30. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Berenson, Alex (2001-11-01). “S.E.C. Opens Investigation Into Enron”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “The Rise and Fall of Enron”. The New York Times. 2001-11-01. Archived from the originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr. (2001-11-02). “Enron’s Shares Fall and Debt Rating Is Cut”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr.; Andrew Ross Sorkin (2001-11-07). “Enron Looks for Investors, But Finds Them Skittish”.The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Oppel, Richard A., Jr.; Andrew Ross Sorkin (2001-11-08). “Dynegy Is Said to Be Near to Acquiring Enron for $8 Billion”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Berenson, Alex; Andrew Ross Sorkin (2001-11-10). “Rival to Buy Enron, Top Energy Trader, After Financial Fall”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-11-09). “Does Enron Trust Its New Numbers? It Doesn’t Act Like It”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Oppel, Richard A., Jr.; Andrew Ross Sorkin (2001-11-09). “Enron Admits to Overstating Profits by About $600 Million”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c d Berenson, Alex; Richard A. Oppel, Jr. (2001-11-12). “Dynegy’s Rushed Gamble on Enron Carries Some Big Risks”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b c Berenson, Alex (2001-11-13). “Suitor for Enron Receives Approval From Wall St.”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Norris, Floyd (2001-11-13). “Gas Pipeline Is Prominent as Dynegy Seeks Enron”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr.; Floyd Norris (2001-11-14). “Enron Chief Will Give Up Severance”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr. (2001-11-22). “Employees’ Retirement Plan Is a Victim as Enron Tumbles”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-11-16). “Did Ken Lay Understand What Was Happening at Enron?”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr. (2001-11-15). “Enron Will Sell Some Assets In Hope of Raising Billions”. The New York Times. Retrieved 2010-10-17.
- ^ Jump up to:a b Oppel, Richard A., Jr.; Floyd Norris (2001-11-20). “In New Filing, Enron Reports Debt Squeeze”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Oppel, Richard A., Jr. (2001-11-21). “Enron’s Growing Financial Crisis Raises Doubts About Merger Deal”.The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Sorkin, Andrew Ross; Riva D. Atlas (2001-11-22). “Circling the Wagons Around Enron; Risks Too Great To Let Trader Just Die”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Norris, Floyd (2001-11-23). “From Sunbeam to Enron, Andersen’s Reputation Suffers”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Oppel, Richard A., Jr. (2001-11-28). “Trying to Restore Confidence in Enron to Salvage a Merger”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 403.ISBN 1-59184-008-2.
- Jump up^ “An Implosion on Wall Street”. The New York Times. 2001-11-29. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Investors Pull Back as Enron Drags Down Key Indexes”. The New York Times. Reuters. 2001-11-29. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Henriques, Diana B. (2001-11-29). “Market That Deals in Risks Faces a Novel One”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Glater, Jonathan D. (2001-11-29). “A Bankruptcy Filing Might Be the Best Remaining Choice”. The New York Times. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Pasha, Shaheen; Jessica Seid (2006-05-25). “Lay and Skilling’s Day of Reckoning”. CNNMoney.com. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Enron: The Smartest Guys in the Room (DVD). Magnolia Pictures. January 17, 2006. Event occurs at 1:38:02.
- Jump up^ Ayala, Astrid; Giancarlo Ibárgüen, Snr. (March 2006). “A Market Proposal for Auditing the Financial Statements of Public Companies” (PDF). Journal of Management of Value(Universidad Francisco Marroquín): 51. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 393.ISBN 1-59184-008-2.
- Jump up^ DeVogue, Ariane; Peter Dizikes and Linda Douglass (2002-01-18). “Enron Fires Arthur Andersen”. ABC News. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Key Witnesses in the Enron Trial”(Fee required). The Wall Street Journal. Associated Press. 2006-01-27. Archived from the originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Said, Carolyn (2004-07-09). “Ex-Enron chief Ken Lay Enters Not Guilty Plea”. San Francisco Chronicle. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Hays, Kristen (2004-05-06). “Fastow’s Wife Pleads Guilty in Enron Case”. USA Today. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Johnson, Carrie (2006-10-24). “Skilling Gets 24 Years for Fraud at Enron”. Washington Post. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Leung, Rebecca (2005-03-14). “Enron’s Ken Lay: I Was Fooled”. 60 Minutes (CBS News). Archived from the originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Hays, Kristen (2006-05-26). “Lay, Skilling Convicted in Enron Collapse”. The Washington Post. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Eichenwald, Kurt (2004-11-17). “Enron Inquiry Turns to Sales By Lay’s Wife”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Johnson, Carrie (2006-06-10). “A Woman Of Conviction”. The Washington Post. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McLean, Bethany; Peter Elkind. The Smartest Guys in the Room. p. 153.ISBN 1-59184-008-2.
- Jump up^ “Ex-Enron executive pleads guilty”. London: guardian.co.uk. 2002-08-21. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Ackman, Dan (2004-01-23). “Causey May Put GAAP On Trial”. Forbes. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ McCoy, Kevin (2005-12-28). “Former Enron executive pleads guilty”. USA Today. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Porretto, John (2007-06-18). “Ex-Enron broadband head sentenced”. USA Today. Archived from the originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Murphy, Kate. “One Guilty and One Acquitted in Enron Broadband Trial”. The New York Times.
- Jump up^ Ellison, Cara. “Michael Krautz: Sexy Accountant”. The Enron Blog.
- Jump up^ Thomas, Cathy Booth (2002-06-18). “Called to Account”. Time. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Rosenwald, Michael S. (2007-11-10). “Extreme (Executive) Makeover”. The Washington Post. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Alexander, Delroy; Greg Burns, Robert Manor, Flynn McRoberts, and E.A. Torriero (2002-11-01). “The Fall of Andersen”. Hartford Courant. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Supreme Court Overturns Arthur Andersen Conviction”. Fox News. Associated Press. 2005-05-31. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Hays, Kristen (2007-11-27). “Source: British bankers to plead guilty in Enron case”. Houston Chronicle. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Enron Witness Found Dead in Park”. BBC News. 2006-07-12. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Q&A: The NatWest Three”. BBC News. 2007-11-29. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Clark, Andrew (2007-11-28). “NatWest Three Plead Guilty to Wire Fraud”. London: guardian.co.uk. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Murphy, Kate (2008-02-22). “‘NatWest 3’ sentenced to 37 months each”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Tyler, Richard (2010-08-15). “NatWest banker claims he was ‘tortured’ into pleading guilty over theft of $7.3m from RBS”. Daily Telegraph. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Bankrupt Enron’s HQ sold for $55m”. BBC News. 2003-12-03. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- ^ Jump up to:a b Axtman, Kris (2005-06-20). “How Enron awards do, or don’t, trickle down”. The Christian Science Monitor. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Enron’s Plan Would Repay A Fraction of Dollars Owed”. The New York Times. 2003-07-12. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Vogel, Carol (2003-04-16). “Enron’s Art to Be Auctioned Off”. The New York Times. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Enron’s ‘Tilted-E’ Sign Goes for $44,000 at Auction”. USA Today. Associated Press. 2002-09-25. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ “Enron Gets Go Ahead to Sell Pipes”. BBC News. 2004-09-10. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Doran, James (2004-05-14). “Enron Staff win $85m”. The Times (London). Archived fromthe originalon 2010-10-17. Retrieved 2010-10-17.
- Jump up^ DeBare, Ilana (2008-09-10). “Billions to be shared by Enron shareholders”. San Francisco Chronicle. Archived from the original on 2010-10-17. Retrieved 20§§§§±10-10-17.
- Jump up^ Davis, Trey (2008-12-18). “UC begins distributing Enron settlement money”. University of California. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Enron: The Smartest Guys in the Room (DVD). Magnolia Pictures. January 17, 2006. Event occurs at 6:06.
- ^ Jump up to:a b c Chhaochharia, Vidhi; Yaniv Grinstein (March 2007). “Corporate Governance and Firm Value: the Impact of the 2002 Governance Rules” (PDF). Johnson School Research Paper Series No. 23-06 (Johnson School of Management): 7–9. Archived fromthe original on 2010-10-17. Retrieved 2010-10-17.
- Jump up^ Deakin, Simon; Suzanne J. Konzelmann (September 2003). “Learning from Enron” (PDF). ESRC Centre for Business Research (University of Cambridge) (Working Paper No 274): 1. Archived from the original on 2010-10-17. Retrieved 2010-10-17.
- McLean, Bethany; Peter Elkind (2003). The Smartest Guys in the Room. New York: Portfolio Trade. ISBN 1-59184-008-2.
- Dharan, Bala G.; William R. Bufkins (2004). Enron: Corporate Fiascos and Their Implications (PDF). Foundation Press. ISBN 1-58778-578-1.
- Bryce, Robert (December 17, 2008). Pipe Dreams: Greed, Ego, and the Death of Enron. PublicAffairs. ISBN 1-58648-201-7.
- Collins, Denis (May 24, 2006). Behaving Badly: Ethical Lessons from Enron. Dog Ear Publishing, LLC. ISBN 1-59858-160-0.
- Cruver, Brian (September 1, 2003). Anatomy of Greed: Telling the Unshredded Truth from Inside Enron. Basic Books. ISBN 0-7867-1205-8.
- Eichenwald, Kurt (December 27, 2005). Conspiracy of Fools: A True Story. Broadway Books. ISBN 0-7679-1179-2.
- Fox, Loren (December 22, 2003). Enron: The Rise and Fall. John Wiley & Sons. ISBN 0-471-47888-1.
- Fusaro, Peter C.; Ross M. Miller (June 21, 2002). What Went Wrong at Enron: Everyone’s Guide to the Largest Bankruptcy in U.S. History. John Wiley & Sons. ISBN 0-471-26574-8.
- Salter, Malcolm S. (June 30, 2008). Innovation Corrupted: The Origins and Legacy of Enron’s Collapse. Harvard University Press. ISBN 0-674-02825-2.
- Swartz, Mary; Sherron Watkins (March 9, 2004). Power Failure: The Inside Story of the Collapse of Enron. Broadway Business. ISBN 0-7679-1368-X.
- Toffler, Barbara Ley; Jennifer Reingold (April 13, 2004). Final Accounting: Ambition, Greed and the Fall of Arthur Andersen. Broadway Business.ISBN 0-7679-1383-3.
A Bitcoin is like a Dutch Tulip
RT Analysis of the secret TPP Negotiations
The Federalist Papers are a series of 85 articles and essays written by Alexander Hamilton, James Madison, and John Jay promoting the ratification of the United States Constitution. Seventy-seven were published serially in The Independent Journal and The New York Packet between October of 1787 and August 1788. A compilation of these and eight others, called The Federalist; or, The New Constitution, was published in two volumes in 1788 by J. and A. McLean. The series’ correct title is The Federalist; the title The Federalist Papers did not emerge until the twentieth century.
Though the authors of The Federalist Papers foremost wished to influence the vote in favor of ratifying the Constitution, in Federalist No 1 they explicitly set that debate in broader political terms:
It has been frequently remarked, that it seems to have been reserved to the people of this country, by their conduct and example, to decide the important question, whether societies of men are really capable or not, of establishing good government from reflection and choice, or whether they are forever destined to depend, for their political constitutions, on accident and force.
According to historian Richard B. Morris, they are an “incomparable exposition of the Constitution, a classic in political science unsurpassed in both breadth and depth by the product of any later American writer.”
At the time of publication the authorship of the articles was a closely guarded secret, though astute observers discerned the identities of Hamilton, Madison, and Jay. Following Hamilton’s death in 1804, a list that he had drafted claiming fully two-thirds of the papers for himself became public, including some that seemed more likely the work of Madison (No. 49-58, 62, and 63). The scholarly detective work of Douglass Adair in 1944 postulated the following assignments of authorship, corroborated in 1964 by a computer analysis of the text:
- Alexander Hamilton (51 articles: No. 1, 6–9, 11–13, 15–17, 21–36, 59–61, and 65–85)
- James Madison (26 articles: No. 10, 14, 37–58 and 62–63)
- John Jay (5 articles: No. 2–5 and 64).
- No. 18–20 were the result of a collaboration between Madison and Hamilton.
The authors used the pseudonym “Publius”, in honor of Roman consul Publius Valerius Publicola. While some historians credit Thomas Jefferson‘s influence, it is Madison who often now receives greater acknowledgement as the father of the Constitution—despite his repeated rejection of this honor during his lifetime. Madison became a leading member of the U.S. House of Representatives from Virginia (1789–1797), Secretary of State (1801–1809), and ultimately the fourth President of the United States. Hamilton, who had been a leading advocate of national constitutional reform throughout the 1780s and represented New York at the Constitutional Convention, in 1789 became the first Secretary of the Treasury, a post he held until his resignation in 1795. John Jay, who had been secretary for foreign affairs under the Articles of Confederationfrom 1784 through their expiration in 1789, became the first Chief Justice of the United States in 1789, stepping down in 1795 to accept election as governor of New York, a post he held for two terms, retiring in 1801.
There are many highlights among the essays of The Federalist. Federalist No. 10, in which Madison discusses the means of preventing rule by majority faction and advocates a large, commercial republic, is generally regarded as the most important of the 85 articles from a philosophical perspective; it is complemented by Federalist No. 14, in which Madison takes the measure of the United States, declares it appropriate for an extended republic, and concludes with a memorable defense of the constitutional and political creativity of the Federal Convention. In Federalist No. 84, Hamilton makes the case that there is no need to amend the Constitution by adding a Bill of Rights, insisting that the various provisions in the proposed Constitution protecting liberty amount to a “bill of rights”. Federalist No. 78, also written by Hamilton, lays the groundwork for the doctrine of judicial review by federal courts of federal legislation or executive acts. Federalist No. 70 presents Hamilton’s case for a one-man chief executive. In Federalist No. 39, Madison presents the clearest exposition of what has come to be called “Federalism“. In Federalist No. 51, Madison distills arguments for checks and balances in an essay oft quoted for its justification of government as “the greatest of all reflections on human nature.”
- 1 History
- 2 Structure and content
- 3 Modern approaches and interpretations
- 4 Complete list
- 5 See also
- 6 Notes
- 7 References
- 8 Further reading
- 9 External links
The Federal Convention sent the proposed Constitution to the Confederation Congress, which in turn submitted it to the states for ratification at the end of September 1787. On 27 September 1787, “Cato” first appeared in the New York press criticising the proposition, “Brutus” followed on 18 October 1787. These and other articles and public letters critical of the new Constitution would eventually become known as the “Anti-Federalist Papers“. In response, Hamilton decided to launch a measured defense and extensive explanation of the proposed Constitution to the people of the state of New York. He wrote in Federalist No. 1 that the series would “endeavor to give a satisfactory answer to all the objections which shall have made their appearance, that may seem to have any claim to your attention.”
Hamilton recruited collaborators for the project. He enlisted John Jay, who after four strong essays (Federalist Nos. 2, 3, 4, and 5), fell ill and contributed only one more essay, Federalist No. 64, to the series. He also distilled his case into a pamphlet in the spring of 1788, An Address to the People of the State of New-York; Hamilton cited it approvingly in Federalist No. 85. James Madison, present in New York as a Virginia delegate to the Confederation Congress, was recruited by Hamilton and Jay, and became Hamilton’s major collaborator. Gouverneur Morris and William Duer were also apparently considered; Morris turned down the invitation, and Hamilton rejected three essays written by Duer. Duer later wrote in support of the three Federalist authors under the name “Philo-Publius”, or “Friend of Publius”.
Hamilton chose “Publius” as the pseudonym under which the series would be written. While many other pieces representing both sides of the constitutional debate were written under Roman names, Albert Furtwangler contends that “‘Publius’ was a cut above ‘Caesar‘ or ‘Brutus‘ or even ‘Cato.’ Publius Valerius was not a late defender of the republic but one of its founders. His more famous name, Publicola, meant ‘friend of the people.'” It was not the first time Hamilton had used this pseudonym: in 1778, he had applied it to three letters attacking fellow FederalistSamuel Chase. Chase’s patriotism was questioned when Hamilton revealed that Chase had taken advantage of knowledge gained in Congress to try to dominate the flour market.
The Federalist Papers appeared in three New York newspapers: the Independent Journal, the New-York Packet, and the Daily Advertiser, beginning on October 27, 1787. Between them, Hamilton, Madison and Jay kept up a rapid pace, with at times three or four new essays by Publius appearing in the papers in a week. Garry Wills observes that the pace of production “overwhelmed” any possible response: “Who, given ample time could have answered such a battery of arguments? And no time was given.” Hamilton also encouraged the reprinting of the essay in newspapers outside New York state, and indeed they were published in several other states where the ratification debate was taking place. However, they were only irregularly published outside New York, and in other parts of the country they were often overshadowed by local writers.
The high demand for the essays led to their publication in a more permanent form. On January 1, 1788, the New York publishing firm J. & A. McLean announced that they would publish the first thirty-six essays as a bound volume; that volume was released on March 2 and was titled The Federalist. New essays continued to appear in the newspapers; Federalist No. 77 was the last number to appear first in that form, on April 2. A second bound volume containing the last forty-nine essays was released on May 28. The remaining eight papers were later published in the newspapers as well.
A number of later publications are worth noting. A 1792 French edition ended the collective anonymity of Publius, announcing that the work had been written by “MM Hamilton, Maddisson E Gay”, citizens of the State of New York. In 1802, George Hopkins published an American edition that similarly named the authors. Hopkins wished as well that “the name of the writer should be prefixed to each number,” but at this point Hamilton insisted that this was not to be, and the division of the essays among the three authors remained a secret.
The first publication to divide the papers in such a way was an 1810 edition that used a list left by Hamilton to associate the authors with their numbers; this edition appeared as two volumes of the compiled “Works of Hamilton”. In 1818, Jacob Gideon published a new edition with a new listing of authors, based on a list provided by Madison. The difference between Hamilton’s list and Madison’s formed the basis for a dispute over the authorship of a dozen of the essays.
Both Hopkins’s and Gideon’s editions incorporated significant edits to the text of the papers themselves, generally with the approval of the authors. In 1863, Henry Dawson published an edition containing the original text of the papers, see The Federalist (Dawson), arguing that they should be preserved as they were written in that particular historical moment, not as edited by the authors years later.
Modern scholars generally use the text prepared by Jacob E. Cooke for his 1961 edition of The Federalist; this edition used the newspaper texts for essay numbers 1–76 and the McLean edition for essay numbers 77–85.
The authorship of seventy-three of the Federalist essays is fairly certain. Twelve of these essays are disputed over by some scholars, though the modern consensus is that Madison wrote essays Nos. 49–58, with Nos. 18–20 being products of a collaboration between him and Hamilton; No. 64 was by John Jay. Some newer evidence suggests James Madison as the author. The first open designation of which essay belonged to whom was provided by Hamilton, who in the days before his ultimately fatal gun duel with Aaron Burr provided his lawyer with a list detailing the author of each number. This list credited Hamilton with a full sixty-three of the essays (three of those being jointly written with Madison), almost three quarters of the whole, and was used as the basis for an 1810 printing that was the first to make specific attribution for the essays.
Madison did not immediately dispute Hamilton’s list, but provided his own list for the 1818 Gideon edition of The Federalist. Madison claimed twenty-nine numbers for himself, and he suggested that the difference between the two lists was “owing doubtless to the hurry in which [Hamilton’s] memorandum was made out.” A known error in Hamilton’s list—Hamilton incorrectly ascribed No. 54 to John Jay, when in fact Jay wrote No. 64—has provided some evidence for Madison’s suggestion.
Statistical analysis has been undertaken on several occasions to try to decide the authorship question based on word frequencies and writing styles. Nearly all of the statistical studies show that the disputed papers were written by Madison.
Influence on the ratification debates
The Federalist was written to support the ratification of the Constitution, specifically in New York. Whether they succeeded in this mission is questionable. Separate ratification proceedings took place in each state, and the essays were not reliably reprinted outside of New York; furthermore, by the time the series was well underway, a number of important states had already ratified it, for instance Pennsylvania on December 12. New York held out until July 26; certainly The Federalist was more important there than anywhere else, but Furtwangler argues that it “could hardly rival other major forces in the ratification contests”—specifically, these forces included the personal influence of well-known Federalists, for instance Hamilton and Jay, and Anti-Federalists, including Governor George Clinton. Further, by the time New York came to a vote, ten states had already ratified the Constitution and it had thus already passed — only nine states had to ratify it for the new government to be established among them; the ratification by Virginia, the tenth state, placed pressure on New York to ratify. In light of that, Furtwangler observes, “New York’s refusal would make that state an odd outsider.”
Only 19 Federalists were elected to New York’s ratification convention, compared to the Anti-Federalists’ 46 delegates. While New York did indeed ratify the Constitution on July 26, the lack of public support for pro-Constitution Federalists has led historian John Kaminski to suggest that the impact of the The Federalist on New York citizens was “negligible”.
As for Virginia, which only ratified the Constitution at its convention on June 25, Hamilton writes in a letter to Madison that the collected edition of The Federalist had been sent to Virginia; Furtwangler presumes that it was to act as a “debater’s handbook for the convention there,” though he claims that this indirect influence would be a “dubious distinction.” Probably of greater importance to the Virginia debate, in any case, were George Washington’s support for the proposed Constitution and the presence of Madison and Edmund Randolph, the governor, at the convention arguing for ratification.
Another purpose that The Federalist was supposed to serve was as a debater’s handbook during the ratification controversy, and indeed advocates for the Constitution in the conventions in New York and Virginia used the essays for precisely that purpose.
Structure and content
In Federalist No. 1, Hamilton listed six topics to be covered in the subsequent articles:
- “The utility of the UNION to your political prosperity” – covered in No. 2 through No. 14
- “The insufficiency of the present Confederation to preserve that Union”—covered in No. 15 through No. 22
- “The necessity of a government at least equally energetic with the one proposed to the attainment of this object”—covered in No. 23 through No. 36
- “The conformity of the proposed constitution to the true principles of republican government”—covered in No. 37 through No. 84
- “Its analogy to your own state constitution”—covered in No. 85
- “The additional security which its adoption will afford to the preservation of that species of government, to liberty and to prosperity”—covered in No. 85.
Furtwangler notes that as the series grew, this plan was somewhat changed. The fourth topic expanded into detailed coverage of the individual articles of the Constitution and the institutions it mandated, while the two last topics were merely touched on in the last essay.
The papers can be broken down by author as well as by topic. At the start of the series, all three authors were contributing; the first twenty papers are broken down as eleven by Hamilton, five by Madison and four by Jay. The rest of the series, however, is dominated by three long segments by a single writer: No. 21 through No. 36 by Hamilton, No. 37 through 58 by Madison, written while Hamilton was in Albany, and No. 65 through the end by Hamilton, published after Madison had left for Virginia.
Opposition to the Bill of Rights
The Federalist Papers (specifically Federalist No. 84) are notable for their opposition to what later became the United States Bill of Rights. The idea of adding a Bill of Rights to the Constitution was originally controversial because the Constitution, as written, did not specifically enumerate or protect the rights of the people, rather it listed the powers of the government and left all that remained to the states and the people. Alexander Hamilton, the author of Federalist No. 84, feared that such an enumeration, once written down explicitly, would later be interpreted as a list of the only rights that people had.
However, Hamilton’s opposition to a Bill of Rights was far from universal. Robert Yates, writing under the pseudonym Brutus, articulated this view point in the so-called Anti-Federalist No. 84, asserting that a government unrestrained by such a bill could easily devolve into tyranny. Other supporters of the Bill, such as Thomas Jefferson, argued that a list of rights would not and should not be interpreted as exhaustive; i.e., that these rights were examples of important rights that people had, but that people had other rights as well. People in this school of thought were confident that the judiciary would interpret these rights in an expansive fashion. The matter was further clarified by the Ninth Amendment.
Modern approaches and interpretations
Federal judges, when interpreting the Constitution, frequently use the Federalist Papers as a contemporary account of the intentions of the framers and ratifiers. They have been applied on issues ranging from the power of the federal government in foreign affairs (in Hines v. Davidowitz) to the validity of ex post facto laws (in the 1798 decision Calder v. Bull, apparently the first decision to mention The Federalist). By 2000, The Federalist had been quoted 291 times in Supreme Court decisions.
The amount of deference that should be given to the Federalist Papers in constitutional interpretation has always been somewhat controversial. As early as 1819, Chief Justice John Marshall noted in the famous case McCulloch v. Maryland, that “the opinions expressed by the authors of that work have been justly supposed to be entitled to great respect in expounding the Constitution. No tribute can be paid to them which exceeds their merit; but in applying their opinions to the cases which may arise in the progress of our government, a right to judge of their correctness must be retained.” Madison believed The Federalist Papers were the ideas of the Founders and not just mere expressions. In a letter to Thomas Ritchie in 1821, he stated that “the legitimate meaning of the Instrument must be derived from the text itself; or if a key is to be sought elsewhere, it must be not in the opinions or intentions of the Body which planned & proposed the Constitution, but in the sense attached to it by the people in their respective State Conventions where it recd. all the authority which it possesses.” 
The colors used to highlight the rows correspond to the author of the paper.
|1||October 27, 1787||General Introduction||Alexander Hamilton|
|2||October 31, 1787||Concerning Dangers from Foreign Force and Influence||John Jay|
|3||November 3, 1787||The Same Subject Continued: Concerning Dangers from Foreign Force and Influence||John Jay|
|4||November 7, 1787||The Same Subject Continued: Concerning Dangers from Foreign Force and Influence||John Jay|
|5||November 10, 1787||The Same Subject Continued: Concerning Dangers from Foreign Force and Influence||John Jay|
|6||November 14, 1787||Concerning Dangers from Dissensions Between the States||Alexander Hamilton|
|7||November 15, 1787||The Same Subject Continued: Concerning Dangers from Dissensions Between the States||Alexander Hamilton|
|8||November 20, 1787||The Consequences of Hostilities Between the States||Alexander Hamilton|
|9||November 21, 1787||The Union as a Safeguard Against Domestic Faction and Insurrection||Alexander Hamilton|
|10||November 22, 1787||The Same Subject Continued: The Union as a Safeguard Against Domestic Faction and Insurrection||James Madison|
|11||November 24, 1787||The Utility of the Union in Respect to Commercial Relations and a Navy||Alexander Hamilton|
|12||November 27, 1787||The Utility of the Union In Respect to Revenue||Alexander Hamilton|
|13||November 28, 1787||Advantage of the Union in Respect to Economy in Government||Alexander Hamilton|
|14||November 30, 1787||Objections to the Proposed Constitution From Extent of Territory Answered||James Madison|
|15||December 1, 1787||The Insufficiency of the Present Confederation to Preserve the Union||Alexander Hamilton|
|16||December 4, 1787||The Same Subject Continued: The Insufficiency of the Present Confederation to Preserve the Union||Alexander Hamilton|
|17||December 5, 1787||The Same Subject Continued: The Insufficiency of the Present Confederation to Preserve the Union||Alexander Hamilton|
|18||December 7, 1787||The Same Subject Continued: The Insufficiency of the Present Confederation to Preserve the Union||James Madison|
|19||December 8, 1787||The Same Subject Continued: The Insufficiency of the Present Confederation to Preserve the Union||James Madison|
|20||December 11, 1787||The Same Subject Continued: The Insufficiency of the Present Confederation to Preserve the Union||James Madison|
|21||December 12, 1787||Other Defects of the Present Confederation||Alexander Hamilton|
|22||December 14, 1787||The Same Subject Continued: Other Defects of the Present Confederation||Alexander Hamilton|
|23||December 18, 1787||The Necessity of a Government as Energetic as the One Proposed to the Preservation of the Union||Alexander Hamilton|
|24||December 19, 1787||The Powers Necessary to the Common Defense Further Considered||Alexander Hamilton|
|25||December 21, 1787||The Same Subject Continued: The Powers Necessary to the Common Defense Further Considered||Alexander Hamilton|
|26||December 22, 1787||The Idea of Restraining the Legislative Authority in Regard to the Common Defense Considered||Alexander Hamilton|
|27||December 25, 1787||The Same Subject Continued: The Idea of Restraining the Legislative Authority in Regard to the Common Defense Considered||Alexander Hamilton|
|28||December 26, 1787||The Same Subject Continued: The Idea of Restraining the Legislative Authority in Regard to the Common Defense Considered||Alexander Hamilton|
|29||January 9, 1788||Concerning the Militia||Alexander Hamilton|
|30||December 28, 1787||Concerning the General Power of Taxation||Alexander Hamilton|
|31||January 1, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|32||January 2, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|33||January 2, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|34||January 5, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|35||January 5, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|36||January 8, 1788||The Same Subject Continued: Concerning the General Power of Taxation||Alexander Hamilton|
|37||January 11, 1788||Concerning the Difficulties of the Convention in Devising a Proper Form of Government||James Madison|
|38||January 12, 1788||The Same Subject Continued, and the Incoherence of the Objections to the New Plan Exposed||James Madison|
|39||January 18, 1788||The Conformity of the Plan to Republican Principles||James Madison|
|40||January 18, 1788||The Powers of the Convention to Form a Mixed Government Examined and Sustained||James Madison|
|41||January 19, 1788||General View of the Powers Conferred by the Constitution||James Madison|
|42||January 22, 1788||The Powers Conferred by the Constitution Further Considered||James Madison|
|43||January 23, 1788||The Same Subject Continued: The Powers Conferred by the Constitution Further Considered||James Madison|
|44||January 25, 1788||Restrictions on the Authority of the Several States||James Madison|
|45||January 26, 1788||The Alleged Danger From the Powers of the Union to the State Governments Considered||James Madison|
|46||January 29, 1788||The Influence of the State and Federal Governments Compared||James Madison|
|47||January 30, 1788||The Particular Structure of the New Government and the Distribution of Power Among Its Different Parts||James Madison|
|48||February 1, 1788||These Departments Should Not Be So Far Separated as to Have No Constitutional Control Over Each Other||James Madison|
|49||February 2, 1788||Method of Guarding Against the Encroachments of Any One Department of Government||James Madison|
|50||February 5, 1788||Periodic Appeals to the People Considered||James Madison|
|51||February 6, 1788||The Structure of the Government Must Furnish the Proper Checks and Balances Between the Different Departments||James Madison|
|52||February 8, 1788||The House of Representatives||James Madison|
|53||February 9, 1788||The Same Subject Continued: The House of Representatives||James Madison|
|54||February 12, 1788||The Apportionment of Members Among the States||James Madison|
|55||February 13, 1788||The Total Number of the House of Representatives||James Madison|
|56||February 16, 1788||The Same Subject Continued: The Total Number of the House of Representatives||James Madison|
|57||February 19, 1788||The Alleged Tendency of the New Plan to Elevate the Few at the Expense of the Many||James Madison|
|58||February 20, 1788||Objection That The Number of Members Will Not Be Augmented as the Progress of Population Demands Considered||James Madison|
|59||February 22, 1788||Concerning the Power of Congress to Regulate the Election of Members||Alexander Hamilton|
|60||February 23, 1788||The Same Subject Continued: Concerning the Power of Congress to Regulate the Election of Members||Alexander Hamilton|
|61||February 26, 1788||The Same Subject Continued: Concerning the Power of Congress to Regulate the Election of Members||Alexander Hamilton|
|62||February 27, 1788||The Senate||James Madison|
|63||March 1, 1788||The Senate Continued||James Madison|
|64||March 5, 1788||The Powers of the Senate||John Jay|
|65||March 7, 1788||The Powers of the Senate Continued||Alexander Hamilton|
|66||March 8, 1788||Objections to the Power of the Senate To Set as a Court for Impeachments Further Considered||Alexander Hamilton|
|67||March 11, 1788||The Executive Department||Alexander Hamilton|
|68||March 12, 1788||The Mode of Electing the President||Alexander Hamilton|
|69||March 14, 1788||The Real Character of the Executive||Alexander Hamilton|
|70||March 15, 1788||The Executive Department Further Considered||Alexander Hamilton|
|71||March 18, 1788||The Duration in Office of the Executive||Alexander Hamilton|
|72||March 19, 1788||The Same Subject Continued, and Re-Eligibility of the Executive Considered||Alexander Hamilton|
|73||March 21, 1788||The Provision For The Support of the Executive, and the Veto Power||Alexander Hamilton|
|74||March 25, 1788||The Command of the Military and Naval Forces, and the Pardoning Power of the Executive||Alexander Hamilton|
|75||March 26, 1788||The Treaty Making Power of the Executive||Alexander Hamilton|
|76||April 1, 1788||The Appointing Power of the Executive||Alexander Hamilton|
|77||April 2, 1788||The Appointing Power Continued and Other Powers of the Executive Considered||Alexander Hamilton|
|78||May 28, 1788 (book)
June 14, 1788 (newspaper)
|The Judiciary Department||Alexander Hamilton|
|79||May 28, 1788 (book)
June 18, 1788 (newspaper)
|The Judiciary Continued||Alexander Hamilton|
|80||June 21, 1788||The Powers of the Judiciary||Alexander Hamilton|
|81||June 25, 1788 and
June 28, 1788
|The Judiciary Continued, and the Distribution of the Judicial Authority||Alexander Hamilton|
|82||July 2, 1788||The Judiciary Continued||Alexander Hamilton|
|83||July 5, 1788,
July 9, 1788 and
July 12, 1788
|The Judiciary Continued in Relation to Trial by Jury||Alexander Hamilton|
|84||July 16, 1788,
July 26, 1788 and
August 9, 1788
|Certain General and Miscellaneous Objections to the Constitution Considered and Answered||Alexander Hamilton|
|85||August 13, 1788 and
August 16, 1788
|Concluding Remarks||Alexander Hamilton|
- ^ Jump up to:a b Jackson, Kenneth T. The Encyclopedia of New York City: The New York Historical Society; Yale University Press; 1995. p. 194.
- Jump up^ The Federalist Papers. Toronto: Bantam Books. 1982.
- Jump up^ Richard B. Morris, The Forging of the Union: 1781-1789 (1987) p. 309
- ^ Jump up to:a b Furtwangler, 51.
- Jump up^ Lance Banning, “James Madison: Federalist,” note 1, .
- Jump up^ See, e.g. Ralph Ketcham, James Madison. New York: Macmillan, 1971; reprint ed., Charlottesville: University Press of Virginia, 1998. See also Irving N. Brant, James Madison: Father of the Constitution, 1787–1800. Indianapolis: Bobbs-Merrill, 1950.
- Jump up^ Wills, x.
- Jump up^ Furtwangler, 48-49.
- Jump up^ Gunn, Giles B. (1994). Early American Writing. Penguin Classics. p. 540. ISBN 0-14-039087-1.
- Jump up^ Furtwangler, 51-56.
- Jump up^ Wills, xii.
- Jump up^ Furtwangler, 20.
- Jump up^ The Federalist timeline at www.sparknotes.com.
- Jump up^ Adair, 40-41.
- Jump up^ Adair, 44-46.
- Jump up^ Henry Cabot Lodge, ed. (1902). The Federalist, a Commentary on the Constitution of the United States. Putnam. pp. xxxviii–xliii. Retrieved 2009-02-16.
- Jump up^ Alexander Hamilton, John Jay, and James Madison (Jacob E. Cooke, ed., The Federalist (Middletown, CT: Wesleyan University Press, 1961 and later reprintings).ISBN 978-0-8195-6077-3.
- Jump up^ Adair, 46-48.
- Jump up^ Adair, 48.
- Jump up^ Mosteller and Wallace.
- Jump up^ Fung, Glenn, The disputed federalist papers: SVM feature selection via concave minimization, New York City, ACM Press, 2003. (9 pg pdf file)
- Jump up^ Furtwangler, 21.
- Jump up^ Furtwangler, 22.
- Jump up^ Coenen, Dan. “Fifteen Curious Facts about The Federalist Papers”. Media Commons. Retrieved 5 December 2012.
- Jump up^ Furtwangler, 23.
- Jump up^ This scheme of division is adapted from Charles K. Kesler’s introduction to The Federalist Papers (New York: Signet Classic, 1999) pp. 15-17. A similar division is indicated by Furtwangler, 57-58.
- Jump up^ Wills, 274.
- Jump up^ Lupu, Ira C.; “The Most-Cited Federalist Papers”. Constitutional Commentary (1998) pp 403+; using Supreme Court citations, the five most cited were Federalist No. 42 (Madison) (33 decisions), Federalist No. 78 (Hamilton) (30 decisions), Federalist No. 81 (Hamilton) (27 decisions), Federalist No. 51 (Madison) (26 decisions),Federalist No. 32 (Hamilton) (25 decisions).
- Jump up^ See, among others, a very early exploration of the judicial use of The Federalist in Charles W. Pierson, “The Federalist in the Supreme Court”, The Yale Law Journal, Vol. 33, No. 7. (May, 1924), pp. 728-735.
- Jump up^ Chernow, Ron. “Alexander Hamilton”. Penguin Books, 2004. (p. 260)
- Jump up^ Arthur, John (1995). Words That Bind: Judicial Review and the Grounds of Modern Constitutional Theory. Westview Press. p. 41. ISBN 0-8133-2349-5.
- Jump up^ Madison to Thomas Ritchie, September 15, 1821. Quoted in Furtwangler, 36.
- Jump up^ Max Farrand, ed. (1911). The Records of the Federal Convention of 1787. Yale University Press.
- ^ Jump up to:a b c Nos. 18, 19, 20 are frequently indicated as being jointly written by Hamilton and Madison. However, Adair concurs with previous historians that these are Madison’s writing alone: “Madison had certainly written all of the essays himself, including in revised form only a small amount of pertinent information submitted by Hamilton from his rather sketchy research on the same subject.” Adair, 63.
- ^ Jump up to:a b c d e f g h i j k l One of twelve “disputed papers” to which both Madison and Hamilton laid claim. Modern scholarly consensus leans towards Madison as the author of all twelve, and he is so credited in this table. See Federalist Papers: Disputed essays. See Adair, 93: “The disputed numbers of The Federalist claimed by both Hamilton and Madison are Numbers 49 through 58 and Numbers 62 and 63.
- Adair, Douglass. Fame and the Founding Fathers. Indianapolis: Liberty Fund, 1974. A collection of essays; that used here is “The Disputed Federalist Papers”.
- Frederick Mosteller and David L. Wallace. Inference and Disputed Authorship: The Federalist. Addison-Wesley, Reading, Mass., 1964.
- Furtwangler, Albert. The Authority of Publius: A Reading of the Federalist Papers. Ithaca, New York: Cornell University Press, 1984.
- Wills, Gary. Explaining America: The Federalist, Garden City, NJ: 1981.
- Meyerson, Michael I. Liberty’s Blueprint: How Madison and Hamilton Wrote the Federalist Papers, Defined the Constitution, and Made Democracy Safe for the World, New York: Basic Books, 2008.
- Dietze, Gottfried. The Federalist: A Classic on Federalism and Free Government, Baltimore: The Johns Hopkins Press, 1960.
- Epstein, David F. The Political Theory of the Federalist, Chicago: The University of Chicago Press, 1984.
- Gray, Leslie, and Wynell Burroughs. “Teaching With Documents: Ratification of the Constitution”, Social Education, 51 (1987): 322-324.
- Kesler, Charles R. Saving the Revolution: The Federalist Papers and the American Founding, New York: 1987.
- Patrick, John J., and Clair W. Keller. Lessons on the Federalist Papers: Supplements to High School Courses in American History, Government and Civics, Bloomington, IN: Organization of American Historians in association with ERIC/ChESS, 1987. ED 280 764.
- Schechter, Stephen L. Teaching about American Federal Democracy, Philadelphia: Center for the Study of Federalism at Temple University, 1984. ED 248 161.
- Scott, Kyle. The Federalist Papers: A Reader’s Guide (New York: Bloomsbury Press, 2013) 202 pp.
- Sunstein, Cass R. The Enlarged Republic—Then and Now, New York Review of Books, (March 26, 2009): Volume LVI, Number 5, 45. http://www.nybooks.com/articles/22453
- Webster, Mary E. The Federalist Papers: In Modern Language Indexed for Today’s Political Issues. Bellevue, WA.: Merril Press, 1999.
- White, Morton. Philosophy, The Federalist, and the Constitution, New York: 1987.
- Zebra Edition. The Federalist Papers: (Or, How Government is Supposed to Work), Edited for Readability. Oakesdale, WA: Lucky Zebra Press, 2007.
- Quotations related to The Federalist at Wikiquote
- Works related to The Federalist Papers at Wikisource
|Republic of Cuba
República de Cuba (Spanish)
|Motto: “¡Patria o Muerte, Venceremos!” (Spanish)
“Homeland or Death, we will overcome!”
|Anthem: La Bayamesa
Bayamo Song 
and largest city
|Government||Marxist–Leninist single-party state|
|–||First Vice President||Miguel Díaz-Canel|
|–||First Secretary of Communist Party||Raúl Castro|
|–||Esteban Lazo Hernández|
|Independence from Spain and the United States|
|–||Ten Years’ War||1868 – 1878|
|–||Republic declared||May 20, 1902|
|–||Cuban Revolution||January 1, 1959|
|–||Total||109,884 km2 (106th)
42,426 sq mi
|GDP (PPP)||2012 estimate|
|–||Total||$121 billion (66th)|
|–||Per capita||$10,200 (2010 est.) (92nd)|
|GDP (nominal)||2012 estimate|
|–||Total||$71.017 billion (65th)|
|–||Per capita||$6,301 (91st)|
|Gini (2000)|| 38.0
|HDI (2013)|| 0.780
high · 59th
|Time zone||CST (UTC−5)|
|–||Summer (DST)||CDT (UTC−4)|
|Drives on the||right|
|ISO 3166 code||CU|
|a.||From 1993 to 2004, the United States dollar was used alongside the peso until the dollar was replaced by the convertible peso.|
Cuba, officially the Republic of Cuba (i/ˈkjuːbə/; Spanish: República de Cuba, pronounced: [reˈpuβlika ðe ˈkuβa] ( )), is an island country in the Caribbean. The nation of Cuba comprises the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the capital of Cuba and its largest city. The second largest city is Santiago de Cuba. To the north of Cuba lies the United States (145 km or 90 mi away) and the Bahamas are to the northeast, Mexico is to the west (210 km or 130 mi away), the Cayman Islands andJamaica are to the south, and Haiti and the Dominican Republic are to the southeast.
The island of Cuba was inhabited by numerous Mesoamerican tribes prior to its invasion by Italian explorer Christopher Columbus in 1492, who claimed it for the Kingdom of Spain. Cuba remained a colony of Spain until the Spanish–American War of 1898, after which it was briefly administered by the United States until gaining nominal independence in 1902. The fragile republic endured increasingly radical politics and social strife, and despite efforts to strengthen its democratic system, Cuba came under the dictatorship of former presidentFulgencio Batista in 1952. Growing unrest and instability led to Batista’s ousting in January 1959 by the July 26 movement, which afterwards established a new socialist administration under the leadership of Fidel Castro. Since 1965, the country has been governed as asingle-party state by the Communist Party.
Cuba is the largest island in the Caribbean, and with over 11 million inhabitants, is the second-most populous after Hispaniola, albeit with a much lower population density than most nations in the region. A multiethnic country, its people, culture, and customs derive from diverse origins, including the aboriginal Taíno and Ciboney peoples, the long period of Spanish colonialism, the introduction of African slaves, a close relationship with the Soviet Union during the Cold War, and close proximity to the United States.
Cuba ranks high in metrics of health and education, with a high Human Development Index of 0.780 as of 2013. According to data it presents to the United Nations, Cuba was the only nation in the world in 2006 that met the World Wide Fund for Nature‘s definition of sustainable development, with an ecological footprint of less than 1.8 hectares per capita, 1.5 hectares, and a Human Development Index of over 0.855.
- 1 Etymology
- 2 History
- 3 Government and politics
- 4 Economy
- 5 Geography
- 6 Demographics
- 7 Culture
- 8 Education
- 9 Health
- 10 See also
- 11 References
- 12 Bibliography
- 13 External links
The name Cuba comes from the Taíno language. The exact meaning of the name is unclear but it may be translated either as where fertile land is abundant (cubao), or great place (coabana). Authors who believe that Christopher Columbus was Portuguese state that Cubawas named by Columbus for the town of Cuba in the district of Beja in Portugal.
Cuba was inhabited by American Indian people known as the Taíno, also called Arawak by the Spanish, and Guanajatabey and Ciboney people before the arrival of the Spanish. The ancestors of these Native Americans migrated from the mainland of North, Central and South America several centuries earlier. The native Taínos called the island Caobana. The Taíno were farmers while the Ciboney were farmers as well as fishers and hunter-gatherers.
Spanish colonization and rule (1492-1898)
After first landing on an island then called Guanahani, Bahamas on October 12, 1492, La Pinta, La Niña and the Santa Maria, the first three European ships under the command of Christopher Columbus, landed on Cuba’s northeastern coast near what is now Bariay, Holguin province on October 28, 1492. He claimed the island for the new Kingdom of Spain and named Isla Juana after Juan, Prince of Asturias.
In 1511, the first Spanish settlement was founded by Diego Velázquez de Cuéllar at Baracoa. Other towns soon followed including the future capital of San Cristobal de la Habana which was founded in 1515. The native Taínos were working under the encomienda system, which resembled a feudal system in Medieval Europe. Within a century the indigenous people were virtually wiped out due to multiple factors, including Eurasian infectious diseases aggravated in large part by a lack of natural resistance as well as privation stemming from repressive colonial subjugation. In 1529, a measles outbreak in Cuba killed two-thirds of the natives who had previously survived smallpox.
On September 1, 1548, Dr. Gonzalo Perez de Angulo was appointed governor of Cuba. He arrived in Santiago, Cuba on November 4, 1549 and immediately declared the liberty of all natives. He became Cuba’s first permanent governor who resided in Havana instead of Santiago, and he built Havana’s first church made of masonry. After the French took Havana in 1555, the governor’s son, Francisco de Angulo, went to Mexico.
The population in 1817 was 630,980, of which 291,021 were white, 115,691 free men (mixed-race), and 224,268 black slaves. In the 1820s, when the rest of Spain’s empire in Latin America rebelled and formed independent states, Cuba remained loyal.
A series of slave rebellions and revolts took place during the ‘sugar boom’ under Spanish colonizing with the 1812 Aponte Slave Rebellion in Cuba against the Atlantic Slave Trade. Independence from Spain was the motive for a rebellion in 1868 led by Carlos Manuel de Céspedes. De Céspedes, a sugar planter, freed his slaves to fight with him for a free Cuba. On 27 December 1868, he issued a decree condemning slavery in theory but accepting it in practice and declaring free any slaves whose masters present them for military service. The 1868 rebellion resulted in a prolonged conflict known as the Ten Years’ War. Two thousand Cuban Chinese joined the rebels. There is a monument in Havana that honours the Cuban Chinese who fell in the war.
The United States declined to recognize the new Cuban government, although many European and Latin American nations did so. In 1878, the Pact of Zanjón ended the conflict, with Spain promising greater autonomy to Cuba. In 1879–1880, Cuban patriot Calixto García attempted to start another war known as the Little War but received little support. Abolition of slavery in Cuba began the final third of the 19th century, and was completed in the 1880s.
An exiled dissident named José Martí founded the Cuban Revolutionary Party in New York in 1892. The aim of the party was to achieve Cuban independence from Spain. In January 1895 Martí traveled to Montecristi and Santo Domingo to join the efforts of Máximo Gómez. Martí recorded his political views in the Manifesto of Montecristi. Fighting against the Spanish army began in Cuba on 24 February 1895, but Martí was unable to reach Cuba until 11 April 1895. Martí was killed in the battle of Dos Rios on 19 May 1895. His death immortalized him as Cuba’s national hero.
Around 200,000 Spanish troops outnumbered the much smaller rebel army which relied mostly on guerrilla and sabotage tactics. The Spaniards began a campaign of suppression. General Valeriano Weyler, military governor of Cuba, herded the rural population into what he called reconcentrados, described by international observers as “fortified towns”. These are often considered the prototype for 20th-century concentration camps. Between 200,000 and 400,000 Cuban civilians died from starvation and disease in the camps, numbers verified by the Red Cross and United States Senator and former Secretary of War Redfield Proctor. American and European protests against Spanish conduct on the island followed.
The U.S. battleship Maine was sent to protect U.S. interests, but she exploded suddenly and sank quickly, killing nearly three quarters of her crew. The cause and responsibility for her sinking remained unclear after a board of inquiry, but popular opinion in the U.S., fueled by an active press, concluded that the Spanish were to blame and demanded action. Spain and the United States declared war on each other in late April.
After the Spanish-American War, Spain and the United States signed the Treaty of Paris (1898), by which Spain ceded Puerto Rico, the Philippines, and Guam to the United States for the sum of $20 million. Cuba gained formal independence from the U.S. on May 20, 1902, as the Republic of Cuba. Under Cuba’s new constitution, the U.S. retained the right to intervene in Cuban affairs and to supervise its finances and foreign relations. Under the Platt Amendment, the U.S. leased the Guantánamo Bay naval base from Cuba.
Following disputed elections in 1906, the first president, Tomás Estrada Palma, faced an armed revolt by independence war veterans who defeated the meager government forces. The U.S. intervened by occupying Cuba and named Charles Edward Magoon as Governor for three years. Cuban historians have attributed Magoon’s governorship as having introduced political and social corruption. In 1908, self-government was restored when José Miguel Gómez was elected President, but the U.S. continued intervening in Cuban affairs. In 1912, the Partido Independiente de Color attempted to establish a separate black republic in Oriente Province, but was suppressed by General Monteagudo with considerable bloodshed.
In 1924, Gerardo Machado was elected president. During his administration, tourism increased markedly, and American-owned hotels and restaurants were built to accommodate the influx of tourists. The tourist boom led to increases in gambling and prostitution. The Wall Street Crash of 1929 led to precipitous drops in the price of sugar, political unrest, and repression. Protesting students, known as the Generation of 1930, turned to violence in opposition to the increasingly unpopular Machado. A general strike (in which the Communist Party sided with Machado), uprisings among sugar workers, and an army revolt forced Machado into exile in August 1933. He was replaced by Carlos Manuel de Céspedes y Quesada.
In September 1933, the Sergeants’ Revolt, led by Sergeant Fulgencio Batista, overthrew Cespedes. A five-member executive committee (the Pentarchy of 1933) was chosen to head a provisional government. Ramon Grau San Martin was then appointed as provisional president. Grau resigned in 1934, leaving the way clear for Batista, who dominated Cuban politics for the next 25 years, at first through a series of puppet-presidents. The period from 1933 to 1937 was a time of “virtually unremitting social and political warfare”.
A new constitution was adopted in 1940, which engineered radical progressive ideas, including the right to labour and health care. Batista was elected president in the same year, holding the post until 1944. He is so far the only non-white Cuban to win the nation’s highest political office. His government carried out major social reforms. Several members of the Communist Party held office under his administration. Cuban armed forces were not greatly involved in combat during World War II, although president Batista suggested a joint U.S.-Latin American assault on Francoist Spain in order to overthrow its authoritarian regime.
Batista adhered to the 1940 constitution’s strictures preventing his re-election. Ramon Grau San Martin was the winner of the next election, in 1944. Grau further corroded the base of the already teetering legitimacy of the Cuban political system, in particular by undermining the deeply flawed, though not entirely ineffectual, Congress and Supreme Court. Carlos Prío Socarrás, a protege of Graud, became president in 1948. The two terms of the Auténtico Party saw an influx of investment fueled a boom which raised living standards for all segments of society and created a prosperous middle class in most urban areas.
After running unsuccessfully for the presidency in 1952, Batista staged a coup. He outlawed the Cuban Communist Party in 1952. Cuba had Latin America’s highest per capita consumption rates of meat, vegetables, cereals, automobiles, telephones and radios, though about one third of the population was considered poor and enjoyed relatively little of this consumption.
In 1958, Cuba was a relatively well-advanced country by Latin American standards, and in some cases by world standards. On the other hand, Cuba was affected by perhaps the largest labor union privileges in Latin America, including bans on dismissals and mechanization. They were obtained in large measure “at the cost of the unemployed and the peasants”, leading to disparities. Between 1933 and 1958, Cuba extended economic regulations enormously, causing economic problems. Unemployment became a problem as graduates entering the workforce could not find jobs. The middle class, which was comparable to that of the United States, became increasingly dissatisfied with unemployment and political persecution. The labor unions supported Batista until the very end. Batista stayed in power until he was forced into exile in December 1958.
Revolution and Communist party rule (1959-present)
In the 1950s, various organizations, including some advocating armed uprising, competed for the public’s support in bringing about political change. In 1956, Fidel Castro and about 80 other rebels aboard the Granma yacht launched a failed attempt to start a rebellion against the government.It was not until 1958 that the July 26th Movement emerged as the leading revolutionary group.
By late 1958, the rebels broke out of the Sierra Maestra and launched a general popular insurrection. After the fighters captured Santa Clara, Batista fled from Havana on 1 January 1959 to exile in Portugal. Fidel Castro’s forces entered the capital on 8 January 1959. The liberal Manuel Urrutia Lleóbecame the provisional president.
From 1959 to 1966 Cuban insurgents fought a six-year rebellion in the Escambray Mountains against the Castro government. The insurgency was eventually crushed by the government’s use of vastly superior numbers. The rebellion lasted longer and involved more soldiers than the Cuban Revolution. The U.S. State Department has estimated that 3,200 people were executed from 1959 to 1962. Other estimates for the total number of political executions range from 4,000 to 33,000.
The revolution was initially received positively in the United States, where it was seen as part of a movement to bring democracy to Latin America. Castro’s legalization of the Communist party and the public trials and executions of hundreds of Batista’s supporters caused a deterioration in the relationship between the two countries. The promulgation of the Agrarian Reform Law, expropriating farmlands of over 1,000 acres, further worsened relations. In February 1960, Castro signed a commercial agreement with Soviet Vice-Premier Anastas Mikoyan. In March 1960, Eisenhower gave his approval to a CIA plan to arm and train a group of Cuban refugees to overthrow the Castro regime.
The invasion (known as the Bay of Pigs Invasion) took place on April 14, 1961. About 1,400 Cuban exiles disembarked at the Bay of Pigs, but failed in their attempt to overthrow Castro. In January 1962, Cuba was suspended from the Organization of American States (OAS), and later the same year the OAS started to impose sanctions against Cuba of similar nature to the US sanctions. The tense confrontation known as the Cuban Missile Crisis occurred in October, 1962. By 1963, Cuba was moving towards a full-fledged Communist system modeled on the USSR.
In 1975 the OAS lifted its sanctions against Cuba, with the approval of 16 member states, including the U.S. The U.S., however, maintained its own sanctions.
Castro’s rule was severely tested in the aftermath of the Soviet collapse in 1991 (known in Cuba as the Special Period), when the country faced a severe economic downturn following the withdrawal of former Soviet subsidies worth $4 billion to $6 billion annually, resulting in effects such as food and fuel shortages. The government did not accept American donations of food, medicines, and cash until 1993. On 5 August 1994, state security dispersed protesters in a spontaneous protest in Havana.
Cuba has found a new source of aid and support in the People’s Republic of China, and new allies in Hugo Chávez, former President of Venezuela and Evo Morales, President of Bolivia, both major oil and gas exporters. In 2003, the government arrested and imprisoned a large number of civil activists, a period known as the “Black Spring”.
In February 2008, Fidel Castro announced his resignation as President of Cuba, and on 24 February his brother, Raúl Castro, was elected as the new President. In his acceptance speech, Raúl promised that some of the restrictions that limit Cubans’ daily lives would be removed. In March 2009, Raúl Castro removed some of Fidel Castro’s officials.
On 3 June 2009, the Organization of American States adopted a resolution to end the 47-year ban on Cuban membership of the group. The resolution stated, however, that full membership would be delayed until Cuba was “in conformity with the practices, purposes, and principles of the OAS.” Cuban leaders have repeatedly announced they are not interested in rejoining the OAS, and Fidel Castro restated this after the OAS resolution had been announced.
Government and politics
The Republic of Cuba is one of the world’s remaining socialist states with Communist governments. The Constitution of 1976, which defined Cuba as a socialist republic, was replaced by the Constitution of 1992, which is “guided by the ideas of José Martí and the political and social ideas of Marx, Engels and Lenin.” The constitution describes the Communist Party of Cuba as the “leading force of society and of the state”.
The First Secretary of the Communist Party is concurrently President of the Council of State (President of Cuba) and President of the Council of Ministers (sometimes referred to as Premier of Cuba). Members of both councils are elected by the National Assembly of People’s Power. The President of Cuba, who is also elected by the Assembly, serves for five years and there is no limit to the number of terms of office.
The People’s Supreme Court serves as Cuba’s highest judicial branch of government. It is also the court of last resort for all appeals against the decisions of provincial courts.
Cuba’s national legislature, the National Assembly of People’s Power (Asamblea Nacional de Poder Popular), is the supreme organ of power; 609 members serve five-year terms. The assembly meets twice a year; between sessions legislative power is held by the 31 member Council of Ministers. Candidates for the Assembly are approved by public referendum. All Cuban citizens over 16 who have not been convicted of a criminal offense can vote. Article 131 of the Constitution states that voting shall be “through free, equal and secret vote”.
Article 136 states: “In order for deputies or delegates to be considered elected they must get more than half the number of valid votes cast in the electoral districts”. Votes are cast by secret ballot and counted in public view. Nominees are chosen at local gatherings from multiple candidates before gaining approval from election committees. In the subsequent election, there is only one candidate for each seat, who must gain a majority to be elected.
No political party is permitted to nominate candidates or campaign on the island, including the Communist Party. The Communist Party of Cuba has held six party congress meetings since 1975. In 2011, the party stated that there were 800,000 members, and representatives generally constitute at least half of the Councils of state and the National Assembly. The remaining positions are filled by candidates nominally without party affiliation. Other political parties campaign and raise finances internationally, while activity within Cuba by opposition groups is minimal.
The country’s first ever transsexual municipal delegate was elected in the province of Villa Clara in early 2013. Jose Agustin Hernandez, who goes by the name “Adela”, is a resident of the town of Caibarien and works as a nurse electrocardiogram specialist. In Cuba, delegates are not professional politicians and, therefore, do not receive a government salary. While very young, Adela was imprisoned for her sexual identity after her father pressed charges against her, but in a January 2014 interview states:
… nothing was able to make me renounce my ideals, neither the mistreatment, nor the insults nor the blows changed my feelings towards the revolution. I can’t continue to hold a grudge for the suffering I endured. Every country makes mistakes and Cuba made them in the way it treated us, but it has had the courage to acknowledge this.
The country is subdivided into 15 provinces and one special municipality (Isla de la Juventud). These were formerly part of six larger historical provinces: Pinar del Río, Habana, Matanzas, Las Villas, Camagüey and Oriente. The present subdivisions closely resemble those of the Spanish military provinces during the Cuban Wars of Independence, when the most troublesome areas were subdivided. The provinces are divided into municipalities.
The Cuban government has been accused of numerous human rights abuses including torture, arbitrary imprisonment, unfair trials, and extrajudicial executions (also known as “El Paredón“). The Human Rights Watch alleges the government “represses nearly all forms of political dissent” and that “Cubans are systematically denied basic rights to free expression, association, assembly, privacy, movement, and due process of law”.
The European Union in 2003 accused the Cuban government of “continuing flagrant violation of human rights and fundamental freedoms”. The United States continues an embargo against Cuba “so long as it continues to refuse to move toward democratization and greater respect for human rights”.
Cuba had the second-highest number of imprisoned journalists of any nation in 2008 (the People’s Republic of China had the highest) according to various sources, including the Committee to Protect Journalists (CPJ), an international NGO, and Human Rights Watch. As a result of ownership restrictions, computer ownership rates are among the world’s lowest. The right to use the Internet is granted only to selected locations and they may be monitored.
Cuban dissidents who commit crimes face arrest and imprisonment. In the 1990s, Human Rights Watch reported that Cuba’s extensive prison system, one of the largest in Latin America, consists of some 40 maximum-security prisons, 30 minimum-security prisons, and over 200 work camps. According to Human Rights Watch, political prisoners, along with the rest of Cuba’s prison population, are confined to jails with substandard and unhealthy conditions.
Citizens cannot leave or return to Cuba without first obtaining official permission in addition to their passport and the visa requirements of their destination. The membership of Cuba in the United Nations Human Rights Council has received criticism.
Cuba under Castro was a major contributor to anti-imperialist wars in Africa, Central America and Asia.
Cuban support for Algeria in 1961–5 achieved significant success. Cuba sent tens of thousands of troops to Angola during the Angolan Civil War, where they fought against apartheid South Africa. Other countries that featured Cuban involvement include Ethiopia,Guinea, Guinea-Bissau, Mozambique, and Yemen.
Cuba is the only minor developing country to have projected influence on the world stage that is characteristic of a major global power. Lesser known actions include the 1959 missions to the Dominican Republic. The expedition failed, but a prominent monument to its members was erected in their memory in Santo Domingo by the Dominican government, and they feature prominently at the country’s Memorial Museum of the Resistance.
Cuba is a founding member of the Bolivarian Alliance for the Americas. At the end of 2012, tens of thousands of Cuban medical personnel worked abroad, with as many as 30,000 doctors in Venezuela alone via the two countries’ oil-for-doctors programme.
In 2008, the EU and Cuba agreed to resume full relations and cooperation activities. United States President Barack Obama stated on April 17, 2009, in Trinidad and Tobago that “the United States seeks a new beginning with Cuba”, and reversed the Bush Administration‘s prohibition on travel and remittances by Cuban-Americans from the United States to Cuba.
Crime and law enforcement
All law enforcement agencies are maintained under Cuba’s Ministry of the Interior which is supervised by the Revolutionary Armed Forces. In Cuba, citizens can receive police assistance by dialing “106” on their telephones. The police force, which is referred to as “Policía Nacional Revolucionaria” or PNR is then expected to provide help. The Cuban government also has an agency called the Intelligence Directorate that conducts intelligence operations and maintains close ties with the Russian Federal Security Service.
As of 2009, Cuba spends about $91.8 million on its armed forces. In 1985, Cuba devoted more than 10% of its GDP to military expenditures. In response to American aggression, such as the Bay of Pigs Invasion, Cuba built up one of the largest armed forces in Latin America, second only to that of Brazil.
From 1975 until the late 1980s, Soviet military assistance enabled Cuba to upgrade its military capabilities. After the loss of Soviet subsidies, Cuba scaled down the numbers of military personnel, from 235,000 in 1994 to about 60,000 in 2003.
In February 2013, Raul Castro, current Cuban President, announced his resignation for 2018, that will end his current 5 year term, and hope to implement permanent term limits for future Cuban Presidents, including age limits. http://www.usatoday.com/story/news/world/2013/02/24/cuba-president-castro-parliament/1943365/
The Cuban state adheres to socialist principles in organizing its largely state-controlled planned economy. Most of the means of production are owned and run by the government and most of the labor force is employed by the state. Recent years have seen a trend toward more private sector employment. By 2006, public sector employment was 78% and private sector 22%, compared to 91.8% to 8.2% in 1981. Any firm wishing to hire a Cuban must pay the Cuban government, which in turn will pay the employee in Cuban pesos. The average monthly wage as of July 2013 is 466 Cuban pesos, which are worth about US$19.
Cuba has a dual currency system, whereby most wages and prices are set in Cuban pesos (CUP), while the tourist economy operates with Convertible pesos (CUC), set at par with the US dollar. Every Cuban household has a ration book (known as libreta) entitling it to a monthly supply of food and other staples, which are provided at nominal cost.
Before the collapse of the Soviet Union, Cuba depended on Moscow for substantial aid and sheltered markets for its exports. The removal of these subsidies (for example the oil) sent the Cuban economy into a rapid depression known in Cuba as the Special Period. Cuba took limited free market-oriented measures to alleviate severe shortages of food, consumer goods, and services. These steps included allowing some self-employment in certain retail and light manufacturing sectors, the legalization of the use of the US dollar in business, and the encouragement of tourism. Cuba has developed a unique urban farm system (the organopónicos) to compensate for the end of food imports from the Soviet Union.
The leadership of Cuba has called for reforms in the country’s agricultural system. In 2008, Raúl Castro began enacting agrarian reforms to boost food production, as at that time 80% of food was imported. The reforms enacted are aimed at expanding land usage and increasing efficiency. Venezuela supplies Cuba with an estimated 110,000 barrels (17,000 m3) a day of oil in exchange for money and the services of some 44,000 Cubans, most of them medical personnel, in Venezuela. Estimates place Venezuelan assistance at over 20% of the Cuban GDP for 2008–2010, similar to the aid flows from the Soviet Union in 1985–1988.
In 2005 Cuba had exports of $2.4 billion, ranking 114 of 226 world countries, and imports of $6.9 billion, ranking 87 of 226 countries. Its major export partners are China 27.5%, Canada 26.9%, Netherlands 11.1%, Spain 4.7% (2007). Cuba’s major exports are sugar, nickel, tobacco, fish, medical products, citrus, and coffee; imports include food, fuel, clothing, and machinery. Cuba presently holds debt in an amount estimated to be $13 billion, approximately 38% of GDP. According to the Heritage Foundation, Cuba is dependent on credit accounts that rotate from country to country. Cuba’s prior 35% supply of the world’s export market for sugar has declined to 10% due to a variety of factors, including a global sugar commodity price drop that made Cuba less competitive on world markets.
In 2010, Cubans were allowed to build their own houses. According to Raul Castro, they will be able to improve their houses with this new permission, but the government will not endorse these new houses or improvements.
On August 2, 2011, The New York Times reported Cuba as reaffirming their intent to legalize “buying and selling” of private property before the year ends. According to experts, the private sale of property could “transform Cuba more than any of the economic reforms announced by President Raúl Castro’s government”. It will cut more than one million state jobs, including party bureaucrats who resist the changes.
In August 2012, a specialist of the “Cubaenergia Company” announced the opening of Cuba’s first Solar Power Plant. As a member of the Cubasolar Group, there was also a mention of 10 additional plants in 2013.
In October 2013, as part of Raul Castro’s latest reforms, Cuba announced an end to the dual currency system.
Cuba’s most important mineral resource is nickel with 21% of total exports in 2011. The output of Cuba’s nickel mines that year was 71,000 tons, approaching 4% of world production. As of 2013, its reserves are estimated at 5.5 million tons, or over 7% of the world total. Sherritt International of Canada operates a large nickel mining facility in Moa. Cuba is also a major producer of refined cobalt, a by-product of nickel mining operations.
Oil exploration in 2005 by the US Geological Survey revealed that the North Cuba Basin could produce approximately 4.6 billion barrels (730,000,000 m3) to 9.3 billion barrels (1.48×109 m3) of oil. In 2006, Cuba started to test-drill these locations for possible exploitation.
Tourism was initially restricted to enclave resorts where tourists would be segregated from Cuban society, referred to as “enclave tourism” and “tourism apartheid”. Contacts between foreign visitors and ordinary Cubans were de facto illegal between 1992 and 1997. The rapid growth of tourism during the Special Period had widespread social and economic repercussions in Cuba, and led to speculation about the emergence of a two-tier economy.
Cuba has tripled its market share of Caribbean tourism in the last decade; as a result of significant investment in tourism infrastructure, this growth rate is predicted to continue. 1.9 million tourists visited Cuba in 2003, predominantly from Canada and the European Union, generating revenue of $2.1 billion. Cuba recorded 2,688,000 international tourists in 2011, the third-highest figure in the Caribbean (behind the Dominican Republic and Puerto Rico).
The Medical tourism sector caters to thousands of European, Latin American, Canadian, and American consumers every year. Allegations of widespread sex tourism are downplayed by the Cuban Justice minister. According to a Government of Canada travel advice website, “Cuba is actively working to prevent child sex tourism, and a number of tourists, including Canadians, have been convicted of offences related to the corruption of minors aged 16 and under. Prison sentences range from 7 to 25 years.”
Cuba is an archipelago of islands located in the northern Caribbean Sea at the confluence with the Gulf of Mexico and the Atlantic Ocean. It lies between latitudes 19° and 24°N, and longitudes 74° and 85°W. The United States lies 90 miles across the Straits of Florida to the north and northwest (to the closest tip of Key West, Florida), and the Bahamas to the north. Mexico lies 217 kilometers or 135 miles across the Yucatán Channel to the west (to the closest tip of Cabo Catoche in the State of Quintana Roo)
Haiti is to the east, Jamaica and the Cayman Islands to the south. Cuba is the principal island, surrounded by four smaller groups of islands: the Colorados Archipelago on the northwestern coast, the Sabana-Camagüey Archipelago on the north-central Atlantic coast, the Jardines de la Reina on the south-central coast and the Canarreos Archipelago on the southwestern coast.
The main island named Cuba is 1,250 km (780 mi) long, constituting most of the nation’s land area (104,556 km2 (40,369 sq mi)) and is the largest island in the Caribbean and 17th-largest island in the world by land area. The main island consists mostly of flat to rolling plains apart from the Sierra Maestra mountains in the southeast, whose highest point is Pico Turquino (1,974 m (6,476 ft)).
The second-largest island is Isla de la Juventud (Isle of Youth) in the Canarreos archipelago, with an area of 2,200 km2 (849 sq mi). Cuba has an official area (land area) of 109,884 km2 (42,426 sq mi). Its area is 110,860 km2 (42,803 sq mi) including coastal and territorial waters.
With most of the island south of the Tropic of Cancer, the local climate is tropical, moderated by northeasterly trade winds that blow year-round. The temperature is also shaped by the Caribbean current, which brings in warm water from the equator. This makes the climate of Cuba warmer than Hong Kong, which is at around the same latitude as Cuba, but has a subtropical climate instead of a tropical climate. In general (with local variations), there is a drier season from November to April, and a rainier season from May to October. The average temperature is 21 °C (69.8 °F) in January and 27 °C (80.6 °F) in July. The warm temperatures of the Caribbean Sea and the fact that Cuba sits across the entrance to the Gulf of Mexico combine to make the country prone to frequent hurricanes. These are most common in September and October.
Cuba signed the Rio Convention on Biological Diversity on 12 June 1992, and became a party to the convention on 8 March 1994. It has subsequently produced a National Biodiversity Strategy and Action Plan, with one revision which was received by the convention on 24 January 2008.
The revision comprises an action plan with time limits for each item, and an indication of the governmental body responsible for delivery. There is, however, virtually no information in that document about biodiversity itself. The country’s fourth national report to the CBD, however, contains a detailed breakdown of the numbers of species of each kingdom of life recorded from Cuba, the main groups being: animals (17,801 species), bacteria (270 species), chromista (707 species), fungi, including lichen-forming species (5844 species), plants (9107 species) and protozoa (1440 species).
As elsewhere in the world, vertebrate animals and flowering plants are well documented. The numbers recorded from Cuba for those groups are therefore likely to be close to the numbers which actually occur in Cuba. For most if not all of the other groups, however, the true numbers of species occurring in Cuba are likely to exceed, often considerably, the numbers of those recorded so far.
|Racial and Ethnic Composition in Cuba (2012 Census)|
According to the official census of 2010, Cuba’s population was 11,241,161, comprising 5,628,996 men and 5,612,165 women. Its birth rate (9.88 births per thousand population in 2006) is one of the lowest in the Western Hemisphere. Although the country has grown by around 4 million people since 1961, the rate of increase had simultaneously began to fall during that period, and the population began to decline in 2006, with a fertility rate of 1.43 children per woman.
Indeed, this drop in fertility is among the largest in the Western Hemisphere, and is attributed largely to unrestricted access to legal abortion: Cuba’s abortion rate was 58.6 per 1000 pregnancies in 1996, compared to an average of 35 in the Caribbean, 27 in Latin America overall, and 48 in Europe. Similarly, the use of contraceptives is also widespread, estimated at 79 percent of the female population (in the upper third of countries in the Western Hemisphere).
Cuba’s population is multiethnic, reflecting its complex colonial origins. Intermarriage between diverse groups is widespread, and subsequently there is a discrepancy regarding the country’s racial composition: whereas the Institute for Cuban and Cuban-American Studies at the University of Miami determined that 62 percent of Cubans are black, the 2002 Cuban census found that a similar proportion of the population, 65.05 percent, was white.
In fact, the Minority Rights Group International determined that “An objective assessment of the situation of Afro-Cubans remains problematic due to scant records and a paucity of systematic studies both pre- and post-revolution. Estimates of the percentage of people of African descent in the Cuban population vary enormously, ranging from 33.9 per cent to 62 per cent”.
Asians make up about one percent of the population, and are largely of Chinese ancestry, followed by Filipinos, Koreans and Vietnamese. Many are descendants of farm laborers brought to the island by Spanish and American contractors during the 19th and early 20th century. Afro-Cubans are descended primarily from the Yoruba people, as well as several thousand North African refugees, most notably the Sahrawi Arabs of Western Sahara.
Immigration and emigration
Immigration and emigration have played a prominent part in Cuba’s demographic profile. Between the 18th and early 20th century, large waves of Canarian, Catalan, Andalusian, Galician, and other Spanish people immigrated to Cuba. Between 1899 and 1930 alone, close to a million Spaniards entered the country, though many would eventually return to Spain. Other prominent immigrant groups included French, Portuguese, Italian, Russian, Dutch, Greek, British, and Irish, as well as small number of descendants of U.S. citizens who arrived in Cuba in the late 19th and early 20th centuries.
Post-revolution Cuba has been characterized by significant levels of emigration, which has led to a large and influential diaspora community. During the three decades since January 1959, more than one million Cubans of all social classes — constituting 10 percent of the total population —emigrated to the United States, a proportion that matches the extent of emigration to the U.S. from the Caribbean as a whole during that period. Other common destinations include Spain, the United Kingdom, Canada, Mexico, and Sweden, among others. Those who left the country typically did so by sea, in small boats and fragile rafts. Between 30,000 and 80,000 Cubans are estimated to have died trying to flee Cuba. On 9 September 1994, the U.S. and Cuban governments agreed that the U.S. would grant at least 20,000 visas annually in exchange for Cuba’s pledge to prevent further unlawful departures on boats.
In 2010, the religious affiliation of the country was estimated by the Pew Forum to be 59.2 percent Christian (mostly Roman Catholic), 23.0 percent unaffiliated, 17.4 percent folk religion (such as santería), and the remaining 0.4 percent consisting of other religions.
Roman Catholicism is the largest religion, with its origins rooted in Spanish colonization. Despite less than half of the population identifying as Catholics in 2006, it nonetheless remains the dominant faith.
The religious landscape of Cuba is also strongly defined by syncretisms of various kinds. Christianity is often practiced in tandem with Santería, a mixture of Catholicism and mostly African faiths, which include a number of cults. La Virgen de la Caridad del Cobre (the Virgin of Cobre) is the Catholic patroness of Cuba, and a symbol of Cuban culture. In Santería, she has been syncretized with the goddess Oshun.
Cuba also hosts small communities of Jews (500 in 2012), Muslims, and members of the Bahá’í Faith.
The official language of Cuba is Spanish and the vast majority of Cubans speak it. Spanish as spoken in Cuba is known as Cuban Spanish and is a form of Caribbean Spanish. Lucumi, a dialect of the West African language Yoruba, is also used as a liturgical language by practitioners of Santería, and so only as a second language. Haitian Creole is the second largest language in Cuba, and is spoken by Haitian immigrants and their descendants. Other languages spoken by immigrants include Galician and Corsican.
Cuban culture is influenced by its melting pot of cultures, primarily those of Spain and Africa. After the 1959 revolution, the government started a national literacy campaign, offered free education to all and established rigorous sports, ballet and music programs.
Due to historical associations with the United States, many Cubans participate in sports which are popular in North America, rather than sports traditionally promoted in other Spanish-speaking nations. Baseball is by far the most popular; other sports and pastimes include basketball,volleyball, cricket, and athletics. Cuba is a dominant force in amateur boxing, consistently achieving high medal tallies in major international competitions. Cuba also provides a national team that competes in the Olympic Games.
Internet in Cuba has some of the lowest penetration rates in the Western hemisphere, and all content is subject to review by the Department of Revolutionary Orientation. ETECSA operates 118 cybercafes in the country. The government of Cuba provides an online encyclopedia website called EcuRed that operates in a “wiki” format. Internet access is limited. The sale of computer equipment is strictly regulated. Internet access is controlled, and e-mail is closely monitored.
Cuban music is very rich and is the most commonly known expression of culture. The central form of this music is Son, which has been the basis of many other musical styles like salsa, rumba and mambo and an upbeat derivation of the rumba, the cha-cha-cha. Rumba music originated in early Afro-Cuban culture. The Tres was also invented in Cuba, but other traditional Cuban instruments are of African origin, Taíno origin, or both, such as the maracas, güiro, marimba and various wooden drums including the mayohuacan.
Popular Cuban music of all styles has been enjoyed and praised widely across the world. Cuban classical music, which includes music with strong African and European influences, and features symphonic works as well as music for soloists, has received international acclaim thanks to composers like Ernesto Lecuona. Havana was the heart of the rap scene in Cuba when it began in the 1990s.
During that time, reggaetón was growing in popularity. In 2011, the Cuban state denounced reggaeton as degenerate, directed reduced “low-profile” airplay of the genre (but did not ban it entirely) and banned the megahit Chupi Chupi by Osmani García, characterizing its description of sex as “the sort which a prostitute would carry out”. In December 2012, the Cuban government officially banned sexually explicit reggaeton songs and music videos from radio and television. Dance in Cuba has taken a major boost over the 1990s.
Cuban cuisine is a fusion of Spanish and Caribbean cuisines. Cuban recipes share spices and techniques with Spanish cooking, with some Caribbean influence in spice and flavor. Food rationing, which has been the norm in Cuba for the last four decades, restricts the common availability of these dishes. The traditional Cuban meal is not served in courses; all food items are served at the same time.
The typical meal could consist of plantains, black beans and rice, ropa vieja (shredded beef), Cuban bread, pork with onions, and tropical fruits. Black beans and rice, referred to as Moros y Cristianos (or moros for short), and plantains are staples of the Cuban diet. Many of the meat dishes are cooked slowly with light sauces. Garlic, cumin, oregano, and bay leaves are the dominant spices.
Cuban literature began to find its voice in the early 19th century. Dominant themes of independence and freedom were exemplified by José Martí, who led the Modernist movement in Cuban literature. Writers such as Nicolás Guillén and Jose Z. Tallet focused on literature as social protest. The poetry and novels of Dulce María Loynaz and José Lezama Lima have been influential. Romanticist Miguel Barnet, who wrote Everyone Dreamed of Cuba, reflects a more melancholy Cuba.
Writers such as Reinaldo Arenas, Guillermo Cabrera Infante, and more recently Daína Chaviano, Pedro Juan Gutiérrez, Zoé Valdés, Guillermo Rosales and Leonardo Padura have earned international recognition in the post-revolutionary era, though many of these writers have felt compelled to continue their work in exile due to ideological control of media by the Cuban authorities.
The University of Havana was founded in 1728 and there are a number of other well-established colleges and universities. In 1957, just before Castro came to power, the literacy rate was fourth in the region at almost 80% according to the United Nations, higher than in Spain.Castro created an entirely state-operated system and banned private institutions. School attendance is compulsory from ages six to the end of basic secondary education (normally at age 15), and all students, regardless of age or gender, wear school uniforms with the color denoting grade level. Primary education lasts for six years, secondary education is divided into basic and pre-university education. Cuba’s literacy rate of 99.8 percent is the tenth-highest globally, due largely to the provision of free education at every level.
Higher education is provided by universities, higher institutes, higher pedagogical institutes, and higher polytechnic institutes. The Cuban Ministry of Higher Education operates a scheme of distance education which provides regular afternoon and evening courses in rural areas for agricultural workers. Education has a strong political and ideological emphasis, and students progressing to higher education are expected to have a commitment to the goals of Cuba. Cuba has provided state subsidized education to a limited number of foreign nationals at the Latin American School of Medicine.
According to the Webometrics Ranking of World Universities, the top-ranking universities in the country are Universidad de la Habana (1544th worldwide), Instituto Superior Politécnico José Antonio Echeverría (2603rd) and the Universidad Central Marta Abreu de la Villas (2947th).
As a result of its universal health care system, its life expectancy at birth is 78 years. The quality of public healthcare offered to citizens is regarded as the “greatest triumph” of Cuba’s socialist system. Historically, Cuba has ranked high in numbers of medical personnel and has made significant contributions to world health since the 19th century. Today, Cuba has universal health care and although shortages of medical supplies persist, there is no shortage of medical personnel. Primary care is available throughout the island and infant and maternal mortality rates compare favorably with those in developed nations.
Post-Revolution Cuba initially experienced an overall worsening in terms of disease and infant mortality rates in the 1960s when half its 6,000 doctors left the country. Recovery occurred by the 1980s, and the country’s healthcare has been widely praised. The Communist government asserted that universal health care was to become a priority of state planning and progress was made in rural areas. Like the rest of the Cuban economy, Cuban medical care suffered from severe material shortages following the end of Soviet subsidies in 1991, followed by a tightening of the U.S. embargo in 1992.
Challenges include low pay of doctors (only $15 a month), poor facilities, poor provision of equipment, and frequent absence of essential drugs. Cuba has the highest doctor-to-population ratio in the world and has sent thousands of doctors to more than 40 countries around the world.
According to the UN, the life expectancy in Cuba is 78.3 years (76.2 for males and 80.4 for females). This ranks Cuba 37th in the world and 3rd in the Americas, behind only Canada and Chile, and just ahead of the United States. Infant mortality in Cuba declined from 32 infant deaths per 1,000 live births in 1957, to 10 in 1990–95. Infant mortality in 2000–2005 was 6.1 per 1,000 live births. Its infant mortality rate is 5.13.
In Cuba, there is a need to import certain pharmaceutical drugs. Therefore, the Quimefa Pharmaceutical Business Group was developed under The Ministry of Basic Industry (MINBAS) called, “FARMACUBA.” This group also handles the exporting of pharmaceuticals, and provide technical information for the production of these drugs.
- Outline of Cuba
- Index of Cuba-related articles
- Greater Antilles
- International rankings of Cuba
- List of Well Known/Famous Cubans
- List of island countries
- List of places in Cuba
- Television Serrana
- Jump up^ “Cuban Peso Bills”. Central Bank of Cuba. Retrieved 2009-09-07.
- Jump up^ “National symbols”. Government of Cuba. Retrieved 2009-09-07.
- Jump up^ “Cuba’s Raul Castro to retire in five years”. Aljazeera.com. Retrieved 2013-07-19.
- Jump up^ “Anuario Estadístico de Cuba 2010”. Oficina Nacional de Estadísticas. Retrieved 2013-07-19.
- Jump up^ “3.1 Población residente por sexo, tasa anual de crecimiento y relación de masculinidad”. Anuario Estadístico de Cuba. Oficina Nacional de Estadísticas. Retrieved 21 July 2013.
- ^ Jump up to:a b c d e f “Cuba”. The World Factbook. CIA. Retrieved 2009-04-06.
- Jump up^ 
- Jump up^ “Cuba grapples with growing inequality”. Reuters. Retrieved 21 July 2013.
- Jump up^ “Human development statistical annex”. United Nations Development Programme. Retrieved 2013-07-19.
- Jump up^ “Cuba profile: Facts”. BBC News. Retrieved 26 March 2013.
- Jump up^ Thomas 1998, p. ?.
- Jump up^ Thomas 1997, p. ?.
- Jump up^ “Remarks of Senator John F. Kennedy at Democratic Dinner, Cincinnati, Ohio”. John F. Kennedy Presidential Library & Museum – Jfklibrary.org. 1960-10-06. Retrieved 2010-11-07.
- ^ Jump up to:a b c d e Horowitz 1988, p. 662
- ^ Jump up to:a b Thomas 1998, p. 1173.
- Jump up^ “Living Planet Report 2006”. World Wide Fund for Nature, Zoological Society of London,Global Footprint Network. 24 October 2006. p. 19. Retrieved 18 August 2012.
- Jump up^ World failing on sustainable development
- Jump up^ The Dictionary of the Taino Language (plate 8) Alfred Carrada
- Jump up^ Dictionary – Taino indigenous peoples of the Caribbean Dictionary —
- Jump up^ Augusto Mascarenhas Barreto: O Português. Cristóvão Colombo Agente Secreto do Rei Dom João II. Ed. Referendo, Lissabon 1988. English: The Portuguese Columbus: secret agent of King John II, Palgrave Macmillan,ISBN 0-333-56315-8
- Jump up^ da Silva, Manuel L. and Silvia Jorge da Silva. (2008).Christopher Columbus was Portuguese, Express Printing, Fall River, MA. 396pp. ISBN 978-1-60702-824-6.
- Jump up^ Ramón Dacal Moure, Manuel Rivero de la Calle (1996). Art and archaeology of pre-Columbian Cuba. University of Pittsburgh Press. p. 22. ISBN 0-8229-3955-X.
- Jump up^ “Taino Name for the Islands”. Indio.net. Retrieved 2010-11-07.
- Jump up^ Ted Henken (2008). Cuba: a global studies handbook. ABC-CLIO. p. 30. ISBN 978-1-85109-984-9.(gives the landing date in Cuba as October 27)
- Jump up^ Cuba Oficina Del Censo (2009). Cuba: Population, History and Resources 1907. BiblioBazaar, LLC. p. 28. ISBN 978-1-110-28818-2.(gives the landing date in Cuba as October 28)
- Jump up^ Gott 2004, p. 13
- Jump up^ Andrea, Alfred J.; Overfield, James H. (2005). “Letter by Christopher Columbus concerning recently discovered islands”. The Human Record 1. Houghton Mifflin Company. p. 8. ISBN 0-618-37040-4.
- Jump up^ “Encomienda or Slavery? The Spanish Crown’s Choice of Labor Organization in Sixteenth-Century Spanish America” (PDF). Latin American Studies. Retrieved 2013-07-19.
- Jump up^ McAlister 1984, p. 164
- Jump up^ Diamond, Jared M. (1998). Guns, Germs, and Steel: The Fates of Human Societies. New York, NY: W.W. Norton & Co. ISBN 0-393-03891-2.
- Jump up^ Byrne, Joseph Patrick (2008). Encyclopedia of Pestilence, Pandemics, and Plagues: A-M. ABC-CLIO. p. 413. ISBN 0-313-34102-8.
- Jump up^ J. N. Hays (2005). “Epidemics and pandemics: their impacts on human history“. p.82. ISBN 1-85109-658-2
- Jump up^ Wright 1916, p. 183.
- Jump up^ Wright 1916, p. 229.
- Jump up^ Wright 1916, p. 246.
- Jump up^ Scheina 2003, p. 352.
- Jump up^ Childs, Matt D. (2006). The 1813 Aponte Rebellion in Cuba and the struggle against Atlantic Slavery. The University of North Carolina Press. p. 320 pages. ISBN 0-8078-5772-6.
- Jump up^ Chomsky, Carr & Smorkaloff 2004, pp. 115–7.
- Jump up^ Westad 2012, pp. 227–8
- Jump up^ “Historia de las Guerras de Liberación de Cuba”.
- Jump up^ “The Little War (La Guerra Chiquita)”.
- Jump up^ Scott 2000, p. 3
- Jump up^ Chomsky, Carr & Smorkaloff 2004, pp. 37–8.
- ^ Jump up to:a b c d Stanley Sandler, ed. (2002). Ground warfare: an international encyclopedia. Part 25, Volume 1. ABC-CLIO. p. 549. ISBN 1-57607-344-0. Retrieved 2009-09-06.
- ^ Jump up to:a b David Arias (2005). Spanish-americans: Lives And Faces. Victoria, BC, Canada: Trafford Publishing. p. 171. ISBN 1-4120-4717-X. Retrieved 2009-09-06.
- Jump up^ Robert K. Home (1997). Of Planting and Planning: The Making of British Colonial Cities. Chapman and Hall. p. 195.ISBN 0-419-20230-7. Retrieved 2009-09-06.
- Jump up^ The Spanish-American War. “Cuban Reconcentration Policy and its Effects”. Retrieved 2007-01-29.
- Jump up^ Morison, Samuel Loring; Morison, Samuel Eliot; Polmar, Norman (2003). The American Battleship. St. Paul, Minn.: MBI Publishing Company. p. 18. ISBN 0-7603-0989-2. Retrieved 2009-09-15.
- Jump up^ Falk 1988, p. 64.
- Jump up^ “Treaty of Peace Between the United States and Spain”. The Avalon Project. Yale Law School. December 10, 1898.
- Jump up^ Louis A. Pérez (1998). Cuba Between Empires: 1878–1902. University of Pittsburgh Pre. p. xv. ISBN 978-0-8229-7197-9. Retrieved 2013-07-19.
- Jump up^ Diaz-Briquets, Sergio; Jorge F Pérez-López (2006).Corruption in Cuba: Castro and Beyond. Austin: University of Texas Press. p. 63. ISBN 0-292-71321-5. Retrieved 2009-09-06.
- Jump up^ Thomas 1998, pp. 283–7.
- Jump up^ Benjamin Beede, ed. (1994). The War of 1898, and U.S. interventions, 1898–1934: an encyclopedia. New York: Garland. p. 134. ISBN 0-8240-5624-8. Retrieved 2009-09-06.
- ^ Jump up to:a b c Terry K Sanderlin, Ed D (2012-04-24). The Last American Rebel in Cuba. AuthorHouse. p. 7. ISBN 978-1-4685-9430-0. Retrieved 2013-07-19.
- ^ Jump up to:a b c Wilber Albert Chaffee; Gary Prevost (1992). Cuba: A Different America. Rowman & Littlefield. p. 4.ISBN 978-0-8476-7694-1. Retrieved 2013-07-19.
- Jump up^ Argote-Freyre, Frank (2006). Fulgencio Batista 1. New Brunswick, N.J.: Rutgers University Press. p. 50. ISBN 0-8135-3701-0.
- ^ Jump up to:a b Jones, Melanie (2001). Jacqueline West, ed. South America, Central America and the Caribbean 2002. Routledge. p. 303. ISBN 978-1-85743-121-6. Retrieved 2013-07-19.
- ^ Jump up to:a b Jaime Suchlicki (2002). Cuba: From Columbus to Castro and Beyond. Potomac Books, Inc. p. 95.ISBN 978-1-57488-436-4. Retrieved 19 July 2013.
- Jump up^ Domínguez 1978, p. 76
- Jump up^ Domínguez 1978, p. ?.
- ^ Jump up to:a b c Frank R. Villafana (2011-12-31). Expansionism: Its Effects on Cuba’s Independence. Transaction Publishers. p. 201. ISBN 978-1-4128-4656-1. Retrieved 2013-07-19.
- ^ Jump up to:a b c Bethell, Leslie (1993). Cuba. Cambridge University Press. ISBN 978-0-521-43682-3.
- Jump up^ Sweig 2004, p. 4
- Jump up^ Sweig 2004, p. ?.
- Jump up^ “Batista’s Boot”. TIME. 18 January 1943. Retrieved 20 April 2013.
- Jump up^ Domínguez 1978, p. 101
- Jump up^ Domínguez 1978, pp. 110–1
- Jump up^ Alvarez 2004.
- ^ Jump up to:a b Maureen Ihrie; Salvador Oropesa (2011-10-31). World Literature in Spanish: An Encyclopedia: An Encyclopedia. ABC-CLIO. p. 262.ISBN 978-0-313-08083-8. Retrieved 2013-07-19.
- Jump up^ Sweig 2004, p. 6
- Jump up^ Paul H. Lewis (2006). Authoritarian Regimes in Latin America. Oxford, UK: Rowman & Littlefield. p. 186. ISBN 0-7425-3739-0. Retrieved 2009-09-14.
- ^ Jump up to:a b c Smith & Llorens 1998.
- Jump up^ Baklanoff 1998.
- ^ Jump up to:a b c Aviva Chomsky (2010-11-23). A History of the Cuban Revolution. John Wiley & Sons. pp. 37–38. ISBN 978-1-4443-2956-8. Retrieved 2013-07-19.
- Jump up^ Falk 1988, p. 67.
- Jump up^ Ros (2006) pp. 159–201.
- Jump up^ “Anti-Cuba Bandits: terrorism in past tense”.
- Jump up^ “Background Note: Cuba”. State.gov. 2012-06-21. Retrieved 2013-07-19.
- Jump up^ “Cuba or the Pursuit of Freedom Hugh Thomas”. Longitudebooks.com. Retrieved 2013-07-19.
- ^ Jump up to:a b R.J. Rummel. “Power Kills”. University of Hawaii. Retrieved 2013-07-19.
- Jump up^ Black Book of Communism. p. 664.
- ^ Jump up to:a b c d Stephen G. Rabe (1988). Eisenhower and Latin America: The Foreign Policy of Anticommunism. UNC Press Books. pp. 123–125. ISBN 978-0-8078-4204-1. Retrieved 2013-07-19.
- Jump up^ “This Day in History — 7/9/1960”. History.com. Retrieved 19 July 2013.
- ^ Jump up to:a b Richard A. Crooker (2005). Cuba. Infobase Publishing. pp. 43–44.ISBN 978-1-4381-0497-3. Retrieved 2013-07-19.
- ^ Jump up to:a b c “Case Studies in Sanctions and Terrorism: Case 60-3, US v. Cuba”. Peterson Institute for International Economics. Retrieved 2013-07-19.
- Jump up^ Faria, Miguel A. Cuba in Revolution – Escape From a Lost Paradise, 2002, Hacienda Publishing, Inc., Macon, Georgia, pp. 163–228
- Jump up^ Domínguez 1989, p. ?.
- ^ Jump up to:a b Bethell, Leslie. The Cambridge History of Latin America. ISBN 0-521-62327-8.
- ^ Jump up to:a b “Health consequences of Cuba’s Special Period”. CMAJ : Canadian Medical Association (Canadian Medical Association Journal) 179 (3): 257. 2008.doi:10.1503/cmaj.1080068. PMC 2474886.PMID 18663207.
- Jump up^ “Cuba’s Food & Agriculture Situation Report”.
- Jump up^ Carl Gershman and Orlando Gutierrez. “Can Cuba Change?”. Journal of Democracy January 2009 20 (1).
- Jump up^ Carlos Lauria, Monica Campbell, and María Salazar (March 18, 2008). “Cuba’s Long Black Spring”. The Committee to Protect Journalists.
- Jump up^ “Cuba – No surrender by independent journalists, five years on from “black spring””. Reporters Without Borders. March 2008.
- Jump up^ “Castro resigns as Cuban president: official media”. Agence France-Presse. 2008-02-19. Retrieved 2008-02-19.
- Jump up^ “Raul Castro named Cuban president”. BBC News. 2008-02-24. Retrieved 2008-02-24.
- Jump up^ “Byte by byte”. The Economist. 2008-03-19. Retrieved 2008-04-04.
- Jump up^ “Raúl Castro replaces top Cuban officials”. The Guardian (London). 2 March 2009. Retrieved 2009-09-15.
- Jump up^ “China View 2009-06-04: OAS plenary votes to end Cuba’s exclusion”. News.xinhuanet.com. 2009-06-04. Retrieved 2013-07-19.
- Jump up^ “China View 2009-06-04: Cuba’s Fidel Castro calls OAS a “U.S. Trojan horse””. News.xinhuanet.com. 2009-06-04. Retrieved 2013-07-19.
- ^ Jump up to:a b c d e f g “The Constitution of the Republic of Cuba, 1976 (as Amended to 2002)”. National Assembly of People’s Power. Retrieved 18 August 2012.
For discussion of the 1992 amendments, see Domínguez 2003.
- Jump up^ “Country profile: Cuba”. BBC News. 20 August 2009. Retrieved 2009-09-07.
- Jump up^ Cuba: Elections and Events 1991–2001 Latin American Election Statistics Home
- ^ Jump up to:a b Fernando Ravsberg (8 January 2014). “Cuba’s First Transsexual Politician”. Havana Times. Retrieved 9 January 2014.
- Jump up^ “Information about human rights in Cuba” (in español). Comision Interamericana de Derechos Humanos. April 7, 1967. Retrieved 2006-07-09.
- Jump up^ Bureau of Public Affairs (25 March 2010). “Cuba”. United States Department of State. Retrieved 1 April 2011.
- ^ Jump up to:a b “Cuba”. Human Rights Watch. 2006.
- Jump up^ “EU-Cuba relations”. European Communities. 2003-09-04. Retrieved 2009-09-06.
- Jump up^ “Cuban Democracy Act”. U.S. Department of State. 1992. Retrieved 2009-09-06.
- Jump up^ “CPJ’s 2008 prison census: Online and in jail”. Committee to Protect Journalists.
- Jump up^ Human Rights Watch (2008). World Report 2008: Events of 2007. Seven Stories Press. p. 207. ISBN 978-1-58322-774-9.
- ^ Jump up to:a b c “Internet in Cuba”.Reporters Without Borders.
- Jump up^ “Going online in Cuba: Internet under surveillance”. Reporters Without Borders. 2006.
- ^ Jump up to:a b “Cuba’s Repressive Machinery – V. General Prison Conditions”. Human Rights Watch. Retrieved 2013-03-29.
- Jump up^ Hoge, Warren (3 February 2006). “Human Rights Council is now on UN agenda”. nytimes.com. Retrieved 15 April 2013.
- Jump up^ Gleijeses 1996, pp. 159, 161: “Cuba’s relationship with Algeria in 1961–5 … clashes with the image of Cuban foreign policy—cynical ploys of a [Soviet] client state—that prevails not only in the United States but also in many European capitals. … The aid Cuba gave Algeria in 1961–2 had nothing to do with the East-West conflict. Its roots predate Castro’s victory in 1959 and lie in the Cubans’ widespread identification with the struggle of the Algerian people.”
- Jump up^ Gleijeses 2010, p. 327: “The dispatch of 36,000 Cuban soldiers to Angola between November 1975 and April 1976 stunned the world; … by 1988, there were 55,000 Cuban soldiers in Angola.”
- Jump up^ Gleijeses 2002, p. 392: “After Angola, Cuba’s largest military intervention was in Ethiopia, where in 1978 16,000 Cuban troops helped repulse the invading Somali army.”
- Jump up^ Tareke 2009, pp. 62–3. Tareke refers here to the training given to 10 members of the Eritrean Liberation Frontin 1968 during the Eritrean struggle for independence.
- Jump up^ Gleijeses 1997, p. 50: “On 14–16 October 1960, [Guinean president Ahmed Sékou] Touré went to Havana. It was the first visit of an African chief of state to Cuba. The following year Cuba’s foreign aid programme to Third World governments began when fifteen students from Guinea arrived in Havana to attend the university or technical institutes.”
- Jump up^ Gleijeses 1997, p. 45: “Joining the rebellion in 1966, and remaining through the war’s end in 1974, this was the longest Cuban intervention in Africa before the despatch of troops to Angola in November 1975. It was also the most successful. As the Guinean paper Nõ Pintcha declared, ‘The Cubans’ solidarity was decisive for our struggle'”.
- Jump up^ Gleijeses 2002, p. 227. The Cuban contribution to the independence of Mozambique was not very important.
- Jump up^ Ramazani 1975, p. 91.
- Jump up^ Domínguez 1989, p. 6: “Cuba is a small country, but it has the foreign policy of a big power.”
- Jump up^ Feinsilver 1989, p. 2: “Cuba has projected disproportionately greater power and influence through military might … through economic largesse … as a mediator in regional conflicts, and as a forceful and persuasive advocate of Third World interests in international forums. Cuba’s scientific achievements, while limited, are also being shared with other Third World countries, thereby furthering Cuban influence and prestige abroad.”
- Jump up^ “AP 1950 Invasion Wiped Out Says Trujillo”. Waterloo, Iowa: Waterloo Daily Courier. 1959-06-24. p. 7.
- Jump up^ “Resistencia 1916–1966”. museodelaresistencia.org. Retrieved 24 April 2013.
- Jump up^ Hirst, Joel D. (2 December 2010). “The Bolivarian Alliance of the Americas”. cfr.org. Retrieved 24 April 2013.
- Jump up^ Millman, Joel (15 January 2011). “New Prize in Cold War: Cuban Doctors”. wsj.com. Retrieved 24 April 2013.
- Jump up^ Arsenault, Chris (31 December 2012). “Cuban doctors prescribe hope in Venezuela”. aljazeera.com. Retrieved 24 April 2013.
As the article discusses, the oil-for-doctors programme has not been welcomed uncritically in Venezuela. The initial impetus for Cuban doctors’ going to Venezuela was a Chavez-government welfare project called Misión Barrio Adentro (Albornoz 2006).
- Jump up^ Roy 2008.
Roy’s study was described as “systematic and fair” by Jorge Domínguez—see Domínguez, Jorge I. (2001). “Reviews:Cuba, the United States, and the Helms-Burton Doctrine: International Reactions by Joaquín Roy”. Journal of Latin American Studies 33 (4): 888–890. JSTOR 3653779.
- Jump up^ “Joint declarations concerning areas and modalities provisionally identified for cooperation”. European Commission. 2008-11-26. Retrieved 2009-09-06.
- Jump up^ “Obama Says U.S., Cuba Taking Critical Steps Toward a New Day”. Bureau of International Information Programs, U.S. Department of State. 2009-04-21. Retrieved 2009-09-06.
- Jump up^ “U.S. Administration Announcement on U.S. Policy Toward Cuba”. Bureau of International Information Programs, U.S. Department of State. 2009-04-13. Retrieved 2009-09-06.
- Jump up^ “Emergency Phone Numbers”. Whatlatinamerica.com. Retrieved 2013-06-10.
- Jump up^ “The SIPRI Military Expenditure Database”. Stockholm International Peace Research Institute. Retrieved 19 July 2013.
- Jump up^ Williams, John Hoyt (1988-08-01). “Cuba: Havana’s Military Machine”. The Atlantic. Retrieved 19 July 2013.
- Jump up^ “Cuban armed forces and the Soviet military presence”.
- Jump up^ Cuban army called key in any post-Castro scenario Anthony Boadle Reuters 2006
- Jump up^ “Social Policy at the crossroads” (PDF). oxfamamerica.org. Retrieved 2009-02-05.
- Jump up^ “Cuba’s repressive machinery: Summary and recommendations”. Human Rights Watch. 1999.
- ^ Jump up to:a b “Cuba’s economy: Money starts to talk”. The Economist. 20 July 2013. Retrieved 19 July 2013.
- Jump up^ “Inequality: The deal’s off”. The Economist. 2012-03-24. Retrieved 21 July 2013.
- Jump up^ “The power of community”. Youtube.com. 2011-06-19. Retrieved 2013-07-19.
- Jump up^ “The Power of Community: How Cuba Survived Peak Oil Documentary”. Powerofcommunity.org. Retrieved 2013-07-19.
- Jump up^ “Cuban leader looks to boost food production”. CNN. 17 April 2008. Retrieved 2009-09-14.
- Jump up^ “Venezuela’s Maduro pledges continued alliance with Cuba”. Reuters. Retrieved 19 July 2013.
- Jump up^ “Cuba Ill-Prepared for Venezuelan Shock”. Association for the Study of the Cuban Economy. Retrieved 23 July 2013.
- Jump up^ “Rank Order Exports”. The World Factbook. CIA. June 29, 2006. Retrieved 2006-07-09.
- Jump up^ Calzon, Frank (13 March 2005). “Cuba makes poor trade partner for Louisiana”. Center for a Free Cuba. Retrieved 2009-09-07.
- Jump up^ “Rank Order – GDP (purchasing power parity)”. CIA Fact Book. Retrieved 2006-07-09.
- ^ Jump up to:a b David Einhorn (31 March 2006). “Catholic church in Cuba strives to re-establish the faith”. National Catholic Reporter. Retrieved 2009-09-07.
- Jump up^ “Cuba’s Sugar Industry and the Impact of Hurricane Michele”. International Agricultural Trade Report. 6 December 2001. Retrieved 2006-07-09.
- Jump up^ “Gobierno de Castro otorga a cubanos permiso para construir viviendas “por esfuerzo propio” en”. Noticias24.com. Retrieved 2010-11-07.
- Jump up^ Cave, Damien (2011-08-02). “Cuba Prepares for Private Property”. The New York Times.
- Jump up^ “Cuba National Assembly approves economic reforms”.BBC News. August 2, 2011.
- Jump up^ “Cuba to Open Solar Power Plant – Cuba’s Havana Times.org”. Havanatimes.org. 2012-08-09. Retrieved 2013-06-10.
- Jump up^ “Cuba to scrap two-currency system in latest reform”.BBC News. 22 October 2013. Retrieved 24 October 2013.
- Jump up^ “World Competitiveness Map”. International Trade Center. Retrieved 2013-11-09.
- ^ Jump up to:a b “Nickel”. United States Geological Survey. Retrieved 2013-11-09.
- Jump up^ Ivette E. Torres (1997). “The Mineral Industry of Cuba”. U.S. Geological Survey. Retrieved 2009-09-06.
- Jump up^ Wayne S. Smith (1 November 2006). “After 46 years of failure, we must change course on Cuba”. The Guardian (London). Retrieved 2009-09-06.
- Jump up^ Espino 2000.
- Jump up^ Corbett 2002, p. 33.
- Jump up^ Facio, Elisa; Maura Toro-Morn, and Anne R. Roschelle (Spring 2004). “Tourism in Cuba During the Special Period”. Transnational Law & Contemporary Problems(University of Iowa College of Law) 14: 119.
- Jump up^ Crespo & Negrón Díaz 1997.
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