Well I guess not, but a statement like “the company engaged in ‘old-fashioned embezzlement’” seems like a little more colored than a vanilla reporting of the findings. This seems like more of a prosecutorial statement.

I guess these bankruptcy “CEOs” are essentially agents of the Justice Dept/govt in any case, though? In that light these sorts of statements make more sense.

It's not real "old-fashioned" embezzlement without some good rye whiskey

He was countering the argument that it was sophsticated like Enron: they didnt cook the books to appear healthy, they just took money from the company accounts to buy houses, with no records.

Zero sophistication, plain old emblezzlement.