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Enron And Beyond
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Author :United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations Publisher : ISBN 13 : Total Pages :136 pages Book Rating :4.:/5 (327 download)
Book Synopsis Enron and beyond by : United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations
Download or read book Enron and beyond written by United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations and published by . This book was released on 2002 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis "Enron And Beyond: Legislative Solutions"... Hearing... Serial No. 107-49... Committee On Education & The Workforce, House Of Representatives... 107th Congress, 2nd Session by :
Download or read book "Enron And Beyond: Legislative Solutions"... Hearing... Serial No. 107-49... Committee On Education & The Workforce, House Of Representatives... 107th Congress, 2nd Session written by and published by . This book was released on 2003 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Following the Money by : George Benston
Download or read book Following the Money written by George Benston and published by Brookings Institution Press. This book was released on 2004-05-13 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and American Enterprise Institute publication A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom—as well as the discovery of accounting irregularities at other large U.S. companies—seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms—watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding—tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
Book Synopsis Enron and World Finance by : P. Dembinski
Download or read book Enron and World Finance written by P. Dembinski and published by Springer. This book was released on 2005-12-16 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four years after the debacle, the term 'Enron' has earned its place in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. Even fewer are those able to envision, beyond the business case, the ethical questions and dilemmas facing actors at any one stage of the drama. Using the collapse of Enron as a case study, this book not only shows how and where ethics came into play, but also draws lessons and discusses possible remedies that may prevent the whole financial system from falling apart as a result of either excessive greed or over-regulation.
Book Synopsis What Went Wrong at Enron by : Peter C. Fusaro
Download or read book What Went Wrong at Enron written by Peter C. Fusaro and published by John Wiley & Sons. This book was released on 2002-10-01 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: An easy answer guide to the difficult questions surrounding Enron What Went Wrong at Enron explains the critical steps, transactions, and events that led to the demise of a company that was once considered one of the most innovative corporations in the United States. Energy risk management expert Peter Fusaro gets inside Enron and provides a coherent account of the who, why, where, and when of this corporate debacle, without sacrificing the complexity of what has happened. Enron has been front-page news for months, but confusion still remains about what actually happened. What Went Wrong at Enron is written for readers who find themselves wondering what exactly is an energy trading company, what was the sequence of events that caused the largest corporate bankruptcy in U.S. history, and what does this all mean for me.
Download or read book Power Failure written by Mimi Swartz and published by Currency. This book was released on 2004-03-09 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: “They’re still trying to hide the weenie,” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas, 2001. . . It quoted [CFO] Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment. “Don’t assume that there is a smoking gun.” Sherron knew Enron well enough to know that the company was in extreme spin mode… Power Failure is the electrifying behind-the-scenes story of the collapse of Enron, the high-flying gas and energy company touted as the poster child of the New Economy that, in its hubris, had aspired to be “The World’s Leading Company,” and had briefly been the seventh largest corporation in America. Written by prizewinning journalist Mimi Swartz, and substantially based on the never-before-published revelations of former Enron vice-president Sherron Watkins, as well as hundreds of other interviews, Power Failure shows the human face beyond the greed, arrogance, and raw ambition that fueled the company’s meteoric rise in the late 1990s. At the dawn of the new century, Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines, and Enron’s money oiled the political machinery behind George W. Bush’s election campaign. But as Wall Street analysts sang Enron’s praises, and its stock spiraled dizzyingly into the stratosphere, the company’s leaders were madly scrambling to manufacture illusory profits, hide its ballooning debt, and bully Wall Street into buying its fictional accounting and off-balance-sheet investment vehicles. The story of Enron’s fall is a morality tale writ large, performed on a stage with an unforgettable array of props and side plots, from parking lots overflowing with Boxsters and BMWs to hot-house office affairs and executive tantrums. Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are: CEO Ken Lay, Enron’s “outside face,” who was more interested in playing diplomat and paving the road to a political career than in managing Enron’s high-testosterone, anything-goes culture; Jeff Skilling, the mastermind behind Enron’s mercenary trading culture, who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark, the savvy and seductive head of Enron’s international division, who was Skilling’s sole rival to take over the company; and Andy Fastow, whose childish pranks early in his career gave way to something far more destructive. Desperate to be a player in Enron’s deal-making, trader-oriented culture, Fastow transformed Enron’s finance department into a “profit center,” creating a honeycomb of financial entities to bolster Enron’s “profits,” while diverting tens of millions of dollars into his own pockets An unprecedented chronicle of Enron’s shocking collapse, Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times.
Book Synopsis Innovation Corrupted by : Malcolm S. Salter
Download or read book Innovation Corrupted written by Malcolm S. Salter and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a brief historical overview of Enron's rise and fall and summarizes what the authors currently know about (1) the evolution of Enron's business model, (2) those organizational processes relied upon by senior Enron officials to drive and monitor the business, (3) emergent behavior related to the structuring, management, and valuation of major partnerships, and (4)oversight provided by Enron's management and board of directors. It concludes by posing the question of how Enron's story as anew, post-deregulation corporate model could have escaped critical analysis by the financial community, the business press, and other observers for so long. As such, this paper is an exercise in description, not interpretation. Since many of the facts about Enron's rise and fall have yet to be determined and agreed upon, this description must be considered tentative and incomplete. Nevertheless, the broad contours of the Enron story presented in this paper provide a sufficient basis for developing initial hypotheses about what might have caused such a swift and ignominious fall and what business and public policies might best protect employees, shareholders, and other relevant parties in the future from the kind of injuries experienced in Enron's swift decline into bankruptcy.
Author :United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations Publisher : ISBN 13 : Total Pages :68 pages Book Rating :4.:/5 (318 download)
Book Synopsis The Role of the Board of Directors in Enron's Collapse by : United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
Download or read book The Role of the Board of Directors in Enron's Collapse written by United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 2002 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Companies Lie by : Larry Elliott
Download or read book How Companies Lie written by Larry Elliott and published by Crown Currency. This book was released on 2002-06-25 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: The questions investors need to ask . . . The answers corporate America must give about the true facts of corporate performance and value. During the 2001 baseball season, when games were played at Enron Field in Houston, a typical reaction was: “What the hell is Enron and what do they do?” Now we know more about the executives and inner workings of today’s best-known rogue company than we ever imagined. But it turns out that Enron is just the most egregious case of a disturbing trend and the seemingly unstoppable tendency of some capitalists to destroy capitalism. Something like 50 percent of American households directly support the markets by investing in stocks and mutual funds. But some of the people entrusted with the responsibility for maintaining and managing the corporation—senior executives, boards of directors, auditing firms—have become engaged in what can only be called economic terrorism. Enron, Sunbeam, Global Crossing, and Waste Management are but the tip of the iceberg. Luckily, there are ways for investors to spot corporate smoke and mirrors and challenge the players. Larry Elliott and Richard Schroth show investors the questions that need to be asked to get a handle on the performance reality of companies. The corporate world, in turn, needs a return to reality and authenticity in business operations, finance, accounting, and deal making. This need for performance reality is not an issue confined to a few companies who engage in unethical and illegal behavior. The technological pace of change, along with increasingly complicated business transactions, makes global markets more and more complex. The assumption, however, has always been that we have the management competence and rigor to ensure shareholder value. Enron is definitive proof that the way companies are run—the gap between what they say is reality and what is really the case—is frightening. And this gap has severe implications for millions of people who are employees of and investors in these companies. Using Enron as the touchstone, Larry Elliott and Richard Schroth show investors how to think about and measure the candor of corporations, the Wall Street players, and their supporters.
Book Synopsis Final Accounting by : Barbara Ley Toffler
Download or read book Final Accounting written by Barbara Ley Toffler and published by Currency. This book was released on 2004-04-13 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A withering exposé of the unethical practices that triggered the indictment and collapse of the legendary accounting firm. Arthur Andersen's conviction on obstruction of justice charges related to the Enron debacle spelled the abrupt end of the 88-year-old accounting firm. Until recently, the venerable firm had been regarded as the accounting profession's conscience. In Final Accounting, Barbara Ley Toffler, former Andersen partner-in-charge of Andersen's Ethics & Responsible Business Practices consulting services, reveals that the symptoms of Andersen's fatal disease were evident long before Enron. Drawing on her expertise as a social scientist and her experience as an Andersen insider, Toffler chronicles how a culture of arrogance and greed infected her company and led to enormous lapses in judgment among her peers. Final Accounting exposes the slow deterioration of values that led not only to Enron but also to the earlier financial scandals of other Andersen clients, including Sunbeam and Waste Management, and illustrates the practices that paved the way for the accounting fiascos at WorldCom and other major companies. Chronicling the inner workings of Andersen at the height of its success, Toffler reveals "the making of an Android," the peculiar process of employee indoctrination into the Andersen culture; how Androids—both accountants and consultants--lived the mantra "keep the client happy"; and how internal infighting and "billing your brains out" rather than quality work became the all-important goals. Toffler was in a position to know when something was wrong. In her earlier role as ethics consultant, she worked with over 60 major companies and was an internationally renowned expert at spotting and correcting ethical lapses. Toffler traces the roots of Andersen's ethical missteps, and shows the gradual decay of a once-proud culture. Uniquely qualified to discuss the personalities and principles behind one of the greatest shake-ups in United States history, Toffler delivers a chilling report with important ramifications for CEOs and individual investors alike.
Author :United States. Congress. Senate. Committee on Governmental Affairs Publisher : ISBN 13 : Total Pages :108 pages Book Rating :4.:/5 (318 download)
Book Synopsis Financial Oversight of Enron by : United States. Congress. Senate. Committee on Governmental Affairs
Download or read book Financial Oversight of Enron written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 2002 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Totally Unauthorized Enron Joke Book by : Tim Barry
Download or read book The Totally Unauthorized Enron Joke Book written by Tim Barry and published by I T Press. This book was released on 2002-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of jokes, top lists, poems, puns, news parodies and other humorous items about Enron, Arthur Andersen accounting and the biggest business disaster in U.S. History. The book uses contemporary events and celebrities to make the material come alive for the reader. Timely, irreverent and sharply satirical, the book can be enjoyed by anyone interested in contemporary humor.
Book Synopsis The Secret Code of the Superior Investor by : James Glassman
Download or read book The Secret Code of the Superior Investor written by James Glassman and published by Crown Business. This book was released on 2002-01-15 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these uncertain times, learn how to crack the code and become a superior investor. Don’t worry about the market, the economy, or the Fed. Instead, concentrate on what’s important: how to construct your own bulletproof portfolio by finding the best individual stocks and mutual funds for you. This timely book is your guide to volatile markets. We live in a world saturated with the short-term: Who’s up, who’s down? Which stocks rose yesterday, which fell? Did corporate profits rise (or drop) last quarter . . . what’s going to happen this quarter? Is Alan Greenspan raising (or lowering) interest rates . . . what’s the impact? The superior investor knows that none of this matters. He or she understands that investing is simple, but not in the way most people think. With Jim Glassman as your guide, everything about investing becomes clear. You’ll know what to do, how to behave, and how to profit—whatever the market, the economy, and your stocks are doing. Superior investors crack the code of investing and practice a coherent philosophy that gives them the strength and confidence to do the right thing no matter which way the economic and financial winds blow. They’re relaxed—calm, cool, and collected—because the secret code provides the foundation for making superior investments, the kind that generate wealth to fund more interesting pursuits, provide for their children’s education, and fund retirement. Superior investors * Are not outsmarters—people who try to beat the system through inside advice and superior brainpower—but partakers. They know that the best way to make money is to share in the profits of successful businesses. * Own a portfolio that looks like the U.S. economy ten years from now. * Know the kind of investments they should be making (e.g., pharmaceuticals, for-profit education, mind-numbingly boring but extraordinarily profitable companies) and those they should not (e.g., corporate bonds). * Understand when to start selling the stocks they’ve bought: almost never . . . only when the fundamental reasons why they bought in the first place change. * Understand how to pick the companies that will make them superior investors. * See that bear markets are for buying. We live in a world of increasing uncertainty, but by practicing the principles of The Secret Code of the Superior Investor day-in and day-out for years on end, your future will indeed be superior. From the Hardcover edition.
Book Synopsis Inside Arthur Andersen by : Susan Elaine Squires
Download or read book Inside Arthur Andersen written by Susan Elaine Squires and published by FT Press. This book was released on 2003 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors bring their unique insights to a close-range observation of Andersen's culture that has continued for more than 15 years. They first review Andersen's unique history and role; its traditionally careful attention to "enculturing" new employees via mentoring, social networking, rewards and punishments; and its social structure characterized by personal, "familial" relationships. Next, they narrate two decades of change at Andersen, showing how the firm's tightly integrated cultural system gradually began to devolve, rapidly coming apart in the wake of the 1990s new economy revolution. The book concludes with an insightful discussion of the systemic cultural and business factors that placed Andersen and many other organizations at risk, along with a realistic assessment of the proposed reforms.
Book Synopsis Enron Ascending by : Robert L. Bradley, Jr.
Download or read book Enron Ascending written by Robert L. Bradley, Jr. and published by John Wiley & Sons. This book was released on 2018-03-09 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt: A great fall cannot be understood apart from the rise that preceded it. Enron Ascending is the only book to date that examines in detail the first two-thirds of that iconic energy company's life. Thus, it is the only book to date that exposes the deepest causes of Enron's stunning collapse. Nobel economist Paul Krugman predicted that history would look upon Enron's plummet as a greater turning point than the fall of the Twin Towers. Enron Ascending explains the shock of the company's fall by recalling the astounding achievements of Enron’s birth, childhood, adolescence, and early maturity. It sets forth the once-celebrated but now-forgotten industry and innovation that caused the company and its reputation to soar stratospherically. At the same time, always conscious of the company's fate, the book highlights throughout the developing habits of thought and behavior that later evolved into self-destructive acts of desperation and deceit. Written fifteen years after the firm’s demise, Enron Ascending offers the long perspective of a uniquely positioned insider, Robert L. Bradley, Jr., the company's director of public-policy analysis and Chairman Ken Lay's personal speechwriter. The book also offers a library of previously unavailable information, drawn from Bradley’s innumerable corporate documents and unrepeatable interviews, which he collected in his capacity as the company's prospective historian. Most important, however, Enron Ascending offers an antidote to the unending stories, studies, and books about Enron that are presented as just-the-facts but are in reality shaped decisively by the worldview of their authors. Bradley shows, beyond dispute, that the early habits which set precedents for Enron's history-making demise were directly contrary to the free-market behaviors and capitalist attitudes generally blamed for Enron's fall.
Book Synopsis The Smartest Guys in the Room by : Bethany McLean
Download or read book The Smartest Guys in the Room written by Bethany McLean and published by Penguin UK. This book was released on 2013-10-31 with total page 846 pages. Available in PDF, EPUB and Kindle. Book excerpt: What went wrong with American business at the end of the 20th century? Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries. Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money? Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book tells the extraordinary story of Enron's fall. 'The best book about the Enron debacle to date' BusinessWeek 'The authors write with power and finesse. Their prose is effortless, like a sprinter floating down the track' USA Today 'Well-reported and well-written' Warren Buffett
Download or read book Pipe Dreams written by Robert Bryce and published by PublicAffairs. This book was released on 2004-01-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the shocking collapse of Enron in fall, 2001 came an equally shocking series of disclosures about how America's seventh-largest company had destroyed itself. There were unethical deals, offshore accounts, and accounting irregularities. There were Wall Street analysts who seemed to have been asleep on the job. There were the lies top executives told so that they could line their own pockets while workers and shareholders lost billions. But after all these disclosures, the question remains: Why? Why did a thriving, innovative company with rock-solid cash flow and reliable earnings suddenly flame out in a maelstrom of corruption, fraud and skulduggery? The answer, Texas business journalist Robert Bryce reveals in this incisive and entertaining book, is that bad business practices begin with human beings. Pipe Dreams traces Enron's astounding transformation from a small regional gas pipeline company into an energy Goliath...and then tracks step-by-step, business decision by business decision, extra-marital affair by extra-marital affair, how, when and why the culture of Enron began to go rotten, and who was responsible. The story of Enron's fall isn't just a story about accounting procedures; it's a story about people. Bryce tells that story with all the personality, passion, humor, and inside dope you'd hope for, and the result is an un-putdownable read in the tradition of Barbarians at the Gate and The Predators' Ball.
