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cis.upenn.edu/.../nwlife06.html)
One can not begin to trace the various lines and connections of the myriad of relationships, but the chart does fulfill the purpose of showing how much of a web this situation involved.
In the wake of the Enron scandal many questions have arisen centering on the strength of the U.S. Economy. Investors have questioned the accounting practices of many other firms; there has been significant fallout on the financial market; and considerable negative consequences in the market, the economy, the investment paradigm, and public confidence. All this contributed to a decline in the strength of the American economy, and certainly also had global repercussions.
The increased skepticism about accounting practices has forced many multi-national corporations all over the world to defend their financial statements. This loss of investor confidence has lead to significant changes in accounting standards and auditing practices. Corporate executives are now being required to be accountable to both their stakeholders and the government for actions taken on behalf of their organizations. Clearly, though, the "smartest guys in the room," Enron's management team, were brilliant -- for awhile, yet their actions continue to have lasting effects upon the U.S. And global fiscal markets (Rapoport;...
And T. Emerson. (2006). "Changing Ethical Attitudes: The Case of the Enron and ImClone Scandals." Social Science Quarterly.
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Grey, C. (2003). "The Real World of Enron's Auditors." Organization.
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Kulik, B. (2005). "Agency Theory, Reasoning, and Culture and Enron: In Search
Of a Solution." Journal of Business Ethics. 59(4): 1573-697.
McLean, Bethany & Peter Elkind, (2003), Smartest Guys in the Room: The Amazing
Rise and Scandalous Fall of Enron, Portfolio Press.
Prentice, R. (2008). "Enron: A Brief Behavioral Autopsy." American Business Law
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Rapoport, N., et.al. (2009). Enron and Other Corporate Fiascos: The Corporate
Scandal Reader, 2nd ed. Foundation Press.
Seeger, M.W. (2003). "Explaining Enron." Management Communications Quarterly.
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Swartz, Mimi and Sherron Watkins, (2003), Power Failure: The Inside Story of the Collapse of Enron, Doubleday.
Karl Rove
(Whitehouse)
REFERENCES
Bryce, Robert, (2002), Pipe Dreams: Greed, Ego, and the Death of Enron,
Public Affair Press.
Conroy, S. And T. Emerson. (2006). "Changing Ethical Attitudes: The Case of the Enron and ImClone Scandals." Social Science Quarterly.
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Enron was a Texas based, low profile, gas pipeline Company that progressed from delivering energy to brokering energy futures. Exploiting de-regulation, it pioneered an innovative mark- to- market pricing strategy and started selling electricity in 1995, entering the European energy market in 1995. Enron broke new ground by buying, selling and hedging electricity against market risk just like shares and bonds. In 1999 Enron entered the hi-tech, Internet bandwidth market buying
Enron Leadership Enron collapsed very quickly in November 2001, and its failure should have been a warning to serious dysfunctions in the entire corporate and financial system, but this did not happen. Its executives admitted that they had falsified its records going back for at least five years, although in reality they had been doing so since the 1980s. When the company filed Chapter 11 bankruptcy it laid off over 20,000
Enron could engage in their derivative trading strategy with no fear of government intervention because derivative trading was specifically exempted from government regulation. Due in part to a ruling by the Commodity Futures Trading Commission's (CFTC) chairwoman, Wendy Graham, derivatives remained free of regulatory oversight. Ms. Graham, wife of Texas senator Phil Graham, made this ruling 5 weeks before resigning as chairwoman of the CFTC and joining the Enron Board
Enron was at one time considered to be a highly successful energy firm based out of Houston, Texas. The company was initially formed from a merger of two prominent gas pipeline companies in 1985, and the company's scope then broadened to include the provision of products and services in the realms of electricity, natural gas, and communications. Enron's reach expanded beyond the United States to the international market, as the
In October 2001 the tables were turned again and Ken Lay returned as chief executive officer with Jeff Skilling having resigned in August. Shortly afterwards in 2002 investigations into corporate crimes and accountancy fraud were initiated on Enron leading to sharp share prices fall and the collapse of the Enron empire. (Brief history of Enron Corporation - the biography of a corporate disaster) The activities of Enron were not restricted
THE PEOPLE BEHIND THE RISE AND FALL OF ENRON Kenneth Lay being one of the pioneers of Enron from its establishment in 1986, had lead the way of Enron's emergence as one of the leading company in the U.S. And eventually to its collapse and declaration of bankruptcy on December 2001. Kenneth Lay held the position as the CEO and chairman of Enron from 1986 to January 23, 2002. Lay is