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Poll: Enron CEO's "Honest Services" Defense
Poll: Enron CEO's "Honest Services" DefenseJeff Skilling DefenseJeff Skilling has admitted to "big risks"; who was at the highest point of risk? Convictions center on defending the defenseless, or those who are at supreme risk. Skilling has admitted to lying to auditors. The primary job of financial or any auditor...
Poll: Enron CEO's "Honest Services" Defense
Today's poll deals with whether the concept of "honest services" can cover dishonorable acts. Jeffrey K. Skilling, the former Enron chief executive who is serving a 24-year prison sentence after he was convicted on 19 counts of fraud, conspiracy, insider trading, and lying to auditors,...
Five Successful Idea-Sales that Made Careers
Inside the sales strategies that launched the Xbox, the first reality-TV show, and Enron’s big swindle. Microsoft Xbox: Beating Sony at Its Own Game The Product: Electronic gaming platform The Genius: Game Programmer Seamus Blackley The...
Five Successful Idea-Sales that Made Careers
Five Successful Idea-Sales that Made CareersJohn Forney???Great article until the John Forney bit. Is it a good idea to highlight that kind of activity as smart business? If so, then the activists around the world are bang on when they raise hell.It also depends on where you areGreat read! But...
Best Practices in Nonprofit Governance in Light of Sarbanes-Oxley and Texas Law
The Public Company Accounting Reform and Investor Protection Act, otherwise known as Sarbanes Oxley, 15 U.S.C. 7201 et seq., was passed in 2002 after the collapse of Enron. It was intended to promote greater accountability for and public trust in publicly traded companies after the high-profile corporate scandals surrounding Enron,...
Taking Compliance Seriously
No one in business will forget the events that brought about the Sarbanes-Oxley Act of 2002, when the discovery of internal discounting discrepancies found at WorldCom and Enron led to the downfall of those once high-flying corporate giants and the loss of $billions in investors' money. In early 2001 Enron...
A Sarbanes-Oxley Act for Nonprofits?
In the aftermath of the September 11, 2001 terrorist attacks and the shocking collapses of Enron and others major corporations due to accounting scandals, two major pieces of legislation were passed. The first was the U.S. Patriot Act, ("Patriot Act I") passed in response to the wake of the September...
Plugging Into SarbOx
A raft of misdeeds have undermined the public's trust in the way corporations do business. Enron, HealthSouth, WorldCom and others have been caught in frauds of great proportion, leading to the adoption of new standards for accountability in business practices. Notable among these standards is the Sarbanes-Oxley SarbOx Act. In...
In Enron's Wake, Time For A Review Of Nonqualified Plans
From the executive summary: ‘According to experts, it is prudent for companies to take a fresh look at their nonqualified plans, with an eye to simplifying them and eliminating any anomalies--such as an unusually complex or lucrative custom plan created in the past for a specific executive--that might turn into...
The Good, The Bad And The Ugly -- Delegating Fiduciary Responsibility After Enron?
The federal district courts have applied a laser-like focus to the questions of who is an ERISA fiduciary and why corporate officials may or may not enjoy fiduciary status. The federal law regulating retirement plans, the Employee Retirement Income Security Act of 1974 ("ERISA") states fiduciary status can be acquired...
Risk Management And Corporate Governance: The Case Of Enron
A risk is an unforeseen and unstable situation having the potential of dangerous consequences for an organization. It is essential for the organization’s management to proactively assess the risk and work towards its mitigation. Herein lies the critical role of corporate governance in managing the risk. Right from the Board...
The Quality of Corporate Financial Statements and Their Auditors Before and After Enron
In recent years the financial statements of several large well-known corporations, most notably Enron Corporation and WorldCom, have had to be massively restated. Is this indicative of inadequate accounting and auditing rules or evidence of corporate misgovernance and auditor incompetence? Why did these problems occur, and are they widespread? Answers...
Explaining Enron: Communication and Responsible Leadership
Although a variety of explanations are available for the recent collapse of the nation's seventh largest corporation, this analysis employs principles of communication- based leader responsibilities to explain Enron's demise. These responsibilities include: communicating appropriate values to create a moral climate; maintaining adequate communication to be informed of organizational operations;...
From Enron To WorldCom And Beyond: Life And Crime After Sarbanes-Oxley
Ever since the corporate meltdown began, Federal and State regulators have initiated criminal fraud investigations against dozens of corporations. The process resulted in the implementation of corporate governance reforms and enactment of the Sarbanes-Oxley Act SOX. The paper examines the aftermath of the SOX Act on various organizations.
Securitization Tested? The Enron Disaster And Beyond
Several irregularities in the past called for reforms in the securities sector. The paper looks at the accounting issues and actions involved in one of the important cases from that era. Subsequently a number of mechanisms have been institutionalized to operational reforms in the securities sector. The paper discusses these...
Dueling Lawsuits in Enron -- The Complaints in the Northern Natural Gas Dispute
From the day the Enron Bankruptcy started, observers wondered whether all the litigation it spawned could be contained within the New York Bankruptcy Courts, where the Chapter 11 cases are pending. By Day Two of the bankruptcy, the Northern Natural Gas asset had ignited "dueling lawsuits" -- so that issues...
Enron Corp. and Related Entities -- Legal and Strategic Issues Affecting Creditors of Enron
Enron Corp. and 13 of its subsidiaries (collectively, "Enron") filed Chapter 11 bankruptcy petitions with the bankruptcy court in the Southern District of New York. The bankruptcy petitions resulted from Dynegy's termination of its merger agreement with Enron, the rating agency downgrading of Enron's debt, and the acceleration of $4...
The DOL's Enron Brief: What It Means For 401(k) Investments
From the executive summary: ‘The CEO of a major business organization provides a unique opportunity to understand the Department of Labor’s positions on Employee Retirement Income Security Act’s ERISA requirements for 401k fiduciaries. ERISA requires fiduciaries to act prudently in all aspects of the fiduciary duties. Fiduciaries should be in...
Governance Failures Of The Enron Board And The New Information Order Of Sarbanes-Oxley
From the executive summary: ‘The paper argues that the principal governance failure of the Enron board was to approve a disclosure policy that made the firm's financial results ambiguous to public capital markets. The process happened despite approving a compensation strategy that made managerial payoffs highly sensitive to stock price...
Prudence And Diversification Revisited - ERISA Section 404(c) Protection In The Wake Of Enron
Employee Retirement Income Security Act ERISA safeguards the rights of retiring professionals of organizations. Companies need to design their employee retirement benefit plans according to the provisions contained in the ERISA. Section 404 c of ERISA addresses employee concerns in the event of poor investment performance. The paper elucidates implications...
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Pipeline Transportation of Natural Gas: 486210Brought to you by IBMSponsored Resources
