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The Enron board of directors in happier times. From the 1998 annual report, front row, from left: Ken Harrison, John Urquhart, Robert Belfer, Norman Blake, Jr., Robert Jaedicke, Ronnie Chan, Jeffrey Skilling, Kenneth Lay and Wendy Gramm. Second row, from left: Bruce Willison, John Duncan, Joe Foy, Charles Walker, John Wakeham, Jerome Meyer, Herbert Winokur, Jr., and Charles LeMaistre.

 

System Failure: Deregulation, Political Corruption,
Corporate Fraud and the Enron Debacle
By Andrew Wheat, Research Director, Texans for Public Justice

Smitten by the genius with which it manipulated successive U.S. presidencies, the late great Enron Corporation tried to manipulate its own investors. Shareholders — who had not balked at Enron’s political machinations — forced it into the largest bankruptcy in U.S. history by dumping its stock when they learned that Enron had played them for chumps. READ MORE

Accounting For Bad Accounting: An Interview with John Coffee
(John Coffee is the Adolph A. Berle Professor of Law at Columbia Law School, and a leading expert on corporate crime.)

Q. What is the auditor’s accountability in the Enron case?
A. That is the most significant question in the Enron case. It will always happen that some managements will overstate their income, or understate their liabilities, or otherwise engage in earnings management. The question is not why they do it. The question is why the gatekeepers have failed to detect it. READ MORE

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