Word: enronization
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Dates: during 2000-2009
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...words “economic documentary” and “sexy good time” are rarely used to describe the same movie, and despite a brief tribute to one executive’s stripper fetish, Alex Gibney’s “Enron: The Smartest Guys in the Room” continues this trend...
...film is a relatively straightforward account of the rise and fall of Enron, the infamous energy company whose top executives carted away hundreds of millions while their investors and employees lost billions. Top executives, such as CEO Ken Lay, are currently under house arrest and await trial next January...
Last week, the documentary “Enron: The Smartest Guys in the Room” was released in movie theaters. A detailed account of one of the biggest business scandals, the documentary has its share of entertaining villains, including Enron chairman Kenneth Lay, former CEO Jeffrey Skilling and CFO Andrew Fastow. Yet, what caught my attention was its sole hero—whistleblower Sherron Watkins—who wrote the memo heard around the world, warning Lay that the company’s accounting practices were looking very shady...
Business education has also produced former Enron CEO Jeff Skilling and other MBAs behind the malfeasances of Tyco, HealthSouth, Haliburton, AIG, and WorldCom. Many executives of corporate America who hold MBAs have also been engaged in the unethical acts of raiding their corporate treasuries at the expense of employees and stockholders. Emulating President Bush’s hubris, a multitude of CEOs in corporate America give themselves obscenely large bonuses that have little to do with their performance. In 1980, the CEOs of Fortune 500 large corporations received, on average, 70 times larger annual compensations than their average employees. Under...
...decades, Wall Street prized corporate leaders who could dip into their financial black box and deliver steady, no-surprise earnings, even if investors had no idea precisely how those magic numbers were reached. That changed after dazzling bookkeeping (later found to be fraud) at Enron and WorldCom led to the destruction of billions of dollars of wealth. In today's regulatory climate, uncanny consistency invites scrutiny...