Word: enronization
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Dates: during 2000-2009
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This was the first revelation in the scandal that turned Parmalat into Europe's Enron, a morass of fraud and financial failure made all the more dramatic by the fact that the company had established itself as a recognized global brand. In the past year three teams of forensic accountants have combed through the company's books, and dozens of executives have made detailed confessions to magistrates in Parma and Milan. Using documents obtained by TIME, it's possible to piece together the inside story of how the company that wanted to be the Coca-Cola of milk went sour...
...achieved national renown by attacking corporate misdeeds as New York's attorney general, there was the California Public Employees' Retirement System, or CalPERS. For years, CalPERS used the leverage of its enormous investment portfolio to rail against companies that it believed were badly run or acting irresponsibly. When the Enron debacle ushered in an era of scandals, CalPERS's leadership made it an instant star of the corporate-reform movement...
...that Harrigan and CalPERS didn't open the door to criticism. During most of the post-Enron era, CalPERS was above reproach, suing to hold WorldCom executives accountable for investor losses and helping lead popular, triumphant crusades for boardroom and executive-suite overhauls at the New York Stock Exchange and Disney. But earlier this year, CalPERS moved from the spotlight to the hot seat when it withheld support from Coca-Cola director and shareholder hero Warren Buffett because Coke's independent-auditor policy was allegedly too lax. At the time, John Castellani, head of the prestigious Business Roundtable, said...
...keeps tabs on Harvard finances and governance,” she says. Her research for the organization delved deeply into the involvement of Harvard Corporation member Herbert S. “Pug” Winokur ’64-’65 in the collapse of Enron Energy...
...week, Los Angeles-based headhunters Korn/Ferry International revealed that high - and in some cases increasing - numbers of European directors are declining invitations to sit on company boards. The reason? The pressures and costs involved in upholding stricter corporate governance standards in the wake of high-profile blowouts such as Enron and Parmalat. The scandals have "brought home to a greater extent the importance of quality contributions" from board directors, says Mina Gouran, head of U.K. Board Services at Korn/Ferry. Translation: nobody wants these gigs anymore, so directors might soon be in short supply. "Public companies are worried in Britain that...