Word: enronization
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Dates: during 2000-2009
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...past two weeks, the SEC has issued a spate of new rules intended to prevent future Enron-style scandals. But under intense lobbying pressure from Wall Street as well as the accounting and legal professions, the commission has watered down or delayed some of these rules. For example, the SEC voted to allow accounting firms to continue to earn fat consulting fees from the companies they audit. And lawyers will be required to report any wrongdoing they witness to senior company executives but not to the SEC--as the SEC had initially proposed...
...selection of three courageous women--Cynthia Cooper of WorldCom, Coleen Rowley of the FBI and Sherron Watkins of Enron--as Persons of the Year was inspiring [Dec. 30--Jan. 6]. Each exemplifies "good work"--work that is excellent in quality and socially responsible. Their stories reveal that each had a strong sense of mission as well as one or more role models who sought to do the right thing. Most important, each was willing to take an unflinching look in the mirror to see whether she was proud or ashamed of the work she was performing. Thanks to your accolade...
...harder for the biotech companies to argue for compromise in a world where the worst-case scenario is getting all the attention. The Raelians are to the labs of America what Enron was to the boardrooms, a rebuke to the premise that science can be self-policing. "If you allow embryo cloning in research labs because of its supposed great potential," argues Representative Dave Weldon, Republican from Florida who did research in molecular genetics in graduate school, "you're going to have all these labs with all these embryos, and it will be that much easier for people like...
With these three, that hasn't happened, though Watkins left her job at Enron after a year when she wasn't given much to do. But ask them if they have been thanked sincerely by anyone at the top of their organization, and they burst out laughing. Some of their colleagues hate them, especially the ones who believe that their outfits would have quietly righted all wrongs if only they had been given time. "There is a price to be paid," says Cooper. "There have been times that I could not stop crying...
...corporate America, accounting scams of the kind practiced at Enron and WorldCom will continually need to be exposed and corrected before yet another phalanx of high-level operators gets the wrong idea and a thousand Enrons bloom. And the people best positioned to call them on it will be sitting in offices like the ones that Watkins and Cooper occupied. The new Sarbanes-Oxley Act, which requires CEOs and CFOs to vouch for the accuracy of their companies' books, is just one sign of what Cooper calls "a corporate-governance revolution across the country...