Word: enronization
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...last month, Martin Scorsese’s The Aviator—perhaps the closest Hollywood came to producing an epic in the past year—draws its dramatic power from the suspense of watching a wealthy white man choose where to invest his money. In the age of Enron and Halliburton, it’s surely a story for our time and the picture most likely to take home the top prize at this Sunday’s Academy Awards ceremony in Los Angeles...
That Fiorina, 50, lost a power struggle to her board is emblematic of a dramatic shift taking place in corporate America. With board members of companies from Disney to Enron getting hauled into court to answer for their stewardship, directors are becoming ever more emboldened to give poor- performing CEOs the boot. In fact, 92 CEOs departed in January, the highest number since February 2001, according to Challenger, Gray & Christmas, an outplacement firm. "Boards are trying to demonstrate that they are doing their duty," says Warren Batts of the University of Chicago, former CEO and director of several FORTUNE...
...million, were adamant that the directors feel the pain. To avoid going to trial, the WorldCom 10 agreed to pay a total of $18 million out of pocket, equal to 20% of their net worth, not counting their homes and pensions. Insurers will pay an additional $36 million. Enron directors recently cut a deal that has them digging too. "If directors want to play cheerleader, there's a price to pay," warns Patrick McGurn, special counsel to Institutional Shareholder Services...
...Good Company leaves a quiz show's quantity of unanswered questions. But it has the optimism and determination of a corporate whistle-blower. It makes us believe, for a moment, that it's possible to end-run the spirit of Enron. --By Richard Schickel
...UN’s conduct, not had his feet held to the fire as any other public figure would? What’s more, why have the people who blew the lid on this scandal not been honored? The women who blew open scandals at the FBI, Worldcom, and Enron were honored with extensive media coverage, interviews and eventually shared Time magazine’s person of the year award...