Word: enronization
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...with star potential. In the so-called war for talent, A-list players were showered with cash, stock options and perks. And in the boom years of the late 1990s, they could do no wrong. Yet it was mostly the A players who failed spectacularly at firms such as Enron and WorldCom and countless dotcom wonders...
...nurture and train inexperienced employees. The B's can save companies from disastrous oversights and unethical corner cutting, since their ties to the firm tend to be stronger than those of free agents who hopscotch from job to job. And they know how to unjam the copier. One reason Enron, a company packed with hotshots, went bankrupt was that good, solid employees--like whistle-blower Sherron Watkins--were shunted aside in the gold rush. "B players strive for advancement but not at all costs. This attitude is anathema to most A players," DeLong and co-author Vineeta Vijayaraghavan recently wrote...
...fact, elements of the management structure championed by former Enron CEO Jeffrey Skilling, who instituted a "forced ranking" system, have infiltrated deep into corporate America. Such systems rank employees along a bell curve in which the top 10% typically receive an A grade or equivalent, the middle 80% earn a B, and the bottom 10% earn a C--and a send-off if they don't improve. Such "rank and yank" systems gained popularity in the 1990s, and about a third of companies now use them, up from 13% in 1997, according to the consulting firm DDI. "Of course...
...rules may be pushed back. That prospect worries European banks already changing over, which could cost up to $200 million per bank. Expect a showdown at next month's Basel reunion of central bank heads. - By Peter Gumbel One Down, So Many To Go Ben Glisan, former treasurer of Enron, became the first executive to be imprisoned over the accounting scandal at the bankrupt energy firm. Glisan was sentenced to five years in a U.S. prison after pleading guilty to securities and wire fraud...
...These are matters that do not need to be discussed in public in ways that embarrass or humiliate the government or the defense, and particularly the court." KENNETH HOYT, U.S. district judge, on why he closed several hearings on Enron executives to the media...