Word: enronization
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Balance sheet? CPA? Regional expert? Since when do such things really matter in the boardroom? Since Enron and Tyco and WorldCom. Munoz is one of a new breed of director that just might change corporate governance permanently and for the better. The corporate scandals of the past few years have inspired a flurry of strict new government and industry rules on board composition and responsibility. These rules could do much to dismantle the old-boy, do-little director network--in other words, to make directors work for their money...
...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...
When Donaldson eventually does take command, he could find that most of the commission's important post-Enron decisions have already been made--and by a lame duck. --By Adam Zagorin
...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...