Word: enronization
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...vicious circle of price declines and forced liquidations." U.K. regulators have a similar fear, and they've responded by lowering the amount of assets insurers need to hold above their liabilities to policyholders - and crossing their fingers. CORPORATE ACCOUNTABILITY Making Scandals Add Up to Reform Faster than a plunging Enron share, tougher than a bear market, the U.S. Congress last week whisked through the biggest changes to business oversight in 60 years, creating harsh penalties for fraud and an independent board to regulate accounting. But the legislation is silent on one controversial accounting trick, treating stock options as expenses when...
...recall a feeling of outrage like there's been lately with these stories. And then you see the pictures of the homes these guys are building..." It's a short road from disgust to despair: What do I do with my money now? Business schools are adding courses on Enron to their fall lineup; a new book, How Companies Lie, promises to help investors see through the smoke and break the mirrors of corporate accounting. People say they have stopped investing and play poker instead; it's a safer bet. The Wall Street Journal profiles the barber who has given...
...practice he now wants to ban. In 1989 Harken concealed losses by selling most of a subsidiary to an off-the-books entity controlled by company insiders. Bush was on the audit committee, which, at least in theory, approved the deal. It's the same tactic used by Enron--on a massive, more pernicious scale--before it imploded...
...Well, even if WorldCom goes bankrupt, they're still in business. You know, Enron is still in business. K Mart is still in business. So going bankrupt for a business is not a big deal. And besides, we are a unit within WorldCom, so nothing's going to happen with us. We are their cash cow. They're not going to do anything to harm their cash cow, O.K.? So let's get your name as it appears on your telephone bill... --By David Robinson
Thanks to the Enron and WorldCom corporate accounting scandals, whistleblowing is enjoying a renaissance in the U.S. Both Cynthia Cooper, the internal auditor who sounded the alarm over WorldCom's $3.8 billion in bookkeeping shenanigans, and Sherron Watkins, who first voiced concerns about Enron's accounting tricks, have won acclaim as right-thinking individuals struggling against morally bankrupt business cultures...