Word: enronize
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Dates: during 2000-2009
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...Enron's former chief accountant, Richard Causey, pleaded guilty to securities fraud last week. Causey will probably testify against ex-bosses Kenneth Lay and Jeffrey Skilling. Here's what the plea could mean for their trial, set to start...
...Leoni), along with their bilingual son and maid, seem to have the perfect life. And after years of paying his dues, Dick is promoted to vice president at Globodyne, a huge corporation that consolidates media properties. But within 24 hours of his promotion, the company is destroyed in an Enron-type scandal and Dick, along with thousands of other employees, is left in the dust. Dick and Jane believe that this reversal of fortune is a small setback and that things will come around. They don’t. After making many changes to their lifestyle—including turning...
HOLLIDAY There's growing momentum. Enron and then the Sarbanes-Oxley law really made boards and management teams much more sensitive to their own impact, what they're doing and how they're perceived. All this has been a positive step in the right direction. Maybe it's not the most efficient way to get [reform], but I think overall [the Enron episode] made companies more responsible about what they're doing. Would people call that corporate social responsibility? Probably...
Most troubling of all, what about when enough ambition becomes way too much? Grand dreams unmoored from morals are the stuff of tyrants--or at least of Enron. The 16-hour workday filled with high stress and at-the-desk meals is the stuff of burnout and heart attacks. Even among kids, too much ambition quickly starts to do real harm. In a just completed study, anthropologist Peter Demerath of Ohio State University surveyed 600 students at a high-achieving high school where most of the kids are triple-booked with advanced-placement courses, sports and after-school jobs. About...
...this be? Thanks to the way Congress writes the rules, pension accounting has a lot in common with Enron accounting, but with one exception: it's perfectly legal. By adjusting the arcane formulas used to calculate pension assets and obligations, corporate accountants can turn a drastically underfunded system into a financially healthy one, even inflate a company's profits and push up its stock price. Ethan Kra, chief actuary of Mercer Human Resources Consulting, once put it this way: "If you used the same accounting for the operations side [of a corporation] that is used on pension funds, you would...