Word: enronize
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...according to Lakshmi Iyer, who is also an assistant professor of Business Administration, recent events—such as the scandals surrounding Enron and the Arthur Andersen accounting firm—indicate that bad publicity isn’t a sufficient deterrent from corruption...
Harvard graduates Theodore J. Kaczynski ’62, the Unabomber, Jeffrey K. Skilling, former CEO of Enron, and Eugene N. Plotkin ’00, a former Goldman Sachs employee indicted for insider trading, have at least one thing in common...
Joseph Grundfest, a Stanford Law School professor, attributes a recent drop in shareholder lawsuits to aggressive government enforcement following the Enron fraud. But others say Grundfest discounts more likely causes: a relatively steady stock market and the criminal investigation of the law firm that files most shareholder suits. And even if he's right, a strategy of criminal prosecution is still a bad idea...
...event, KPMG's reluctance to let regulators inspect backup documents pushed the feds' buttons. By 2004, Justice had launched a criminal investigation. A federal indictment helped kill Enron's auditor, Arthur Andersen, in 2002, so KPMG tried to avoid indictment by doing pretty much whatever the government wanted. That included cutting off the payment of legal fees for indicted employees. The groveling worked for KPMG, which dodged indictment, but not for the 16 indicted employees, who couldn't afford their lawyers. A New York federal judge ruled that they could sue KPMG for their legal bills (KPMG has appealed...
...what about Sarbanes-Oxley, the 2002 law enacted to prevent Enron-style scandals? Among other burdens, it requires financial statements so squeaky clean that a company's chief executive and financial officers can vouch for their accuracy. Corporate executives estimate that the law has cost U.S. companies tens of billions of dollars in extra auditing fees and other expenses...