Word: enronizing
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Dates: during 2000-2009
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Shortly after his resignation, Rose said he became increasingly concerned that Harvard may have had ethically questionable ties to Enron, which went bankrupt in late 2001. Herbert S. Winokur ’65 served both on the secretive Harvard Corporation and on Enron’s board of directors, a dual commitment that Rose said he found disconcerting. He also found ethically troubling Harvard’s 49 percent ownership interest in former Enron affiliate Cook Inlet Energy Supply—which he said made substantial profits from the debilitating California energy crisis...
...deregulation. Deregulation implies a change in the rules and restrictions that structure markets, while tax cuts instead put money in the pockets of American consumers to use within the existing regulatory environment. Plus, not all deregulation is created equal: The poor accounting standards that led to the Enron scandal have nothing to do with the lax supervision of securities that resulted in the current crisis. Still, revisionists continue to lump tax cuts in with lax oversight in their vapid judgments of Bush...
Recalibrating the amount of power the ratings agencies wield in the world, though, is a Herculean task. Just seven years ago, in the wake of the Enron collapse, the Senate held hearings about the role of the ratings agencies - which considered the company's debt investment-grade until just days before it went bankrupt. The Senate investigation found that the ratings agencies hadn't asked particularly probing questions of Enron and had glossed over warning signs like accounting irregularities. In other words, the ratings agencies didn't objectively and accurately rate...
...people who would be affected by its bankruptcy, the issues are more prosaic. Consider that scores of suppliers could go under if GM does. Or think of the money owed to hundreds of companies that provide all manner of services to GM. One creditor in the Enron bankruptcy was a local lock-and-safe company; another was an airport car-service firm. Hiring out-of-state lawyers, traveling and staying for months in a city far from home - these might be prohibitive costs to outfits already reeling from GM's fate. "There is no district in this country that...
...Business School reworked its curriculum after the Enron scandal to include a required, full-credit course on corporate accountability. According to Kester, current students also frequently debate ethical dilemmas in other classes...