Word: enronizing
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Dates: during 2000-2009
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...Enron executives steered the company’s funds into a series of complicated tax shelters to inflate its profit reports while at the same time evading tax obligations through a dizzying manipulation of the tax code. The scheme collapsed; the top Enron executives were reviled as criminals and subsequently prosecuted. This is how it should...
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...
...aren't willing to accept. Congress, the New York Stock Exchange and NASDAQ all answered calls for reform last year with their respective rule changes. The most substantial changes involve audit committees and outside directors (those without significant financial or family relationships to a company). To help avoid an Enron-like scenario, in which an audit committee doesn't adequately vet auditors' reports, the chairman of that committee must be a financial expert: either a CFO of a public company or someone who has audited one. Three powerful board committees--audit, compensation and nominating (which finds new directors and senior...
...Moreover, it is often a pain to lend to small firms. Their owners show up in bank lobbies with account books that frequently combine grade-school math with Enron-style deceptions, making it nearly impossible to place a value on their operations. Liu Binbin has seen it all as a lending supervisor at the Chengdu City Commercial Bank (C.C.C.B.), one of a hundred or so such banks set up over the past several years across the mainland specifically to lend to small companies. One applicant, the owner of a factory that makes pickled vegetables, visited Binbin's office recently with...
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