Word: enronizing
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...much about Sherron Watkins. We haven't met her in our living rooms, on TV in front of a bank of microphones, not yet. But because she wrote a letter to her boss, we know she knew, about the "Condor" and "Raptor" partnerships and the accounting and the doom Enron was facing. We know that in August she told them - her boss, Ken Lay, and then her friend at Arthur Andersen, who then told Andersen's head Enron auditor, David Duncan, who's now telling Congress. And so we know that they all knew...
...Sherron Watkins, according to her lawyer and press reports, is Enron's vice president of corporate development. She is 42 years old and lives in Houston with her husband Richard. She grew up in a Houston suburb called Tomball, the daughter of two secondary school teachers, and graduated from the University of Texas. She was a sorority girl...
...Luckily, the business world is not without a sense of karma, and full disclosure does eventually come to those who wait. Enron's debt-concealing, off-the-balance-sheet partnerships (which Enron's pet law firm says were "creative and aggressive" but not illegal) and warped revenue yardsticks eventually brought it down, and now we all know about them. Arthur Andersen's reputation as an honest accountant is now permanently tarred, and it will suffer at Wall Street's hands for devaluing its auditor's seal of approval. (As a consultant, though, you've got to love the way they...
...reputations and fortunes of Andersen or Enron that policy people at say, the Treasury Department are worried about - it's that of accounting, and investing, in general. Speaking to (and well beyond) a group of life insurers Wednesday, Treasury undersecretary Peter Fisher bemoaned that the science of making gobs of money had advanced well beyond the science of telling investors "the riskiness of that firm's activities" - just how, exactly, a company was making those gobs of money...
...certainly seems to have been a conscientious employee with a sharp eye for trouble, whistle-blowing isn't whistle-blowing if only Ken Lay and some Arthur Andersen partners - who probably didn't need the advice and certainly didn't follow it - heard the noise. Blowing the whistle on Enron's creative accounting, however, wasn't Wadkins' job. It was the job of the certified public accountants - the outside auditors - at Arthur Andersen...