Word: enronizing
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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...
...Richard Causey? Although the career accountant had kept a lower profile, Causey was scheduled to go on trial with Lay and Skilling. Like Andrew Fastow, the mastermind of Enron's shady financing, Causey reported directly to the top two execs. He handled the accounting for the "off--balance sheet partnerships" designed by Fastow that sank the Houston energy firm...
What did he do wrong? Causey pleaded guilty to just one of the 36 counts in his indictment, for using Enron's financial statements to mislead investors and regulators. Unlike Fastow and some other executives, Causey was never accused of enriching himself at shareholders' expense. He faces five to 10 years in prison...
...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...