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Sarbox Lite or the end of Sarbanes-Oxley?
in Sox First, on November 25, 2009
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At the beginning of this month, I looked at how Obama had dismantled the post-Enron reforms. Significantly, a Democratic-controlled House pushed through changes that in effect neutralize Sarb...
Is China about to collapse?
in Sox First, on November 12, 2009
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Hedge fund manager James Chanos will go down in history as the first to predict that Enron was a disaster in the making. Chanos is in the business of scrutinizing companies for their flaws a...
Obama dismantles post-Enron reforms
in Sox First, on November 5, 2009
...f the amendment these members backed is that while these companies can't individually do the damage Enron did through its fraudulent accounting and its manipulation of energy markets, millions of inve...
Madoff gets in prison fight, and wins
in Sox First, on October 14, 2009
...king what's next. That's led to CNBC to pop the question: who would win if Madoff went up against Enron fraudster Jeff Skilling? Other potential fight contenders according to that list are Allen Sta...
Should ratings agencies go the way of Arthur Andersen?
in Sox First, on October 3, 2009
...And now Newsweek suggests that maybe the agencies should go the way Arthur Andersen following the Enron debacle. "Remember Arthur Andersen? The giant accounting firm ceased operation in 2002 a...
GE cooks the books
in Sox First, on August 9, 2009
...rs for suckers. In the New York Times , Floyd Norris compares GE's locomotives shenanigans to Enron's barges deal and raises questions about GE's auditors KPMG. Echoes of Arthur Andersen...
CalPERS sues ratings agencies
in Sox First, on July 16, 2009
... hurdle. A Houston federal judge in 2005, for example, dismissed claims that rating firms misstated Enron Corp.'s financial condition partly because the plaintiff didn't allege the firms acted...
E-mail traffic analysis reveals disruptions
in The CIO Weblog, on June 23, 2009
...tion.
Researchers analyzing mail logs comprised of messages sent to and from 150 senior staff at Enron during the company's final 18 months found that volume increased and the correspondents be...
More on the Satyam-PWC scandal
in Sox First, on May 27, 2009
...Madhukar Angur says in the Deccan Herald , the debacle suggests we have learned very little since Enron and WorldCom. And that's despite governments around the world tightening their corporate g...
The recession: blaming the business schools
in Sox First, on May 21, 2009
...astrophes unfolding before their eyes. In the late 1990s, their faculties rushed to write paeans to Enron, the firm of the future, the new economic paradigm. The admiration was mutual: Enron was stuff...
Animal Spirits by George Akerlof and Robert Shiller
in Sox First, on May 4, 2009
...ty. The 1991 recession was preceded by the savings and loan (S&L) crisis, the 2001 recession by Enron and the latest by the totally amoral selling of subprime mortgages to people who would never b...
Tour Gets Burned Again
in Eagle Par Birdie, on February 24, 2009
... Allen Stanford is another.
Corporate entities, too, can sometimes become embroiled in this mire. Enron was a perfect example in its time. Merrill Lynch proffering enormous bonuses on the eve of...
Satyam: do we need a global Sarbox
in Sox First, on January 21, 2009
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Satyam, labelled India's Enron, has raised a number of important questions. Not only about Indian corporate governance, which leaves a lot to be desired with The Hindu reporting that India i...
Hedging the bets
in Sox First, on January 14, 2009
...s Christopher Cox could never do: usher in strict new regulations for hedge funds. "This is an Enron moment for hedge funds," Peter Rup, chief investment officer at New York-based hedge fund...
Fixing broken boards
in Sox First, on December 8, 2008
...n't fix it, the Government will fix it for them with a new version of Sarbanes-Oxley. "The Enron case resulted in the rushed passage of Sarbanes-Oxley legislation, a process that took just 31...
G20 undermines accounting independence
in Sox First, on November 18, 2008
...nate any money if it did not think there would be any benefit to it. The paper cites the case where Enron donated money to the International Accounting Standards Committee Foundation (IASCF). Accordin...
The Lehman legacy
in Sox First, on October 7, 2008
...chard Fuld is doing a Jeff Skilling. students of US corporate history will remember that the former Enron chief appeared before Congress and claimed that there was nothing wrong with Enron and that ...
SEC's shortcomings
in Sox First, on September 20, 2008
...ith short memories, it's important to keep in mind that short sellers were the ones who exposed Enron. The short sellers are to make a buck but that can also be the ones who keep the bastards hone...
Cows & how the world works
in The Hedge Funds Weblog, on August 24, 2008
...he milk of four cows. Later, you hire a consultant to analyse why the cow has dropped dead.
ENRON VENTURE CAPITALISM:
You have two cows. You sell three of them to your publicly listed company,...
Will Jeff Skilling walk?
in Sox First, on June 23, 2008
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Jeff Skilling got a sentence twice as long as other Enron convicts. Enron's former chief executive is now serving 24 years in the slammer but he has an appeal underway. Now there are suggesti...
AIG shame file
in Sox First, on May 10, 2008
...39;' That might explain why The Street.com's Jim Cramer says that the latest debacle is of Enron proportions. Cramer also wants the Securities and Exchange Commission to investigate. Oh yes, ...
Gen Y and cheating
in Sox First, on April 22, 2008
...by boomers and Xers have not exactly been absolutely above ethical lapses. Whether it's been at Enron, Barings or WorldCom . Certainly haven't seen anything rivalling that from Gen Y. An...
Launch; Retract Your Impact on the Environment
in The Hedge Funds Weblog, on April 15, 2008
...lobal Change Associates, globally recognized "best selling" author of What Went Wrong at Enron, keynote speaker , and energy and environmental industry thought leader, and Neal Berger,...
Mark to market mess
in Sox First, on April 9, 2008
...rading history. In that case, it would turn mark to fantasy. Great exponents of this trick included Enron. Mark to market accounting techniques had a key role in the credit crisis, writes Slate'...
Crooks go free
in Sox First, on April 9, 2008
...ce in fighting white collar crime. The figures suggested a clear shift in US Government policy post-Enron to go easy on corporate shenanigans. Now, the New York Times reports that the Justice Depar...
Fraudulent firms and lobbying
in Sox First, on April 8, 2008
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The best example of the link between lobbying and fraudulent companies was Enron. In its day, Enron had Enron had gained favours by lobbying Congress, federal and state governments, and various re...
Who's to blame for Bear Stearns? It's the media's fault
in Sox First, on April 5, 2008
...collapse? Bear Stearns president and CEO Alan Schwartz has taken a leaf out of the books of former Enron chief Kenneth Lay who complained that business journalists were persecuting his company and Co...
Jeff Skilling's appeal
in Sox First, on April 4, 2008
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Former Enron boss Jeffrey Skilling, who has been sentenced to 24 years in prison for insider trading and fraud, has begun his appeal against the sentence. His lawyer, Dan Petrocelli, pleaded ...
Class actions rise: more to come
in Sox First, on April 2, 2008
...atistical glitch. The 2006 figure was skewed by the largest settlement in history, the $7.2 billion Enron case settlement. Look at the middle range settlements -those of $10-20 million. In 2006 such s...
The winners from underpriced IPOs
in Sox First, on April 2, 2008
...rm gain whereas the insiders are the ones with long-term vision. This is significant because since Enron and similar scandals, measures have been put in place requiring more outsiders on boards. Outs...
Another horror week for KPMG
in Sox First, on March 30, 2008
...erybody off." As Broc Romanek's CorporateCounsel.net. blog says, it has eerie echoes of Enron....
Subprime's parallels with Enron and WorldCom: Michael Oxley and Paul Sarbanes
in Sox First, on March 16, 2008
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The subprime crisis has some eerie parallels with Enron and WorldCom, say the two Sarbox co-authors. In an interview with the Indian media , they say what's needed is more regulation. Sarbane...
Criminalizing capitalism: Sarbanes-Oxley and the latest crisis
in Sox First, on February 15, 2008
... law, and not prudence to protect their market holdings. I can't agree with her comments about Enron and her claims that Ken Lay and Jeff Skilling were the victims of juror prejudice and i...
Subprime explained - crunch time glossary
in Sox First, on February 14, 2008
Credit crunch? Credit default swaps? Honeymoon loans? NINJA loans? Negative pledge? The subprime crisis is upon us and investors are confronted with jargon designed to baffle and keep them in the dark. Here is my glossary of key terms you'll need to know to keep ahead of the game: arrang...
Who exposes corporate fraud?
in Sox First, on February 12, 2008
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In their haste to pass Sarbanes-Oxley into law following the spate of scandals headed up by Enron, politicians and regulators neglected to look carefully at the issue of whistleblowers. Who actuall...
Prisoner Dennis Kozlowski: still unrepentant
in Sox First, on February 6, 2008
L. Dennis Kozlowski, who was sentenced in 2005 to 25 years in jail for grand larceny, securities fraud and other crimes, for stealing $137 million in unauthorized bonuses from Tyco, abusing company loan programs and selling $410 million in inflated stock, remains unrepentant. Hardly surprising. ...
Supremes screw investors
in Sox First, on January 23, 2008
...tively scuttled the $40 billion class-action suit against the financial-services firms that advised Enron. "The proper way to look at it, I think, is that the Enron case is dead after today,"...
The Future Of Management
in Sox First, on January 15, 2008
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Many years ago, management thinker Gary Hamel was praising Enron just before the energy giant imploded . Never mind, Hamel's ideas are always provocative. And he has maintained that...
Book Review: A Random Walk Down Wall Street
in The Personal Finance Weblog, on January 14, 2008
...uel costs, new governmental regulations, the use of creative accounting by certain companies (think Enron), poor analysis by so-called experts, conflicts of interest at large investment banks, and oth...
Skilling fights on
in Sox First, on December 23, 2007
..., who was sentenced in October 2006 to more than 24 years in prison for his role in the collapse of Enron, deliberately avoided learning about any crimes at the company. Skilling's lawyers say tha...
Easy time for corporate crooks
in Sox First, on December 20, 2007
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Just over five years ago with the stench of Enron around him, President Bush declared that corporate criminals would no longer have it easy. "Every corporate official who has chosen to commit...
Easing up on corporate crime
in Sox First, on December 16, 2007
...are several reasons why the pendulum has swung back since Sarbanes-Oxley was introduced post-Enron. First, there's been the rise in the Dow Jones which has dulled some of the anger towards ...
Madness of groups
in Sox First, on December 4, 2007
...ty and different points of view dilutes its impact. This was not the case however at such places as Enron and WorldCom. In each case, the result was an organization where delusions were shared, where ...
Ethics danger signals
in Sox First, on November 29, 2007
... news, according to a new survey, is that ethical misconduct is on the rise and has now reached pre-Enron levels. During the past 12 months, more than half the employees surveyed said they had seen et...
Enron, stakeholders and the consequences for corporate governance
in Sox First, on November 28, 2007
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The fallout from the Enron trial continues. The case was so big, the malfeasance so horrifying in its depth and pathology , that one suspects the fallout will be around for some time. It resu...
Ethics watch
in Sox First, on November 1, 2007
...talked about the difficulties companies have implementing codes of ethics .It could be argued that Enron, Parmalat and WorldCom are examples of the spectacular failure of the ethical dimension...
Book Review: Invest Like A Shark by James "RevShark" DePorre
in The Personal Finance Weblog, on October 23, 2007
...get out. Someone knows, and you don't want to be the ignorant one left holding the bag, like an Enron investor watching his retirement go kablooey.
DePorre isn't particularly interested in a ...
How to Think Like Warren Buffett, Part 26
in The Personal Finance Weblog, on October 23, 2007
..., as a result, CEOs who traveled the high road did not encounter heavy traffic.
In the wake of the Enron debacle in late 2001, Buffett uses much of his 2002 Letter discussing the sicknesses of many a...
KPMG judge attacks US Government
in Sox First, on October 2, 2007
...limit the Government's power to pursue corporate criminals. And critics say it will help future Enrons go free. "Pre-Enron, U.S. attorneys never brought these cases, and after this bill is p...
Was Ken Lay a typical CEO?
in Sox First, on September 18, 2007
... 's James Brickley. The study The Role of CEOs in Large Corporations:Evidence from Ken Lay at Enron can be viewed in two ways. One is to see it as a total white-wash of someone who had been co...
Why we are not as ethical as we think
in Sox First, on September 14, 2007
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Most of us like to think we are ethical. Enron was a bunch of crooks, Andersen colluded with them and Conrad Black and his lackeys were fraudsters. There is no way we are like that. Or are we? I...
"It wasn't me" says Jeff Skilling
in Sox First, on September 9, 2007
...r either a retrial or acquittal , claiming the prosecution had not proved its case. Now the former Enron chief executive, who was sentenced to more than 24 years in the slammer for his role in the En...
Good night Gonzo
in Sox First, on August 28, 2007
...n impressive legacy, check Reason magazine. Let's not forget, this is the man who represented Enron and who called some of the provisions of the Geneva Convention "quaint". So how wil...
Interview with Professor Sydney Finkelstein
in Sox First, on August 16, 2007
...things to make a difference in terms of financial performance. Take some of the major failures like Enron and WorldCom. Look at their corporate governance and it was spot on in terms of what you want....
The Justin & Sally McHenry Urinal Wall
in The Personal Finance Weblog, on July 10, 2007
...r name attahed to the children's wing of a hospital is automatically saintly. Bad enough we had Enron Field; worse would've been the Enron Children's Home.)
I'm no Richie , but...
Six organizational pathologies
in Sox First, on July 10, 2007
...assed over or eliminated. The organization is caught up in group think. One of the best examples is Enron. 2. Bureaucratic organizations : Rigid and inflexible places. Not welcoming of ideas or cr...
Natural gas and the Enron loophole
in Sox First, on July 9, 2007
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The ghost of Enron lives on. It will be there when a US Senate sub-committee examines whether
electronic energy exchanges should be subject to stricter rules. The problem goes back to 1993 whe...
Michael Oxley: effects of SOX are overstated
in Sox First, on July 6, 2007
...ct accounting Andersen was a political sacrifice. Killing it was punishment for aiding and abetting Enron. "I just think it was a political decision. Andersen could have been fined, they could h...
SOX and bubbles
in Sox First, on July 4, 2007
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With Enron and WorldCom fading from memory and their perpetrators behind bars, the members of the Securities and Exchange Commission are being accused of tilting toward business interests and aw...
Watchdog slates Deloitte
in Sox First, on June 20, 2007
...assets that a client company obtained through a big corporate acquisition in 2005. The findings on Enron-style "fair value'' accounting follow the warning from PCAOB chairman Mark Olso...
Big threats from KPMG avoided charges
in Sox First, on June 20, 2007
...bomb '' that would destroy one of the four remaining large accounting groups, after the Enron inquiry had eradicated Andersen. And they warned that it would leave more than 1000 companies ...
Bush hurts Enron's investors
in Sox First, on June 15, 2007
...estors in a case that will affect the victims who had been defrauded by parties aiding and abetting Enron. The decision goes against the recommendations of the Securities and Exchange Commission. The ...
Watchdog targets "fair value" accounting
in Sox First, on June 10, 2007
...rate world on notice that it's monitoring how companies and beancounters make the transition to Enron-style "fair value" accounting. The new standard, introduced last year, puts the rep...
Keeping an eye out on corporations
in Audeamus - How dare we..., on May 30, 2007
... out a corporation. It's not just their green practices, budgeting, or volunteer work. Remember Enron? Tyson? MCI? Martha Stewart? Yeah, you see where I'm going with this.
Apple has be...
Whistleblower incentives?
in Sox First, on May 29, 2007
... pecuniary and nonpecuniary
elements. For example, a whistleblower might hope for a book deal, like Enron whistleblower Sherron Watkins, or a movie deal, like Big Tobacco whistleblower Jeff Wigand (&q...
Go to jail: a corporate executive survival guide
in Sox First, on May 23, 2007
...er US Securities and Exchange Commission lawyer Jacob Frenkel told Bloomberg . He's not wrong. Enron's former chief Jeff Skilling is now serving a 24-year sentence and Enron's founder Ken...
Does the punishment fit the crime? Securities fraud and home invasion
in Sox First, on May 19, 2007
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The massive sentences handed out to the likes of WorldCom's Bernie Ebbers and Enron's Jeff Skilling have sparked plenty of debate about whether the punishment fits the crime. Writing in ...
Independence vs diversity in the boardroom
in Sox First, on May 15, 2007
...nes-Oxley is misguided, says Wayne State University law professor Erica Beecher-Monas. After all, Enron and WorldCom had independent directors and look what happened to them. In her study, ...
How to Think Like Warren Buffett, Part 22
in The Personal Finance Weblog, on May 4, 2007
...nanigans, and in 1998 he offered a particular lengthy railing against such behavior, something the Enron and WorldCom execs obviously chose not to read:
Many major corporations still play things stra...
Senate rejects move to weaken Sarbanes-Oxley
in Sox First, on April 26, 2007
...s and make it more likely for investors to be harmed by the malfeasance that caused the collapse of Enron and WorldCom . So this was a good day both for America's investors and for America&#...
