What went wrong with American business at the end of the 20th century? Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries. Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money? Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book - fully updated for the paperback - tells the extraordinary story of Enron's fall.
Presents an account of the rise and fall of Enron, drawing on a wide range of sources while revealing the contributions of lesser-known participants in the scandal.
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Enron: The Smartest Guys in the Room is a 2005 documentary film based on the best-selling 2003 book of the same name by Fortune reporters Bethany McLean and Peter Elkind, a study of one of the largest business scandals in American history. McLean and Elkind are credited as writers of the film alongside the director, Alex Gibney. The film examines the 2001 collapse of the Enron Corporation, which resulted in criminal trials for several of the company's top executives; it also shows the involvement of the Enron traders in the California electricity crisis. The film features interviews with McLean and Elkind, as well as former Enron executives and employees, stock analysts, reporters and the former Governor of California Gray Davis. The film won the Independent Spirit Award for Best Documentary Feature and was nominated for Best Documentary Feature at the 78th Academy Awards in 2006.
The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies; including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, the Public Accounting Oversight Board, independent standard setting bodies such as the Federal Accounting Standards Advisory Board [US], the Financial Accounting Standards Board [US] and the International Accounting Standards Board. These entities and self-regulatory organizations such as U.S. State Societies of CPAs and the American Institute of Certified Public Accountants and equivalent and emerging national bodies that exist in most developed and developing countries, are among the emerging entities which attempt to coordinate the activities of professional accountants among sovereign nations. It is important for academics, students, practitioners, regulators and researchers to consider and study the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation seeks high quality manuscripts which address accounting regulatory policy, broadly defined, including: 1. self regulatory activities 2. case law and litigation 3. legislation and government regulation 4. the economics of regulation of markets, and disclosure, including modeling 5. matters involving the structure of education, licensing, and accreditation The editors encourage submission of original empirical, behavioral or applied research manuscripts which consider strategic and policy implications for regulation, regulatory models and markets. It is intended for individual researchers, practitioners, regulators and students of accountancy who desire to increase their understanding of the regulation of accountancy.
With Risk and Ruin, Gavin Benke places Enron's fall within the larger history of late twentieh-century American capitalism. In many ways, Benke argues, Enron was emblematic of the transitions that characterized the era.
Renowned psychologists describe the five most useful insights from social psychology that will help make you “wise”: wise about why we behave the way we do, and wise about how to use that knowledge to understand others and change ourselves for the better. When faced with a challenge, we often turn to those we trust for words of wisdom. Friends, relatives, and colleagues: someone with the best advice about how to boost sales, the most useful insights into raising children, or the sharpest take on a political issue. In The Wisest One in the Room, renowned social psychologists Thomas Gilovich and Lee Ross ask: Why? What do these people know? What are the foundations of their wisdom? And, as professors and researchers who specialize in the study of human behavior, they wonder: What general principles of human psychology are they drawing on to reach these conclusions? They find that wisdom, unlike intelligence, demands some insight into people—their hopes, fears, passions, and drives. It’s true for the executive running a Fortune 500 company, the candidate seeking public office, the artist trying to create work that will speak to the ages, or the single parent trying to get a child through the tumultuous adolescent years. To be wise, they discover, one must be psych-wise when dealing with everyday challenges. In The Wisest One in the Room Gilovich and Ross show that to answer any kind of behavioral question, it is essential to understand the details—especially the hidden and subtle details—of the situational forces acting upon us. Understanding these forces is the key to becoming wiser in the way we understand the people and events we encounter, and wiser in the way we deal with the challenges that are sure to come our way. With the lessons gleaned here, you can learn the key to becoming “the wisest one in the room.”
"Hell is empty, and all the devils are here." -Shakespeare, The Tempest As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Among the devils you'll meet in vivid detail: • Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending. • Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices. • Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried. • Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants. • Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line. • Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission. • Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity. • Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.
“This story is a tragedy, and not just because of what’s happening to the people of Kivalina. It’s a tragedy because it’s unnecessary, the product, as the author shows, of calculation, deception, manipulation, and greed in some of the biggest and richest companies on earth.” —Bill McKibben, author Eaarth: Making a Life on a Tough New Planet "Christine Shearer's Kivalina: A Climate Change Story is a fast and bumpy ride that begins with the history of outrageous corporate deceptions through public relations and legal campaigns, continuing with building of the coal-and-oil empire to fuel progress in the United States, leading to the horrendous politics of climate crisis, and finally arriving at its destination, a ground-zero of climate refugee, Kivalina—an Inupiat community along the Chukchi Sea coast of arctic Alaska. I was angry when I turned the last page. I urge you to get a copy, read it, share the story, and join the new global climate justice movement."—Subhankar Banerjee, photographer, writer, activist, and author of Arctic National Wildlife Refuge: Seasons of Life and Land While corporate funded scientists continue their effort to spread doubt about global climate change, for one native village in Alaska, the price of further denial could be the complete devastation of their homes and culture. Kivalina must be relocated to survive, but neither the oil giants nor the government have proven willing to take responsibility. Christine Shearer is a writer, journalist, activist, and academic. She is the environment and ecology editor of Economy Watch, and managing editor of the online progressive magazine Conducive. She is also a contributor to Coalswarm, part of the online corporate watch website SourceWatch.
Covering the entire world of business from heavy industry to the financial houses of Wall Street, this book shines a spotlight on 100 of the most infamous cases of misconduct and malfeasance in corporate history. • Presents cogent and accessible explanations of some of the most important cases involving corporate misconduct of this century in a manner suitable for both general readers and specialists • Supplies information about the financial penalty involved, legal issues, public policy implications, and human stories of the individuals involved for each case • Includes a bibliography for further research, an appendix of the corporations involved, and sidebars containing additional information such as clarifying details and connections to related topics and relevant websites
Get practical insights on the psychology of white-collar criminals—and how to outsmart them Understand how the psychologies of fraudsters and their victims interact as well as what makes auditors/investigators/regulators let down their guard. Learn about the psychology of fraud victims, including boards of directors and senior management, and what makes them want to believe fraudsters, and therefore making them particularly vulnerable to deception. Just as IT experts gave us computer forensics, we now have a uniquely qualified team immersed in psychology, sociology, psychiatry as well as accounting and auditing, introducing the emerging field of behavioral forensics to address the phenomenon of fraud. Ever wonder what makes a white-collar criminal tick? Why does she or he do what they do? For the first time ever, see the mind of the fraudster laid bare, including their sometimes twisted rationalizations; think like a crook to catch a crook! The A.B.C.'s of Behavioral Forensics takes you there, with expert advice from a diverse but highly specialized authoring team of professionals (three out of the four are Certified Fraud Examiners): a former accounting firm partner who has a PhD in psychology, a former FBI special agent who has been with investigative practices of two of the Big Four firms, an industrial psychiatrist who has worked closely with the C-level suite of large and small companies, and an accounting professor who has interviewed numerous convicted felons. Along with a fascinating exploration of what makes people fall for the common and not-so-common swindles, the book provides a sweeping characterization of the ecology of fraud using The A.B.C.'s of Behavioral Forensics paradigm: the bad Apple (rogue executive), the bad Bushel (groups that collude and behave like gangs), and the bad Crop (representing organization-wide or even societally-sanctioned cultures that are toxic and corrosive). The book will make you take a longer look when hiring new employees and offers a deeper more complex understanding of what happens in organizations and in their people. The A.B.C. model will also help those inside and outside organizations inoculate against fraud and make you reflect on instilling the core values of your organization among your people and create a culture of excellence and integrity that acts as a prophylactic against fraud. Ultimately, you will discover that, used wisely, behavioral methods trump solely economic incentives. With business fraud on the rise globally, The A.B.C.'s of Behavioral Forensics is the must-have book for investigators, auditors, the C-suite and risk management professionals, the boards of directors, regulators, and HR professionals. Examines the psychology of fraud in a practical way, relating it to aspects of fraud prevention, deterrence, detection, and remediation Helps you understand that trust violation—the essence of fraud—is a betrayal of behavioral assumptions about "trusted" people Explains how good people go bad and how otherwise honest people cross the line Underscores the importance of creating a culture of excellence and integrity that inoculates an organization from fraud risk (i.e., honest behavior pays, while dishonesty is frowned upon) Provides key takeaways on what to look for when hiring new employees and in your current employees, as well as creating and maintaining a culture of control consciousness Includes narrative accounts of interviews with convicted white-collar criminals, as well as interpretive insights and analysis of their rationalizations Furnishes ideas about how to enhance professional skepticism, how to resist fraudsters, how to see through their schemes, how to infuse internal controls with the people/behavioral element, and make them more effective in addressing behav
We succeed in business and in life when we influence how others think, feel, and act: getting them to accept our point of view, follow our lead, join our cause, feel our excitement, or buy our products and services. The act of influencing is such a part of our daily lives that we often don't even realize when we (or others) are doing it. But to succeed, we need to know how influence works...and how to use it. Influencing effectively requires adaptability, perceptiveness, and insight into other people and cultures. Based on 20 years of research, Elements of Influence shows readers how to: * Understand why people allow themselves to be influenced-and why they resist * Choose the right approach for each situation * Be influential when they have no formal authority * Succeed in every kind of organization-even in other countries Filled with exercises and practical applications, this book shows how anyone can increase his or her influence to achieve greater success.
The American people are frustrated with their government-dismayed by a series of high-profile failures (Iraq, Katrina, the financial meltdown) that seems to just keep getting longer. Yet our nation has a proud history of great achievements: victory in World War II, our national highway system, welfare reform, the moon landing. We need more successes like these to reclaim government's legacy of competence. In If We Can Put a Man on the Moon, William Eggers and John O'Leary explain how to do it. The key? Understand-and avoid-the common pitfalls that trip up public-sector leaders during the journey from idea to results. The authors identify pitfalls including: -The Partial Map Trap: Fumbling handoffs throughout project execution -The Tolstoy Syndrome: Seeing only the possibilities you want to see -Design-Free Design: Designing policies for passage through the legislature, not for implementation -The Overconfidence Trap: Creating unrealistic budgets and timelines -The Complacency Trap: Failing to recognize that a program needs change At a time of unprecedented challenges, this book, with its abundant examples and hands-on advice, is the essential guide to making our government work better. A must-read for every public official, this book will be of interest to anyone who cares about the future of democracy.
The Second Edition of Case Studies in Organizational Communication: Ethical Perspectives and Practices, by Dr. Steve May, integrates ethical theory and practice to help strengthen readers' awareness, judgment, and action in organizations by exploring ethical dilemmas in a diverse range of well-known business cases.
"As [Disconnect] shows, cell phones may actually be doing damage to far more than our attention spans-and could, in fact, be killing us." -Salon.com. Since the invention of radar, cell phone radiation was assumed to be harmless because it wasn't like X-rays. But a sea change is now occurring in the way scientists think about it. The latest research ties this kind of radiation to lowered sperm counts, an increased risk of Alzheimer's, and even cancer. In Disconnect, National Book Award finalist Devra Davis tells the story of the dangers that the cell phone industry is knowingly exposing us-and our children-to in the pursuit of profit. More than five billion cell phones are currently in use, and that number increases every day. Synthesizing the findings and cautionary advice of leading experts in bioelectricalmagnetics and neuroscience, Davis explains simple safety measures that no one can afford to ignore.
A very practical, step-by-step guide to career success for those who lack top grades or family connections. Some people graduate from college, and employers covet them: They are the best and the brightest, with stellar grades and great connections, able to land their dream jobs with major corporations right after school. This book is not for those people. In The C Student's Guide to Success, leading advertising executive-and former C student-Ron Bliwas presents a program of ten can't-fail principles for climbing to the top using your brains and talents-rather than family connections or fancy degrees. Bliwas uses real-world stories of business leaders, revealing how they identified and overcame their own weaknesses, and vaulted ahead of peers who had money and family connections. In surveying the come-from-behind success stories of his subjects, Bliwas provides creative, insightful, down-to-earth advice for new graduates, the recently employed, and those with a few false starts under their belt. In ten simple chapters, Bliwas teaches you how to: _ Make the most of many mentors _ Trust your instinct _ Strive to be a better person than employee _ Take responsibility seriously _ Master the art of purposeful learning _ Take advantage of unexpected opportunities _ Sell what you believe _ Go where the stars aren't _ Be a smart risk-taker _ Overcome straight-line thinking Bliwas encourages readers to embrace unconventional strategies, unexpected opportunities, and their own instincts, and to realize that opportunities for career growth exist everywhere-not just on the traditional path to job advancement.
A witty and addictively readable day-by-day literary companion. At once a love letter to literature and a charming guide to the books most worth reading, A Reader's Book of Days features bite-size accounts of events in the lives of great authors for every day of the year. Here is Marcel Proust starting In Search of Lost Time and Virginia Woolf scribbling in the margin of her own writing, "Is it nonsense, or is it brilliance?" Fictional events that take place within beloved books are also included: the birth of Harry Potter’s enemy Draco Malfoy, the blood-soaked prom in Stephen King’s Carrie. A Reader's Book of Days is filled with memorable and surprising tales from the lives and works of Martin Amis, Jane Austen, James Baldwin, Roberto Bolano, the Brontë sisters, Junot Díaz, Philip K. Dick, Charles Dickens, Joan Didion, F. Scott Fitzgerald, John Keats, Hilary Mantel, Haruki Murakami, Flannery O’Connor, Orhan Pamuk, George Plimpton, Marilynne Robinson, W. G. Sebald, Dr. Seuss, Zadie Smith, Susan Sontag, Hunter S. Thompson, Leo Tolstoy, David Foster Wallace, and many more. The book also notes the days on which famous authors were born and died; it includes lists of recommended reading for every month of the year as well as snippets from book reviews as they appeared across literary history; and throughout there are wry illustrations by acclaimed artist Joanna Neborsky. Brimming with nearly 2,000 stories, A Reader's Book of Days will have readers of every stripe reaching for their favorite books and discovering new ones.
"It is a brilliant and highly original thesis. I commend Roszak for writing the book." - Tom Pochari, World Affairs Monthly "...sense of optimisim that comes out in this book, where Roszak champions the possibility of restoring that lost commitment to the ideals of libertion." Tom Hartley The Summer of Love. Vietnam. Woodstock. These are the milestones of the baby boomer generation Theodore Roszak chronicled in his 1969 breakthrough book The Making of a Counter Culture. Part of an unprecedented longevity revolution, those boomers form the most educated, most socially conscientious, politically savvy older generation the world has ever seen. And they are preparing for Act Two. The Making of an Elder Culture reminds the boomers of the creative role they once played in our society and of the moral and intellectual resources they have to draw upon for radical transformation in their later years. Seeing the experience of aging as a revolution in consciousness, it predicts an “elder insurgency” where boomers return to take up what they left undone in their youth. Freed from competitive individualism, military-industrial bravado, and the careerist rat race, who better to forge a compassionate economy? Who better positioned not only to demand Social Security and Medicare for themselves, but to champion “Entitlements for Everyone”? Fusing the green, the gray, and the just, Eldertown can be an achievable, truly sustainable future. Part demographic study, part history, part critique, and part appeal, Theodore Roszak’s take on the imminent transformation of our world is as wise as it is inspired—and utterly appealing. Theodore Roszak is the author of fifteen books, including the 1969 classic The Making of a Counter Culture. He is professor emeritus of history at California State University, and lives in Berkeley, California.