Enron and World Finance A Case Study in Ethics,9781403947635

Enron and World Finance A Case Study in Ethics

by ; ; ;
ISBN13: 9781403947635
ISBN10: 1403947635
Format: Hardcover
Pub. Date: 2006-01-20
Publisher(s): Palgrave Macmillan
List Price: $175.00

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Summary

Four years after the debacle, the name "Enron" has become a term in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. This book not only shows how and where ethics came into play, but also draws lessons and discusses possible remedies that may prevent the whole financial system from falling apart as a result of either excessive greed or over-regulation.

Author Biography

Paul Dembinski is Director of the Observatoire de la Finance in Geneva, Switzerland.

Table of Contents

List of Tables and Boxes
ix
Acknowledgements x
Notes on the Contributors xi
List of Abbreviations
xv
Overview of the Book
1(18)
Andrew Cornford
Enron: origins, character and failure
2(1)
Transactions and institutional structure
2(1)
Accounting and auditing
3(2)
Strengthening corporate governance
5(4)
Corporate culture and incentive systems
9(2)
Ethical foundations
11(8)
Part 1 Enron: Origins, Character and Failure
Enron and Internationally Agreed Principles for Corporate Governance and the Financial Sector
19(35)
Andrew Cornford
Introduction
19(1)
A sketch of Enron
20(1)
Accounting and transactional techniques used by Enron
21(3)
Enron's financial reports
24(2)
Some other examples of Enron's activities
26(1)
Different parties and non-observance of good corporate governance
26(7)
Corporate governance and the OECD Principles
33(2)
The policy response to recent corporate scandals
35(4)
Corporate governance and key financial standards
39(1)
Annex 1 Illustrations of Enron's accounting and transactional techniques
40(5)
Annex 2 A look at some of Enron's financial reports
45(9)
A Revisionist View of Enron and the Sudden Death of `May'
54(36)
Frank Partnoy
Introduction
54(3)
A revisionist view of Enron
57(9)
The regulatory response to Enron's use of derivatives
66(11)
Conclusion
77(13)
Who Is Who in the World of Financial `Swaps' and Special Purpose Entities
90(13)
Francois-Marie Monnet
Part 2 Ethics in Thought and Action
An Ethical Diagnosis of the Enron Affair
103(14)
Etienne Perrot
Principles of action and the foundation of ethics: some diagnostic tools
103(2)
The ethical basis for an analysis of the Enron affair
105(11)
Conclusion
116(1)
Anonymity: Is a Norm as Good as a Name?
117(14)
Edward Dommen
A society of the anonymous
118(1)
What does anonymity convey?
119(3)
Anonymity and compartmentalisation
122(1)
Norms and names
122(4)
Is communitarianism the answer to anonymity?
126(1)
Decent dress: how much to reveal?
127(1)
Conclusion
128(3)
Spaces for Business Ethics
131(12)
Domingo Sugranyes Bickel
New forms, old problems
131(1)
An unfinished revolution
132(2)
Codes of conduct and social responsibility
134(1)
Corporate culture as the key
135(1)
The combination of people and capital
136(1)
The bottom of the pyramid
137(6)
Part 3 Corporate Governance and Auditing
The Demise of Andersen: A Consequence of Corporate Governance Failure in the Context of Major Changes in the Accounting Profession and the Audit Market
143(16)
Catherine Sauviat
The Andersen collapse as a case of corporate governance failure
144(4)
Concentration, diversification and loss of independence
148(3)
Auditing as the `poor relation' of professional services: the problem and its effects at Andersen
151(3)
Conclusion
154(5)
Enron et al. and Implications for the Auditing Profession
159(9)
Anthony Travis
Introduction
159(1)
Historical role of the auditing profession
160(2)
The expanding role of external auditors to identify fraud
162(1)
Unanswered questions
163(1)
Today, a regulated profession
163(5)
Enron Revisited: What Is a Board Member to Do?
168(12)
Beth Krasna
High risk accounting
168(3)
Inappropriate conflicts of interest
171(2)
Extensive undisclosed off-the-books activity
173(1)
Excessive compensation
174(2)
Lack of independence
176(1)
Fiduciary failure -- a Board is not a team
177(3)
How to Restore Trust in Financial Markets?
180(13)
Hans J. Blommestein
Introduction
180(1)
Public information, valuations and financial market efficiency
181(1)
The central role of the gatekeepers of public trust in the new financial landscape
182(1)
Why have the gatekeepers of public trust failed?
182(5)
A fundamental response is needed to restore public trust
187(6)
Part 4 Corporate Culture and Ethics
Enron: The Collapse of Corporate Culture
193(13)
John Dobson
Introduction
193(1)
Enron's corporate culture
194(4)
America's corrupt corporate culture: an educational failure
198(2)
Rising from the ashes of Enron: building a sound foundation for corporate culture
200(3)
Some concluding thoughts
203(3)
Ethics, Courage and Discipline: The Lessons of Enron
206(11)
Robert G. Kennedy
The external response: law and regulation
207(1)
The internal response: professionalism
208(5)
The character of business professionals
213(2)
Business schools and corporate cultures
215(2)
Developing Leadership and Responsibility: No Alternative for Business Schools
217(9)
Henri-Claude de Bettignies
The `leadership' dimension
218(1)
The `responsibility' dimension
219(3)
Leadership and responsibility: two facets of the same challenge
222(4)
Ethics for a Post-Enron America
226(11)
John R. Boatright
What went wrong?
227(2)
What is to be done?
229(8)
Part 5 Conclusion
Enron: Visiting the Immersed Part of the Iceberg
237(16)
Paul H. Dembinski
Jean-Michel Bonvin
Enron, a multi-causal reading
237(3)
`Financiarisation': trust in finance
240(3)
Loss of bearings -- the conflict of interest example
243(2)
Beyond `financiarisation': common good at risk
245(8)
Index 253

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