An accurate summary, I agree, but it fails to help others learn from Enron's demise. How did a company's culture breed not only corruption from its own employees but also disreputable behavior from the outside auditors, lawyers, consultants, and lenders?
But the resulting investigation saw Apple's former financial chief Fred Anderson and ex-general counsel Nancy Heinen forced to settle with the SEC for a few million dollars apiece without admitting wrongdoing.
There were also several derivative lawsuits filed by shareholders which Apple settled out of court for $14m.
Though the main Enron characters have received their prison sentences, there's no closure for corporate fraud. Five years after Black Monday, Sherron Watkins talks with about what went wrong, why it could happen again, weakening moral underpinnings, and the lack of ethical business leaders.
Sherron Watkins, Enron's sentinel, describes the debacle's details and warns that it could happen again. The Enron debacle was anything but simple, but what were a few of the reasons why it happened?
As a result, these initiatives get planned and managed in silos, which potentially increases the overall business risk for the organization.