Ethics-Governance: Article: Enron: We Slept Through Class

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Enron: We Slept Through Class Enron: We Slept Through Class By William K. Black. Yesterday, the first Enron insider pleaded guilty to fraud. The government is plainly gunning for his boss, the former chief financial officer, Andrew Fastow. Enron should teach us three fundamental lessons. First, we slept through class when the same lesson was taught 15 years ago. Enron pioneered no new fraudulent techniques. Indeed, compared to Michael Milken (the "junk bond king" at Drexel) and Charles Keating (Lincoln Savings), Enron's scams were far less sophisticated. The S&L debacle displayed all of the fraudulent practices used by Enron, including suborned audit firms (Arthur Andersen gave "clean" audit opinions to Lincoln Savings) and the cultivation of politicians (the senators who became known as "the Keating Five" and Jim Wright, the Speaker of the House). Full Article: http://www.scu.edu/ethics/publications/ethicalperspectives/enronclass.html


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