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The Worst Thing About Enron: Checks and Balances Failed

Date: January 15, 2002

Author: Allan Sloan

QUOTE: The multi-layered system of checks and balances that is supposed to keep a company from running amok completely broke down. Executives of public companies have legal and moral responsibilities to produce honest books and records -- but at Enron, they didn't do that.

ABSTRACT: With perhaps the greatest potential of the 21st Century to operate strategically and open up the world of energy deregulation to an asset-based positive-profit industry, Enron's greed for growth and its own cleverness at creating it on paper eventually proved to be the tragic flaws that caused itself to be brought down.

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Article MetaInformation:

Key People:

• Kenneth Lee Lay

Key Organizations:

• Arthur Andersen
• Citigroup Inc. (Citicorp)
• Enron Corp.
• JPMorgan Chase & Co.
• Washington Post Newspaper

Subject & Geographic Categories:

• Businesses & Organizations
  • Accounting / Auditing
    • Accounting/Budgets: Big Organizations

• Government & Politics / History
  • Government (General)
    • Separation Powers / Checks and Balances

• North America
  • United States of America/USA

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