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Enron Bankruptcy December 2, 2001

FIGURE 9.1 GOVERNANCE REFORM TIMELINE. Public outrage grows, governance credibility falls. SEC Regulations Stock Exchange Guidance. WorldCom Restatement June 25, 2002; Bankruptcy July 21, 2002. Enron Bankruptcy December 2, 2001. Arthur Andersen Court Case Winter/Spring 2002.

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Enron Bankruptcy December 2, 2001

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  1. FIGURE 9.1 GOVERNANCE REFORM TIMELINE Public outrage grows, governance credibility falls SEC Regulations Stock Exchange Guidance WorldCom Restatement June 25, 2002; Bankruptcy July 21, 2002 Enron Bankruptcy December 2, 2001 Arthur Andersen Court Case Winter/Spring 2002 Sarbanes-Oxley Act Signed July 30, 2002

  2. FIGURE 9.2 ENRON STOCK CHART, WEEKLY PRICES, 1997-2002 Enron Corp. (last price N/A) $ 90.00 $ 80.00 $ 70.00 $ 60.00 $ 50.00 $ 40.00 $ 30.00 $ 20.00 $ 10.00 $ 0.00 US Dollars Reprinted courtesy of StatPro Canada, Inc.

  3. TABLE 9.2 PAYMENTS TO FASTOW & HELPERS

  4. TABLE 9.3 ENRON WHISTLE-BLOWERS

  5. FIGURE 9.4 ENRON’S GOVERNANCE & CONTROL STRUCTUREWAS SHORT-CIRCUITED BOARD Ken Lay: Chair; Co-chair Baxter Committees: Audit and Compliance Compensation, Finance, Nominating Outside Law Firm FinancialReports SPEs Internal Audit … AA MANAGEMENT CEO: Lay, Skilling CFO: Fastow CAO: Causey CRO: Buy Others: Kopper, McMahon, Glisan Watkins, Kaminsky Whistle-blowers Company Policies Code of Conduct LEGEND MissingGuidance AUDITOR Arthur Andersen Missing Compliance Consultant: Arthur Andersen SuspendedGuidance

  6. TABLE 9.4 ENRON’S ACCOMPLICE BANKS’ LAWSUIT SETTLEMENTS

  7. TABLE 9.5 ENRON KEY EXECUTIVE INDICTMENTS

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