Enron: 21,000 Arthur Anderson: 29,000 Retirement: $1.2 Billion Pensions: $2 Billion

•Enron: 21,000•Arthur Anderson: 29,000•Retirement:

$1.2 Billion•Pensions: $2 Billion

http://media3.washingtonpost.com/wp-srv/photo/gallery/091224/GAL-09Dec24-3428/media/PHO-09Dec24-195540.jpg

http://popcornreel.com/notebaxter.jpg

http://www.apfn.org/enron/baxter2-1-02.jpg

http://farm4.static.flickr.com/3081/2339748248_993ca4d166_o.gif

Ken Lay• Founder• Humble Roots• “Kenny Boy”• Valhalla Scandal

http://www.soxfirst.com/wp-content/uploads/enron1.jpg

Lou Pai• CEO Energy Services and Xcelerator• Exotic Interest• Huge Losses

http://www.sfgate.com/examiner/pictures/1997/09/10/enronenergypailou.jpg

Andrew Fastow• CFO• Special Purpose Entities• Merrill Lynch Fraud• JEDI and Chewco

http://caraellison.files.wordpress.com/2009/05/andyfastow2.jpg?w=538

Jeff Skilling• President• Extreme Behavior• Mark-to-Market• Arthur Anderson• Performance Review Committee• “Enron Illusion”• Resign and Decline

http://ww2.hdnux.com/photos/04/32/57/1158093/3/628x471.jpg

http://upload.wikimedia.org/wikipedia/en/thumb/e/ed/Bart_Simpson.svg/200px-Bart_Simpson.svg.png

Corporate Governance• Tone at the Top• Culture• Code of Conduct• Performance Review Committee• “Hubris and greed instead of goals and aspirations…”

Litigation• Fastow sentenced to reduced term of 10 years• Lou Pai got away with $250 million• Jeffrey Skilling was sentenced to 24 years in prison• Ken Lay died awaiting sentencing died in 2006