Benston et al - Following the Money; the Enron Failure and the State of the Corporate Disclosure (2003).pdf - The Financial and Economic Crisis - Collection 22 - BoxBooki

the Money

The Enron Failure and the

State of Corporate Disclosure

the

George Benston, Michael Bromwich,

Robert E. Litan, and Alfred Wagenhofer

AEI-Brookings Joint Center for Regulatory Studies

Following

Following

the Money

Following

the Money

The Enron Failure

and the State of

Corporate Disclosure

George Benston

Michael Bromwich

Robert E. Litan

Alfred Wagenhofer

Washington, D.C.

American Enterprise Institute for Public Policy Research, Washington, D.C., and

publication may be used or reproduced in any manner whatsoever without per-

mission in writing from the AEI-Brookings Joint Center, except in the case of

brief quotations embodied in news articles, critical articles, or reviews.

Following the Money may be ordered from:

Brookings Institution Press

1775 Massachusetts Avenue, N.W.

Washington, D.C. 20036

Tel.: (800) 275-1447 or (202) 797-6258

Fax: (202) 797-6004

www.brookings.edu

Library of Congress Cataloging-in-Publication data

Following the money : the Enron failure and the state of corporate

disclosure / George Benston . . . [et al.].

p. cm.

Includes bibliographical references and index.

ISBN 0-8157-0890-4 (cloth : alk. paper)

1. Disclosure in accounting—United States. 2. Corporations—United

States—Accounting. 3. Corporations—United States—Auditing. 4.

Accounting—Standards—United States. 5. Financial statements—United

States. 6. Capital market—United States. 7. Enron Corp.—Corrupt

practices. I. Benston, George J. II. AEI-Brookings Joint Center for

Regulatory Studies.

HF5658.F65 2003

657'.95'0973—dc21

2003000068

9 8 7 6 5 4 3 2 1

The paper used in this publication meets minimum requirements of the

American National Standard for Information Sciences—Permanence of Paper

for Printed Library Materials: ANSI Z39.48-1984.

Typeset in Adobe Garamond

Composition by

R. Lynn Rivenbark

Macon, Georgia

Printed by

R. R. Donnelley

Harrisonburg, Virginia

Foreword

of 1997–98, Americans held out their systems of cor-

porate governance and ﬁnancial disclosure as models to be emulated by the

rest of the world. Thomas Friedman, in his best-selling book The Lexus

and the Olive Tree , cited these features of the U.S. economic system with

approval.

It was with some embarrassment then, and no little dismay, that begin-

ning in late 2001 American policymakers and corporate leaders found

themselves facing the largest corporate accounting scandals in American

history. Although accounting irregularities had shown up in several large

corporations in preceding years, they paled in comparison to the abuses

uncovered at Enron, WorldCom, and a handful of other American corpo-

rate giants. Both Enron and WorldCom went bankrupt. Criminal and civil

investigations and lawsuits were pending in those and several other cases as

2002 drew to a close. The scandals led the Bush administration to call for

far-reaching reforms in both the corporate governance and financial

O nly a few short years ago, after the Asian ﬁnancial crisis

Benston et al - Following the Money; the Enron Failure and the State of the Corporate Disclosure (2003).pdf

Plik z chomika:

Inne pliki z tego folderu:

Inne foldery tego chomika: