By Christopher L. Culp
The 1st ebook to deal with public coverage within the mild of contemporary company debacles company Aftershock is a reasoned, proficient reaction to the varied proposals to limit derivatives, dependent financing actions, and shareholder safeguard ideas and practices following the failure of Enron and different agencies. Readers get a cogent research of the general public coverage global after contemporary company debacles. company Aftershock presents an in depth heritage of the markets, gamers, rules, and institutional setting surrounding those disasters. Christopher L. Culp, PhD (Chicago, IL), is a primary at CP possibility administration LLC. William A. Niskanen, PhD (Washington, DC), is Chairman of the Cato Institute.
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Additional info for Corporate Aftershock: The Public Policy Lessons from the Collapse of Enron and Other Major Corporations
A physical market combined with the residual risk of a market-making function is essentially one big spread trade. Put t ing Enron in Context Reading the marketing and business materials of Enron’s energy business lines is eerily similar to reading an example of a firm putting all the theories of basis trading just discussed into practice. And, in this sense, Enron was hardly the first firm to leverage its physical market presence into financial and basis trading opportunities. , Broehs, 1992).
In no small part, this occurred because of the success of Enron GasBank and the power marketing operations of EC&TR. When the dust settled, Lay named EC&TR CEO and asset lite inventor Skilling as the new CEO of Enron Corporation in 12 CORPORATE INNOVATION AND GOVERNANCE February 2001. That Skilling would rise to this level, however, was not at all a foregone conclusion. Right up to the announcement date, debates about whose shoulder Lay would tap were popular coffee shop banter. Skilling’s chief competitor was Rebecca Mark.
Enron is also alleged to have been using the bandwidth market to mislead investors—and possibly certain senior managers and directors—about its losses on underlying broadband technologies. On the one hand, Enron touted optimism about the eventual success of the broadband strategy in part by pointing at significant trading in the bandwidth market. On the other hand, few other market participants were observing any appreciable trading activity, and Enron was openly disclosing millions of dollars of losses on its quarterly and annual reports on its broadband efforts.
Corporate Aftershock: The Public Policy Lessons from the Collapse of Enron and Other Major Corporations by Christopher L. Culp