After Enron: Lessons for Public Policy

Overview

After Enron focuses on the government policies that contributed to the accounting scandals and bankruptcy of the Enron Corporation and other major corporations; the reasons why their weak financial conditions were not revealed and possibly corrected earlier; the effect of private remedies; and the rush toward enacting federal regulations of accounting auditing, and corporate governance. After Enron proposes a set of policy changes to address the lessons learned from the Enron ...
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Overview

After Enron focuses on the government policies that contributed to the accounting scandals and bankruptcy of the Enron Corporation and other major corporations; the reasons why their weak financial conditions were not revealed and possibly corrected earlier; the effect of private remedies; and the rush toward enacting federal regulations of accounting auditing, and corporate governance. After Enron proposes a set of policy changes to address the lessons learned from the Enron collapse.
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Editorial Reviews

Choice
This is a stimulating and insightful view of the weaknesses of corporate governance and their monitors, and of government policy related to recent corporate scandals. Recommended.
European Policy Forum
After Enron should be read by all those interested in the regulatory state and the workings of the market place.
— Frank Vibert
Review Of Higher Education
The big question in corporate governance these days is whether the pendulum has swung too far in the direction of regulation. It comes as no surprise to learn that the Cato Institute, the libertarian-minded Washington think tank, thinks it has. Cato has laid out its case in a book of short, accessible essays titled After Enron....It forces those of us who welcome most of these regulations to think hard and critically about them.
CHOICE
This is a stimulating and insightful view of the weaknesses of corporate governance and their monitors, and of government policy related to recent corporate scandals. Recommended.
European Policy Forum - Frank Vibert
After Enron should be read by all those interested in the regulatory state and the workings of the market place.
Reference and Research Book News
Niskanen (chairman of the Cato Institute) presents the second book to result from his organization's project assessing the major policy lessons to be drawn from the collapse of the energy giant Enron....This collection of 20 papers consider broader issuers of corporate governance and regulation, including accounting problems and their alternatives, the failure of the entire Enron auditing chain, provisions of the tax code that influence the character of executive compensation and promote the conditions leading to backruptcy, and corporate governance rules that have shifted power to corporate managers relative to shareholders over the past few decades.
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Product Details

  • ISBN-13: 9780742544345
  • Publisher: Rowman & Littlefield Publishers, Inc.
  • Publication date: 5/3/2007
  • Edition description: Reprint
  • Pages: 408
  • Product dimensions: 5.86 (w) x 8.72 (h) x 0.91 (d)

Meet the Author

William A. Niskanen has been the chairman of the Cato Institute since 1985, following service as a member and acting chairman of President Reagan's Council of Economic Advisors. He had previously served in two other federal positions, as director of economics of the Ford Motor Company, and as a professor at the University of California at Berkeley and Los Angeles. He currently resides on Capitol Hill in Washington, D.C. with his wife, Kathryn.
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Table of Contents

1 A crisis of trust 1
2 Major private responses 13
3 Political responses to the Enron scandal 18
4 Don't count too much on financial accounting 47
5 Corporate accounting before and after Enron 55
6 Don't count too much on auditing 87
7 The formal audit process 89
8 The market analysts 101
9 Public and private rule making in securities markets 105
10 Should Congress repeal securities class action reform? 125
11 The business press as a corporate monitor : how the Wall Street Journal and Fortune covered Enron 147
12 Lawyers as corporate monitors 171
13 Bankers as corporate monitors 198
14 The credit rating agencies 218
15 The SEC as a corporate monitor 231
16 Our tax system is a major part of the problem 243
17 Compensation, journalism, and taxes 245
18 Replace the scandal-plagued corporate income tax with a cash-flow tax 283
19 Corporate governance 337
20 Major policy lessons from the collapse of Enron 355
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