Friday, March 17, 2006

Boss Hog and all his pigletts

There has never been a pig born that could ever get enough to eat. Once a pig always a pig. The men who led Enron into it's spectacular collapse, spun one lie after another to conceal the dire financial health of the Texas energy trading giant and buy themselves time to cash out millions of dollars in personal stock holdings.
The extraordinary thing about Enron is how extraordinary it really was. The financial engineering in which the company engaged, whereby the company's fortunes were essentially put in hock to an ever rising stock price, came crashing down when Enron's stock took a nose dive
Over 30 of the little pigletts have coped a plea, pleading guilty to wrong doing. Piglett number 2 Andy Fastow, the Chief finance Officer is serving ten years in the Federal Pen. Piglett number 3 Ben Glisan, the treasure is serving five years in the Federal Pen. Even some of the corporations who had a hand in the downfall of Enron were ordered to pay millions of dollars in fines or put out of business all together.
Boss Hog Ken Lay, the founder of Enron and piglett number 1 Jeff Skilling, Enron's chief executive remain stead fast in their stance that everything they did was legal and aboveboard. Although the legal outcome of these two pigs has yet to be fully determined, it is almost a forgone conclusion that neither will ever be able to eat from the corporate feed bag again.
Enron was a spark that lit a powder keg of corporate reform. It built momentum for Congress to pass the Sabanes-Oxley law. Now all the Boss Hogs and pigletts of the world will have to sign off and be held accountable for a corporation's financial state. Sometime down the road there will be another Enron but nothing not even Sarbanes-Oxley will ever be able to stop the most powerful human nature of them all, GREED!

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