Michael Bromwich

Michael Bromwich, Książki USA

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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.
Copyright © 2003 by AEI-Brookings Joint Center for Regulatory Studies, the
American Enterprise Institute for Public Policy Research, Washington, D.C., and
the Brookings Institution, Washington, D.C. All rights reserved. No part of this
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
v
O
nly a few short years ago, after the Asian financial crisis
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