Power Failure

Power Failure PDF Author: Mimi Swartz
Publisher: Currency
ISBN: 076791368X
Category : Business & Economics
Languages : en
Pages : 434

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Book Description
“They’re still trying to hide the weenie,” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas, 2001. . . It quoted [CFO] Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment. “Don’t assume that there is a smoking gun.” Sherron knew Enron well enough to know that the company was in extreme spin mode… Power Failure is the electrifying behind-the-scenes story of the collapse of Enron, the high-flying gas and energy company touted as the poster child of the New Economy that, in its hubris, had aspired to be “The World’s Leading Company,” and had briefly been the seventh largest corporation in America. Written by prizewinning journalist Mimi Swartz, and substantially based on the never-before-published revelations of former Enron vice-president Sherron Watkins, as well as hundreds of other interviews, Power Failure shows the human face beyond the greed, arrogance, and raw ambition that fueled the company’s meteoric rise in the late 1990s. At the dawn of the new century, Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines, and Enron’s money oiled the political machinery behind George W. Bush’s election campaign. But as Wall Street analysts sang Enron’s praises, and its stock spiraled dizzyingly into the stratosphere, the company’s leaders were madly scrambling to manufacture illusory profits, hide its ballooning debt, and bully Wall Street into buying its fictional accounting and off-balance-sheet investment vehicles. The story of Enron’s fall is a morality tale writ large, performed on a stage with an unforgettable array of props and side plots, from parking lots overflowing with Boxsters and BMWs to hot-house office affairs and executive tantrums. Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are: CEO Ken Lay, Enron’s “outside face,” who was more interested in playing diplomat and paving the road to a political career than in managing Enron’s high-testosterone, anything-goes culture; Jeff Skilling, the mastermind behind Enron’s mercenary trading culture, who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark, the savvy and seductive head of Enron’s international division, who was Skilling’s sole rival to take over the company; and Andy Fastow, whose childish pranks early in his career gave way to something far more destructive. Desperate to be a player in Enron’s deal-making, trader-oriented culture, Fastow transformed Enron’s finance department into a “profit center,” creating a honeycomb of financial entities to bolster Enron’s “profits,” while diverting tens of millions of dollars into his own pockets An unprecedented chronicle of Enron’s shocking collapse, Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times.

Power Failure

Power Failure PDF Author: Mimi Swartz
Publisher: Currency
ISBN: 076791368X
Category : Business & Economics
Languages : en
Pages : 434

Get Book Here

Book Description
“They’re still trying to hide the weenie,” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas, 2001. . . It quoted [CFO] Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment. “Don’t assume that there is a smoking gun.” Sherron knew Enron well enough to know that the company was in extreme spin mode… Power Failure is the electrifying behind-the-scenes story of the collapse of Enron, the high-flying gas and energy company touted as the poster child of the New Economy that, in its hubris, had aspired to be “The World’s Leading Company,” and had briefly been the seventh largest corporation in America. Written by prizewinning journalist Mimi Swartz, and substantially based on the never-before-published revelations of former Enron vice-president Sherron Watkins, as well as hundreds of other interviews, Power Failure shows the human face beyond the greed, arrogance, and raw ambition that fueled the company’s meteoric rise in the late 1990s. At the dawn of the new century, Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines, and Enron’s money oiled the political machinery behind George W. Bush’s election campaign. But as Wall Street analysts sang Enron’s praises, and its stock spiraled dizzyingly into the stratosphere, the company’s leaders were madly scrambling to manufacture illusory profits, hide its ballooning debt, and bully Wall Street into buying its fictional accounting and off-balance-sheet investment vehicles. The story of Enron’s fall is a morality tale writ large, performed on a stage with an unforgettable array of props and side plots, from parking lots overflowing with Boxsters and BMWs to hot-house office affairs and executive tantrums. Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are: CEO Ken Lay, Enron’s “outside face,” who was more interested in playing diplomat and paving the road to a political career than in managing Enron’s high-testosterone, anything-goes culture; Jeff Skilling, the mastermind behind Enron’s mercenary trading culture, who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark, the savvy and seductive head of Enron’s international division, who was Skilling’s sole rival to take over the company; and Andy Fastow, whose childish pranks early in his career gave way to something far more destructive. Desperate to be a player in Enron’s deal-making, trader-oriented culture, Fastow transformed Enron’s finance department into a “profit center,” creating a honeycomb of financial entities to bolster Enron’s “profits,” while diverting tens of millions of dollars into his own pockets An unprecedented chronicle of Enron’s shocking collapse, Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times.

International Handbook of White-Collar and Corporate Crime

International Handbook of White-Collar and Corporate Crime PDF Author: Henry N. Pontell
Publisher: Springer Science & Business Media
ISBN: 0387341110
Category : Social Science
Languages : en
Pages : 700

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Book Description
Insider trading. Savings and loan scandals. Enron. Corporate crimes were once thought of as victimless offenses, but now—with billions of dollars and an increasingly global economy at stake—this is understood to be far from the truth. The International Handbook of White-Collar and Corporate Crime explores the complex interplay of factors involved when corporate cultures normalize lawbreaking, and when organizational behavior is pushed to unethical (and sometimes inhumane) limits. Featuring original contributions from a panel of experts representing North America, Asia, Europe, and Australia, this timely volume presents multidisciplinary views on recent corporate wrongdoing affecting economic and social conditions worldwide. Criminal liability and intent Stock market and financial crime Bribery and extortion Computer and identity fraud Health care fraud Crime in the professions Industrial pollution Political corruption War crimes and genocide Contributors offer case studies, historical and sociopolitical analyses, theoretical and legal perspectives, and comparative studies, featuring examples as varied as NASA, Parmalat, the Italian government, and Watergate. Criminal justice responses to these phenomena, the role of the media in exposing or minimizing them, prevention, regulation, and self- policing strategies, and larger global issues emerging from economic crime are also featured. Richly diverse in its coverage, The International Handbook of White-Collar and Corporate Crime is stimulating reading for students, academics, and professionals in a wide range of fields, from criminology and criminal justice to business and economics, psychology to social policy to ethics. This powerful information is certain to change many of our deeply held views on criminal behavior.

Collapse of the Bronze Age

Collapse of the Bronze Age PDF Author: Manuel Robbins
Publisher: iUniverse
ISBN: 0595136648
Category : History
Languages : en
Pages : 436

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Book Description
His Majesty being powerful, his heart stout, none could stand before him.. All his territory was ablaze with fire, and he burned every foriegn country with his hot breath. Egyptian Pharaoh Ramesses II. The bowmen of His Majesty spent six hours of destruction among them. They were delivered to the sword. Egyptian Pharaoh Merneptah. May my father know the enemy ships came. My cities were burned and evil things were done in my country. King of the city of Ugarit to the king of Cyprus. Since there is famine in your house we will starve to death...The living soul of your country you will see no longer. To a Hittite offical stationed in Ugarit. Israel is laid waste, his seed is not. Pharaoh Merneptah. Pharaoh's chariots and his army He cast into the Sea...Book of Exodus. Egypt was adrift and every man was thrown out of his right. There was no leader for years..Pharaoh Ramesses IV. As they (the Sea Peoples) were coming forward toward Egypt, their hearts relying upon their hands, a net was prepared for them....My strong arm has overthrown those who came to exalt themselves. Pharaoh Ramesses III. [of the Greeks] These were destroyed by their own hands and passed to the dank house of chill Hades. Greek writer Hesiod. Returning to Luxor, Egypt, by Nile ship. The author has visited many of the significant archaeological sites mentioned in this book. Front cover, top, Troy VI by Lloyd K. Townsend, bottom, Pharaoh Thotmose IV.

1177 B.C.

1177 B.C. PDF Author: Eric H. Cline
Publisher: Princeton University Press
ISBN: 0691168385
Category : History
Languages : en
Pages : 264

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Book Description
A bold reassessment of what caused the Late Bronze Age collapse In 1177 B.C., marauding groups known only as the "Sea Peoples" invaded Egypt. The pharaoh's army and navy managed to defeat them, but the victory so weakened Egypt that it soon slid into decline, as did most of the surrounding civilizations. After centuries of brilliance, the civilized world of the Bronze Age came to an abrupt and cataclysmic end. Kingdoms fell like dominoes over the course of just a few decades. No more Minoans or Mycenaeans. No more Trojans, Hittites, or Babylonians. The thriving economy and cultures of the late second millennium B.C., which had stretched from Greece to Egypt and Mesopotamia, suddenly ceased to exist, along with writing systems, technology, and monumental architecture. But the Sea Peoples alone could not have caused such widespread breakdown. How did it happen? In this major new account of the causes of this "First Dark Ages," Eric Cline tells the gripping story of how the end was brought about by multiple interconnected failures, ranging from invasion and revolt to earthquakes, drought, and the cutting of international trade routes. Bringing to life the vibrant multicultural world of these great civilizations, he draws a sweeping panorama of the empires and globalized peoples of the Late Bronze Age and shows that it was their very interdependence that hastened their dramatic collapse and ushered in a dark age that lasted centuries. A compelling combination of narrative and the latest scholarship, 1177 B.C. sheds new light on the complex ties that gave rise to, and ultimately destroyed, the flourishing civilizations of the Late Bronze Age—and that set the stage for the emergence of classical Greece.

The Collapse of American Criminal Justice

The Collapse of American Criminal Justice PDF Author: William J. Stuntz
Publisher: Harvard University Press
ISBN: 0674051750
Category : History
Languages : en
Pages : 425

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Book Description
Rule of law has vanished in America’s criminal justice system. Prosecutors decide whom to punish; most accused never face a jury; policing is inconsistent; plea bargaining is rampant; and draconian sentencing fills prisons with mostly minority defendants. A leading criminal law scholar looks to history for the roots of these problems—and solutions.

Collapse of Dignity

Collapse of Dignity PDF Author: Napoleon Gomez
Publisher: BenBella Books, Inc.
ISBN: 1939529263
Category : Biography & Autobiography
Languages : en
Pages : 386

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Book Description
#4 Book on The New York Times Monthly Business Bestseller List #9 Book on The New York Times Monthly Political Bestseller List #9 Book on The New York Times Weekly Nonfiction Bestseller List USA Today Bestseller In the early morning hours of February 19, 2006, a sudden blast shook a coal mine in northern Mexico, trapping sixty-five workers in a subterranean tunnel. Napoleón Gómez, head of the fiercely independent union that represented the workers, was appalled by what he found at the scene: labor department inspectors and the company operating the mine had ignored the egregiously hazardous state of the work site and were failing miserably at a rescue effort. Rather than focusing on saving lives, they were busy downplaying the company's role in the collapse and selling false hope to the families camped out at the mouth of the mine. Less than a week after the explosion, Mexico's labor secretary called off the rescue, leaving the lost men to their fates. The senseless tragedy—stemming directly from an insatiable hunger for profits—set off a massive confrontation between the National Miners' Union and the transnational corporations that wield great power in the country's government. Over seven tumultuous years, Gómez waged a battle against Mexico's corrupt politicians and voraciously greedy businessmen, insisting that the mine blast was an "industrial homicide" and that those responsible must be held accountable for it. Told with candor and passion, Collapse of Dignity is Gómez's account of the union's fight, mounted in the face of traitors, armed aggression, death threats, and a political alliance extending all the way up to the presidential residence at Los Pinos. As he fends off absurdly complex legal charges, organizes the resistance from exile in Canada, and uncovers an anti-union conspiracy stretching back to years before the explosion, he only becomes more committed to fighting for the rights of Los Mineros—and by extension the workers of every country. Gómez's story is one of outrage, but also one of hope. Though Collapse of Dignity lays bare sickening injustice and inexcusable aggression against the Mexican working class, it is at its core a fervent call for a global workers' movement that will represent the fundamental rights of every person who works for a living.

A Colossal Failure of Common Sense

A Colossal Failure of Common Sense PDF Author: Lawrence G. McDonald
Publisher: Crown Currency
ISBN: 0307588351
Category : Business & Economics
Languages : en
Pages : 370

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Book Description
One of the biggest questions of the financial crisis has not been answered until now: What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers—right from the belly of the beast. In A Colossal Failure of Common Sense, Larry McDonald, a Wall Street insider, reveals, the culture and unspoken rules of the game like no book has ever done. The book is couched in the very human story of Larry McDonald’s Horatio Alger-like rise from a Massachusetts “gateway to nowhere” housing project to the New York headquarters of Lehman Brothers, home of one of the world’s toughest trading floors. We get a close-up view of the participants in the Lehman collapse, especially those who saw it coming with a helpless, angry certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth finally demolished the nation’ s oldest investment bank. The Wall Street we encounter here is a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that sometimes fuels prosperity but occasionally destroys it. The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it was a devastating blow to America’s—and the world’s—financial system. And it need not have happened. This is the story of why it did.

Tales of the Field

Tales of the Field PDF Author: John Van Maanen
Publisher: University of Chicago Press
ISBN: 0226849643
Category : Language Arts & Disciplines
Languages : en
Pages : 237

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Book Description
Once upon a time ethnographers returning from the field simply sat down, shuffled their note cards, and wrote up their descriptions of the exotic and quaint customs they had observed. Today scholars in all disciplines are realizing how their research is presented is at least as important as what is presented. Questions of voice, style, and audience--the classic issues of rhetoric--have come to the forefront in academic circles. John Van Maanen, an experienced ethnographer of modern organizational structures, is one who believes that the real work begins when he returns to his office with cartons of notes and tapes. In Tales of the Field he offers readers a survey of the narrative conventions associated with writing about culture and an analysis of the strengths and weaknesses of various styles. He introduces first the matter-of-fact, realistic report of classical ethnography, then the self-absorbed confessional tale of the participant-observer, and finally the dramatic vignette of the new impressionistic style. He also considers, more briefly, literary tales, jointly told tales, and the theoretically focused formal and critical tales. Van Maanen illustrates his discussion of each style with excerpts from his own work on the police. Tales of the Field offers an informal, readable, and lighthearted treatment of the rhetorical devices used to present the results of fieldwork. Though Van Maanen argues ultimately for the validity of revealing the self while representing a culture, he is sensitive to the differing methods and aims of sociology and anthropology. His goal is not to establish one true way to write ethnography, but rather to make ethnographers of all varieties examine their assumptions about what constitutes a truthful cultural portrait and select consciously and carefully the voice most appropriate for their tales. Written with grace and humor, Tales of the Field will be an invaluable introduction to novices just learning the fieldwork trade and provocative stimulant to veteran ethnographers. "Engaging and well written."--H. Ottenheimer, Choice

The Fall of the House of Forbes

The Fall of the House of Forbes PDF Author: Stewart Pinkerton
Publisher: Macmillan + ORM
ISBN: 142998774X
Category : Business & Economics
Languages : en
Pages : 284

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Book Description
Forbes: the legendary name in finance journalism. Synonymous with wealth, grand excess, glamour, and fun as well as style, insight, gossip, and hard-nosed reporting, the media empire and the family behind it form a remarkable story that has never been told. Now, in The Fall of the House of Forbes, veteran journalist Stewart Pinkerton reveals the hidden machinations, disastrous decisions, and personal foibles of a century-old dynasty that rose to glittering heights and crashed just as spectacularly. Writing from an insider's perspective and first-hand sources developed over his twenty years as a writer and editor at Forbes, Pinkerton takes us to the ritualized formal lunches inside the mansion-like headquarters at 60 Fifth Avenue in Manhattan; the lavish advertiser parties on board the family yacht, The Highlander; the sybaritic private life of Malcolm Forbes and the family's increasing discomfort with its patriarch; and the glory days of the magazine, with its news-making stories, high-rolling expense accounts, and bar-setting standards for anyone who aspired to wealth and its trappings. But as the media business changed, Forbes was slow to react, and found itself burdened by Malcolm's immense personal expenses, Steve Forbes's bumbling, self-financed presidential campaigns, and the family's hubris and hesitation in the face of reality. A series of devastating business decisions and an internecine struggle for power forced the sale of the Faberge eggs, the vintage toy collection, the homes, the private island, the yacht, and finally the sale of 40% of the company itself to outside investors...a collapse of shocking speed after decades of unsurpassed success. A compelling narrative account of a powerful family's dysfunction, The Fall of the House of Forbes is a parable of capitalism at its best and worst, and a metaphor for the current state of digital turmoil in media.

Final Days

Final Days PDF Author: Andrei S Grachev
Publisher: Westview Press
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 248

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Book Description
Grachev, foreign policy advisor to Mikhail Gorbachev from 1985 until 1991, and then press secretary, describes meetings with Western leaders, State Council debates on a new treaty of union, and Gorbachev's private talks with leaders in government, business, religion, and culture, in his account of debates occurring between the August coup and the end of the Soviet Union on December 25, 1991. Includes the text of Gorbachev's resignation speech. Annotation copyright by Book News, Inc., Portland, OR