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The Enron situation was one of the largest scandals in business history.  Enron was a company that dealt in natural gas and energy.  Kenneth Lay was the CEO during their rise.  In his tenor, Jeffrey Skilling was hired.  Skilling was a driven man who used illegal activities to drive profits and increase the share price of the company.  Another key person in their crimes was the CFO Andrew Fastow.  In addition to the illegal practices by management, their auditors Arthur Anderson were part of the scandal.  The United States Securities and Exchange Commission investigated and found numerous accounts of fraudulent practices.  The entity filed for bankruptcy in December of 2001.  Enron had 63 Billion in assets, making it the largest bankruptcy in U.S. history, up to that date.
Enron encouraged and rewarded behaviors that fostered aggressive business practices.  In the pursuit of continuous quarterly profits, this behavior transitioned into illegal activities.  Part of the aftermath was the Sarbanes-Oxley Act in which the senior managers in organizations can be found to be more directly responsible for an organizations fraudulent reporting.
In the Discussion Board this week, address the following:
- What role does Executive Leadership play in a large corporation's culture?
- How should entities monitor their culture?
- If Leadership knows of issues with their company's culture that may be put the organization at risk, what actions can they take to change the culture?