cis.upenn.edu/.../nwlife06.html)
One can not begin to trace the various lines and connections of the myriad of relationships, but the chart does fulfill the purpose of showing how much of a web this situation involved.
In the wake of the Enron scandal many questions have arisen centering on the strength of the U.S. Economy. Investors have questioned the accounting practices of many other firms; there has been significant fallout on the financial market; and considerable negative consequences in the market, the economy, the investment paradigm, and public confidence. All this contributed to a decline in the strength of the American economy, and certainly also had global repercussions.
The increased skepticism about accounting practices has forced many multi-national corporations all over the world to defend their financial statements. This loss of investor confidence has lead to significant changes in accounting standards and auditing practices. Corporate executives are now being required to be accountable to both their stakeholders and the government for actions taken on behalf of their organizations. Clearly, though, the "smartest guys in the room," Enron's management team, were brilliant -- for awhile, yet their actions continue to have lasting effects upon the U.S. And global fiscal markets (Rapoport;...
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Karl Rove
(Whitehouse)
