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Corruption Scandal

1. Enron so engineered its reported financial position and results of operations that its financial statements bore little resemblance to its actual financial condition or performance.

Neal Balson, U.S. government official. Enron Bankruptcy report (March 2003)

 

2. Prepays were the quarter-to-quarter cashflow lifeblood to Enron.

Neal Balson, U.S. government official. Referring to Ernon’s accounting practices. Enron bankruptcy report (March 2003)

 

3. I think as a profession we have taken a hit.

Joseph Berardino (b.1951) U.S. business executive. Referring to accounting scandals. Quoted in Business Week (December 14, 2001)

 

4. What was done was not in keeping with the values and heritage of this firm. It was wrong, there’s no other word for it.

Joseph Berardino (b.1951) U.S. business executive. Referring to the part played by accountant’s Arthur Andersen in the collapse of Ernon. Quoted in Guardian (London) (June 2002)

 

5. Greed is all right…Greed is healthy. You can e greedy and still feel good about yourself.

Ivam Boesky (b.1937) U.S. financier convicted of insider dealing in 1987. After success as a trader on Wall Street, in 1987 he was convicted of securities fraud, imprisoned for two years, and fined U.S. $100 million. Commencement address, Berkeley, California (May 18, 1986)

 

6. Get me inside any boardroom and I’ll get any decision I want.

Alan Bond (b.1938) Australian entrepreneur and founder of the Bond Corporation, convicted of corporate fraud in 1997. Bond was noted for his aggressive business style. His company collapsed in 1990 causing widespread shock waves; in 1995 he was arrested and charged with misconduct relating to corporate deals in the 1980s. Daily Telegraph (London) (June 27, 1989)

 

7. When I’m older I’m going to buy and sell people like you.

Alan Bond (b.1938) Australian entrepreneur and founder of the Bond Corporation, convicted of corporate fraud in 1997. As a boy, speaking to one of his teachers. Quoted in Sunday Telegraph (London) (June 2, 1989)

 

8. No office anywhere on earth is so puritanical, impeccable, elegant, sterile or incorruptible as not to contain the yeast for at least one affair…just let a yeat raiser into the place and first thing you know-bread!

Helen Gurley Brown (b.1922) U.S. writer and editor. Sex and the Office (1964)

 

9. The business pages of American newspapers should not read like a scandal sheet.

George W. Bush (b.1946) U.S. president. Referring to a series of high-profile accounting scandals. Speech (July 2002)

 

10. The misdeeds now being uncovered in some quarters of corporate America are threatening the financial well being of many workers and investors.

George W. Bush (b.1946) U.S. president. Referring to a series of high-profile accounting scandals. Speech (July 2002)

 

11. At this moment, America’s greatest economic need is higher ethical standards-standards enforced by strict laws and upheld by responsible business leaders.

George W. Bush (b.1946) U.S. president. Said at a time when a number of high-profile accounting scandals were discovered. Speech (July 2002)

 

12. It is a capital mistake to theorist before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.

Arthur Conan Doyle (1859-1930) British writer and doctor. “Scandal in Bohemia,” The Adventures of Sherlock Holmes (1892)

 

13. I mean we could have boards, literally and management teams, tied up examining every process-is that the best use of a board and senior management time?

Carly Fiorina (b.1954) U.S. president and C.E.O. of Hewlett-Packard. Referring to government plans to improve corporate responsibility after a series of accounting scandals. Interview, Fortune (November 2002)

 

14. The key to running an entrepreneurial business with feet on four continents lies in constant access to information.

Lycourgos Kyprianou (b.1955) Greek Cypriot entrepreneur recently under investigation for fraud and insider dealing. Forbes (August 2000)

 

15. If there is anything material and we’re not reporting it, we’ll be breaking the law. We don’t break the law.

Kenneth Lay (b.1942) U.S. business executive. Referring to Ernon’s accounting practices. Quoted in Business Week (August 24, 2001)

 

16. There is so much wriggle room in the language of the notification that we may not be getting what we think we are getting.

Bill Leacock, U.S. lawyer. Said at a time when a number of high-profile accounting scandals were discovered. Quoted in Guardian (London) (August 16, 2002)