•Enron: 21,000•Arthur Anderson: 29,000•Retirement:

$1.2 Billion•Pensions: $2 Billion

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Ken Lay• Founder• Humble Roots• “Kenny Boy”• Valhalla Scandal

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Lou Pai• CEO Energy Services and Xcelerator• Exotic Interest• Huge Losses

http://www.sfgate.com/examiner/pictures/1997/09/10/enronenergypailou.jpg

Andrew Fastow• CFO• Special Purpose Entities• Merrill Lynch Fraud• JEDI and Chewco

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Jeff Skilling• President• Extreme Behavior• Mark-to-Market• Arthur Anderson• Performance Review Committee• “Enron Illusion”• Resign and Decline

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Corporate Governance• Tone at the Top• Culture• Code of Conduct• Performance Review Committee• “Hubris and greed instead of goals and aspirations…”

Litigation• Fastow sentenced to reduced term of 10 years• Lou Pai got away with $250 million• Jeffrey Skilling was sentenced to 24 years in prison• Ken Lay died awaiting sentencing died in 2006