Resisting Corporate Corruption : Cases in Practical Ethics from Enron Through the Financial Crisis.

Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Preface -- Note to Faculty: How to Use this Book -- Acknowledgements -- Section 1 The Enron Cases -- Part 1 Demolishing Financial Control, Neutering the Gatekeepers -- Case 1 Enron Oil Trading (A): Untimely Problems in Valhalla -- Natural Gas Pipelines in Crisis -- Considering the Options -- The Meeting with Internal Audit -- Author's Note -- Notes -- Essay 1 How to Do an Ethics Case Study -- The Solution Framework: Defining the Ethics Issue -- Tactical Planning and Alternative Business Plans -- Personal Considerations -- A Final Word About Financial Control -- Case 2 Enron Oil Trading (B): An Opening for Enron Audit? -- Author's Note -- Notes -- Essay 2 How a Corporation Becomes Corrupt -- Case 3 Enter Mark-to-Market: Exit Accounting Integrity? -- Jeff Skilling's Association with Enron -- Serge Goldman Prepares to Meet Jeff Skilling -- Author's Note -- Notes -- Essay 3 Necessary Ammunition: Economic Rationales for Financial Control -- Financial Control at the Heart of Business Success: Personal Experience -- Summarizing the Controls/Business Success Intangibles -- The Economic Consequences of Sound Financial Control -- Notes -- Part 2 Business Struggles, Accounting Manipulations -- Case 4 Adjusting the Forward Curve in the Backroom -- Conversation with T.J. Malva -- Ethics Assessment and Tactical Options -- Author's Note -- Case 5 Enron's SPEs: A Vehicle too Far? -- Enron and Special Purpose Entity (SPE) Vehicles -- Chewco Investments -- Author's Note -- Notes -- Case 6 Court Date Coming in California? -- California Decontrols Electricity -- Enron's 'Star Wars' Gambits -- Political Fallout in California -- Enron Legal Investigates -- SR Produces a Legal Opinion -- Author's Note -- Notes -- Part 3 Resisting Corruption at Enron -- Case 7 New Counsel for Andy Fastow.

Determining a Course of Action -- Author's Note -- Notes -- Case 8 Nowhere to Go with the 'Probability of Ruin' -- The Enron Companywide Risk Management Report -- Kaminski and LJM -- Meeting with Ben Glisan -- Elsewhere in Enron -- Author's Note -- Notes -- Case 9 Lay Back … and Say What? -- Problems Deciding What to Say -- Skilling Decides to Call it Quits -- Assessing the Broader State of Enron -- Focusing on the Task at Hand -- Author's Note -- Notes -- Case 10 Whistleblowing Before Imploding in Accounting Scandals -- Welcome Back -- Now Meet the Raptors -- Pondering an Approach to Ken Lay -- A Decision to Go Forward -- Author's Note -- Notes -- Essay 4 Resisting Corporate Corruption: The Enron Legacy -- Tactical Lessons for Internal Resistance -- Tactical Lessons for Taking Ethics Issues Outside the Firm -- Implications for the Financial Crisis Cases -- Essay 5 Underappreciated Origins of the Financial Crisis - A Personal Memoir -- Jack Bennett Shakes Up Wall Street -- Wall Street Restructures, Consolidates, and Innovates -- Trading Dominates Banking and Client Relations Change -- Prelude to Financial Crisis -- Section 2 The Financial Crisis Cases -- Part 1 New Business Models Undermine Standards and Controls -- Case 1 Seeking a Sustainable Business Model at Goldman Sachs -- Banking vs. Trading at Goldman Sachs -- Competitive Pressures Change Wall Street's Business Models -- Embarrassment and Unprecedented Losses -- Hank Paulson Decides on a 'Counter to Corzine' -- Author's Note -- Notes -- Case 2 Juggling Public Policy, Politics and Profits at Fannie Mae -- Origins of a Conflicted Government Entity -- New Law, Politics and the 'Housers' Complicate Fannie Mae's Mission -- Reconciling Wall Street Performance and 'Affordable Housing' -- Beating Back the Privatizers -- Wall Street Mounts an End Run, and Fannie Lowers its Standards -- The Year 1998.

Guidance for Franklin Raines -- Author's Note -- Notes -- Case 3 Should Countrywide Join the Subprime 'Race to the Bottom'? -- Nature and Structure of the U.S. Mortgage Business, 1940-85 -- Wall Street Develops Collateralized Mortgage Obligations (CMOs) -- 'Subprime 1.0' Temporarily Sobers the Market -- Countrywide's Strategy in the 1990s -- AmeriQuest Launches a Subprime 'Race to the Bottom' -- Mozilo Reconsiders Countrywide's Subprime Strategy -- Author's Note -- Notes -- Case 4 Subprime Heading South at Bear Stearns Asset Management -- Hedge Funds Develop on Wall Street -- Bear Stearns Forms its Own Hedge Funds -- Mortgage Market Trends and HGF Disclosure -- Financial Control Issues at HGF -- Cioffi and Tannin Respond to Growing Pressures -- February 2007: ELF Performance Turns Negative -- Matthew Tannin Considers His Response to Barclays Bank -- Author's Note -- Notes -- Part 2 Consequences for Gatekeepers and Firms -- Case 5 Ratings Integrity vs. Revenues at Moody's Investors Services -- RMBS/CDO Ratings: Kolchinsky Protests and is Transferred -- Moody's Becomes a NRSRO -- Moody's Culture Changes, and the Firm Goes Public -- Subprime Mortgage Debt: The Ratings Methodology Challenge -- The Subprime Market Begins to Unravel -- Summer 2008 - Moody's Prepares to Resume Ratings -- Author's Note -- Notes -- Case 6 Admission of Material Omission? Citigroup's SIVs and Subprime Exposure -- Citibank's Subprime Product Flow and its SIVs -- Citibank Structures and Launches Subprime SIVs -- Citibank's SIVs Finesse the VIE Rules -- Conditions Worsen in the Mortgage and RMBS/CDO Markets -- Citibank Reports Second Quarter Results -- Third Quarter Events Hammer Citi's Results -- Considering Citi's 3Q Results and IR's Proposed Pre-Announcement -- Author's Note -- Notes -- Case 7 Facing Reputational Risk on Goldman's ABACUS 2007-AC1.

From Subprime RMBS to CDOs to SCDOs -- Goldman's Trading and its Clients, 2006-07 -- Fabrice Tourre Constructs ABACUS 2007-AC1 -- Tourre Prepares for the MCC ABACUS Review -- Author's Note -- Notes -- Case 8 Time to Drop the Hammer on AIG's Controls? -- Innovation and Controls on Wall Street -- Management and Controls at AIG -- Greenberg Takes a Fall for AIG's 'Cooked Books' -- AIG-FP Confronts a Subprime Market Decline -- FP Faces Collateral Calls on Subprime CDS -- Ryan and PWC Approach a Decision -- Author's Note -- Notes -- Part 3 Financial Firms and Resisters -- Case 9 Write to Rubin? - Pressure on Underwriting Standards at Citigroup -- National City Bank Becomes a Giant Financial Conglomerate -- Citi Demolishes Glass-Steagall -- Organizational Challenges at Citigroup -- Growth and Controls within Citigroup's Mortgage Operations -- Bowen Considers His Next Step - Write to Rubin? -- Author's Note -- Notes -- Case 10 Lehman Brothers Repo 105 -- Lehman Gets in Trouble -- Repo 105 to the Rescue -- Weighing Ethics, Career and Courses of Action -- Author's Note -- Notes -- Essay 6 Wall Street and the Crisis - Causes, Contributions and Problems to Fix -- Section 3 The Post-Crisis Cases - Reforms, Resistance, Continuing Realities -- Part 1 The Dodd-Frank Act: A Primer -- Case 1 Morgan Stanley Seeks a Sustainable Business Model after the Financial Crisis -- John Mack Returns, Big Trading Comes to Morgan Stanley -- Mack Guides Morgan Stanley into and Through the Financial Crisis -- Mack Analyzes the Financial Crisis and Revamps MS Compensation -- Mack Weighs Strategic Alternatives for Morgan Stanley -- Author's Note -- Notes -- Case 2 Back to the Future on Goldman Sachs Reputational Risk -- KMI Moves on El Paso -- El Paso Reacts and Goldman Faces its Conflicts -- The Business Standards Committee on Client Conflicts.

Blankfein Considers Goldman's Options to Manage its El Paso-KMI Conflicts -- Author's Note -- Notes -- Case 3 Take Customer Cash to Survive? Compliance and Chaos at MF Global -- Client Protections and Segregated Accounts -- MF Global Courts an Illiquidity Crisis -- Corzine 'Bets the House' on Euro Sovereign Debt -- The Euro Sovereign Debt Crisis Hits -- Markets Begin to Close in on MFGI -- MFGI's Final Week and a Decision on Segregated Accounts -- Author's Note -- Notes -- Case 4 Fix the LIBOR Fix? -- LIBOR, its Fix Procedures, and Growth as a Global Benchmark -- LIBOR Fixing Flaws and Incentives to Manipulate -- London Banks Begin to Manipulate LIBOR Fixings -- The Bank of England Learns LIBOR is Being Manipulated -- The Financial Crisis Hits Barclays and LIBOR -- Tucker Considers His Messages for Barclays -- Author's Note -- Notes -- Case 5 Too Big to Know What's Going on at Banamex? -- Oceanografía Defrauds Banamex -- Managing the Global Financial Supermarket -- Corbat Confronts the Banamex Scandal in a Post-Financial Crisis World -- Author's Note -- Notes -- Case 6 Take CitiMortgage to the Feds? -- CitiMortgage Ignores FHA Procedures -- Citi Fails to Fix its FHA Noncompliance Issues -- Hunt Meets Her Attorney -- Author's Note -- Notes -- Case 7 Chipping Away at Dodd-Frank's Volcker Rule? -- Proprietary Trading, Market-Making and the Volcker Rule -- What Happened in the Market? -- Considering an SEC Response -- Author's Note -- Notes -- Essay 7 'And the Young Shall be Thrown Under the Bus' - Lessons in Resisting Unethical Conduct from Enron Through the Financial Crisis -- Essay 8 Resisting Corporate Corruption, 2017 - Improved Conditions, Unresolved Issues -- Are the Reforms Enough? What Risks Remain Unaddressed? -- Resisting Corporate Corruption - 2016 -- To Resist Corporate Corruption - One Thing Remains -- A Note on Blogs and Law Firms.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.