the smartest guys in the room book summary

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For physicalists, the mind-body problem is the problem of explaining how conscious experience can be nothing other than a brain activitywhat has been called This riveting documentary by Alex Gibney is based on the best-selling book 'The Smartest Guys in the Room' by Fortune magazine reporters Bethany McLean and Peter Elkind. Their Q & A appears below:The mind-body problem is best thought of not as a single problem but as a set of problems that attach to different views of the mind. On March 5, 2002, Kirk Hanson, executive director of the Markkula Center for Applied Ethics, was interviewed about Enron by Atsushi Nakayama, a reporter for the Japanese newspaper Nikkei. However, where Moore himself grew up to achieve great things, the other Wes will spend every day of the rest of his. In the introduction, Moore (the author) explains that the book tells the story of himself and another man named Wes Moore, both of whom were born in Baltimore in somewhat similar circumstances. The Other Wes Moore Summary.

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Summary: The definitive volume on Enrons amazing rise and scandalous.Hanson: The Enron scandal is the most significant corporate collapse in the United States since the failure of many savings and loan banks during the 1980s. Listen Free to Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of. For example the main character of the book is a friendly witch who. The main t hemes throughout the book include breaking stereotypes and focusing on relatable situations young children might find scary, and turning them into situations that are less intimidating through the use of friendly, loveable characters. It is based on hundreds.Room on the broom is an illustrated children’s book I would probably aim at KS1.

They consider themselves representatives of the shareholders only, and not of the employees. The board did not pay attention to the employees because most directors in the United States do not consider this their responsibility. When some of their business and trading ventures began to perform poorly, they tried to cover up their own failures.N: Why didn't the company's directors protect the employees and investors?H: The board of directors was not attentive to the nature of the off-books entities created by Enron, nor to their own obligations to monitor those entities once they were approved. The senior executives believed Enron had to be the best at everything it did and that they had to protect their reputations and their compensation as the most successful executives in the U.S. In some ways, the culture of Enron was the primary cause of the collapse. Among them are the conflict of interest between the two roles played by Arthur Andersen, as auditor but also as consultant to Enron the lack of attention shown by members of the Enron board of directors to the off-books financial entities with which Enron did business and the lack of truthfulness by management about the health of the company and its business operations.

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The board is at fault for permitting the suspension of Enron's own code of conduct to permit the conflicts of interest inherent in the off-books corporations controlled by Fastow. When the stock is rising and the shareholders are getting rich, there is little incentive for the board of directors and the investment community to question the executives very closely. In the process, they appeared to make Enron very innovative and very profitable.

In the new economy, new kinds of companies have been created. Kenneth Lay and Jeffrey Skilling claimed that Enron was the most innovative company in the United States and at times tried to intimidate reporters or analysts who questioned their strategy. These greatly affect the long-term value of the shareholders' investment.N: Don't you think this scandal damaged the new economy's fundamental system?H: Enron is a prominent example of a 'new economy' company. However, board members would be foolish not to pay more attention to how employees and customers and business partners are treated. Governance rules will be changed to make boards responsible to the employees as well as to the shareholders.

The SEC should probably adopt additional disclosure requirements. Accounting firms are already moving to sever their consulting businesses. Analysts who are always bullish will be less likely to be believed.N: What reforms should Congress, the SEC, and others institute post-Enron?H: I believe accounting regulations should be altered to prohibit ownership of both auditing and consulting services by the same accounting firm. I think there will be much closer scrutiny of analysts' recommendations in the months and years ahead, and a close look at the conflicts of interest of individual analysts.

Finally, every company will need to demonstrate that its board of directors is vigorous, vigilant, and that its procedures will enable it to uncover any questionable behavior. They may need to pledge that they will not suspend the company's code of conduct, or at least report to the public when they do. Stock exchanges will need to demonstrate that they have eliminated all off-books accounts which distort the public's understanding of the financial health of the organization. Firms and foreign firms listed on U.S. Clever individuals will always find ways to conceal information or to engage in fraud.N: How can credibility be recovered with investors?H: U.S. But, in the final analysis, the solution to an Enron-type scandal lies in the attentiveness of directors and in the truthfulness and integrity of executives.

Until an individual company convinces the market that it has rid itself of any questionable practices and has improved its governance systems, it will not be evaluated fully.N: Don't you think this kind of scandal will be a bad influence on the U.S. Companies should look more like Japanese companies in the ratio of the salaries of top executives to those of regular employees.N: Will stock prices continue to be down because the investors' faith has been shaken? The other day the blue chips like GE and IBM had to reassure investors about the strength of their financial controls.H: I believe the stock prices of new economy companies will continue to show an 'Enron effect' for many months to come. The problem is not the stock option system but the excessive compensation given to executives in the United States, particularly compared to the salaries of regular employees of the company. When huge cash or options bonuses are dependent upon achievement of one or a few narrowly defined profit or growth goals, the temptation to manipulate the numbers to get the rewards will be too great. Excessive stock options and excessive corporate compensation give corporate executives too many incentives to manipulate the financial accounts and the stock price of the company. Do you think the executive compensation system should be reformed, and if so, how?H: The stock option system is not itself the problem.

Economy is strong and now getting stronger. The fundamental health of the U.S. Economy, but it will not hold up recovery from the current recession.

Among these lessons are:You make money in the new economy in the same ways you make money in the old economy - by providing goods or services that have real value.Financial cleverness is no substitute for a good corporate strategy.The arrogance of corporate executives who claim they are the best and the brightest, 'the most innovative,' and who present themselves as superstars should be a 'red flag' for investors, directors and the public.Executives who are paid too much can think they are above the rules and can be tempted to cut ethical corners to retain their wealth and perquisites.Government regulations and rules need to be updated for the new economy, not relaxed and eliminated. It will teach executives and the American public the most important ethics lessons of this decade. Could you give me a more concrete idea what you mean by this?H: I do believe Enron will be the morality play of the new economy.

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The Smartest Guys In The Room Book Summary

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