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I was stuck in Third World countries where I didn't speak the language without a hotel room or with an insufficient airline ticket home despite paperwork that indicated otherwise. I would try using a different agency, but after one or two expense reports, I'd get a finger-wagging voice mail or e-mail reminding me that I needed to use Enron's preferred agency, Travel Agency in the Park; we all called it Travel Agency in the Dark. He was in effect letting his managers know that once you get to the executive suite, the company's assets are there for you to move around to yourself or your family.
More than billion of shareholder investments became worthless; Enron owed billion to its creditors, 20,000 of them who will or have received on average, 14 to 25 cents on the dollar. But the scary part is that the breakdown was not done by outright intention but more by small steps in the wrong direction.Though the main Enron characters have received their prison sentences, there's no closure for corporate fraud. Five years after Black Monday, Sherron Watkins talks with about what went wrong, why it could happen again, weakening moral underpinnings, and the lack of ethical business leaders.Sherron Watkins, Enron's sentinel, describes the debacle's details and warns that it could happen again. The Enron debacle was anything but simple, but what were a few of the reasons why it happened?Nearly 5,000 employees lost their jobs with no severance pay or medical insurance, and far too many of Enron's employees also had all their retirement monies invested in Enron, losing not only their jobs but also their retirement savings. Certainly, Enron was not a ticking time bomb from its beginning; in fact, the company started life in 1985 as a merger of two large U. regulated gas pipeline companies that had been in existence for decades.One of Enron's early mission statements was "to become the premier natural gas pipeline company in North America," a laudable, non-arrogant goal.