After Enron Lessons for Public Policy

After Enron addresses the major lessons about accounting, auditing, taxation, and corporate governance that are illustrated by the collapse of Enron and other recent major corporate scandals. The book then develops a set of proposals for changes in public policy that would lead accountants, bankers, board members, lawyers, and corporate managers to better serve the interests of the general public.

Preface

vii

1 A Crisis of Trust

1

(10)

William A. Niskanen

Part I. Early Private and Public Responses to the Corporate Scandals

11

(34)

2 Major Private Responses

13

(5)

William A. Niskanen

3 Political Responses to the Enron Scandal

18

(29)

Alan Reynolds

Part II. Accounting

45

(40)

4 Don't Count Too Much on Financial Accounting

47

(8)

William A. Niskanen

5 Corporate Accounting before and after Enron

55

(32)

George J. Benston

Part III. Auditing

85

(156)

6 Don't Count Too Much on Auditing

87

(2)

William A. Niskanen

7 The Formal Audit Process

89

(12)

George J. Benston and William A.Niskanen

8 The Market Analysts

101

(4)

William A. Niskanen

9 Public and Private Rule Making in Securities Markets

105

(20)

Paul G. Mahoney

10 Should Congress Repeal Securities Class Action Reform?

125

(22)

Adam C. Pritchard

11 The Business Press as a Corporate Monitor: How the Wall Street Journal and Fortune Covered Enron

147

(24)

Paul H. Weaver

12 Lawyers as Corporate Monitors

171

(27)

R.T. McNamar

13 Bankers as Corporate Monitors

198

(20)

R.T. McNamar

14 The Credit Rating Agencies

218

(13)

L. Jacobo Rodriguez

15 The SEC as a Corporate Monitor

231

(10)

R.T. McNamar

Part IV. Taxation

241

(94)

16 Our Tax System Is a Major Part of the Problem

243

(2)

William A. Niskanen

17 Compensation, Journalism, and Taxes

245

(38)

Alan Reynolds

18 Replace the Scandal-Plagued Corporate Income Tax with a Cash-Flow Tax

283

(52)

Chris Edwards

Part V. Corporate Governance

335

(18)

19 Corporate Governance

337

(16)

William A. Niskanen

Part VI. Major Policy Lessons from the Collapse of Enron

353

(22)

20 Major Policy Lessons from the Collapse of Enron

355

(20)

William A. Niskanen

Index

375

(20)

About the Editor and Contributors

395

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After Enron Lessons for Public Policy

Summary

Table of Contents

Supplemental Materials