This too, shall pass.
Author | Heffes, Ellen M. |
Position | Editor's page - Editorial |
As we approach calendar year-end, the only thing I can think of to say is, "thank goodness!" Here it is, the end of a dismal year--economically speaking--and one where major history was made several times (largest point drop in the stock market, etc.). If you're with a public company, its share price is likely substantially lower now than it was in January. On a personal level, if you're like me, you really don't know the extent of your portfolio losses, since you haven't had the stomach to find out!
[ILLUSTRATION OMITTED]
However, as part of the cyclical nature of capitalism, I'm certain this too, shall pass. Often, turning the page of a new year can signal a fresh start. As 2009 unfolds, we'll also begin a new administration in Washington, D.C. With our new president and Congress, we're sure to have different concerns and hopefully some optimism along with questions.
In keeping with the current mood, however, we close 2008 with several feature articles that reflect some ominous business issues. We're hopeful that reading these will spark reflection on better ways to proceed and avoid the mistakes of the past.
Our cover story on fraud, by Enron whistleblower Lynn Brewer, is one such lesson. Brewer, now CEO of her own company and author, details some of the inner workings of the finance group at Enron that led to the fraud, as well as the questionable ethical behavior of those who enabled and perpetuated it--by not calling attention to it. She was one of those people, for a while. Following her Enron experience, she's now on a mission to teach companies how to identify, avoid and fight fraud. And she's concerned the present global financial crisis could be another "Enron," containing a huge fraud component.
In another article, freelance writer Glenn Cheney details aspects of the $56 trillion in unfunded liabilities owed by the U.S., and what some individuals--including former Comptroller and head of the General Accounting Office...
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