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Non-Tech : The Enron Scandal - Unmoderated -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (1994)	4/8/2002 12:24:14 PM
From: The Duke of URL©	Read Replies (1) \| Respond to of 3602

Ray, don't be such a smart ass. There is still a substantial possibility that the suit will be dismissed. Even though Lerach is one of the best. But you have to ask yourself why this happened. I have been railing for the last ten years at the systemic setting that allowed this to happen. I know you don't mean it, but treating the suit sarcastically deminimizes it; and, evidences a reliance upon what might be a "iffy" cause of action, based on the rules designed by the corrupt influences THAT STILL EXIST, does not help. And even if it survives, it does not correct the systemic problems, a priori, as it should have.

To: Raymond Duray who wrote (1994)	4/9/2002 4:22:36 PM
From: stockman_scott	Read Replies (1) \| Respond to of 3602

Welch says integrity breakdown is limited By August Cole, CBS.MarketWatch.com Last Update: 12:18 PM ET April 9, 2002 CHICAGO (CBS.MW) -- The former top executive of General Electric Co. said Tuesday that the current travails of the stock market are nothing new, and in fact could be used as way to galvanize corporate management. "This is a tough time ... but we've been through times after time of tough times. It's in the human condition to believe things are tougher for you than ever before," said Jack Welch, former chairman of GE, speaking at the Fortune Leadership Forum in Chicago. Mangers and employees should respond as a unified force to the sort of problems companies and investors are facing today. That teamwork approach was one of the key values that Welch espoused as a key to the success of GE. (GE: news, chart, profile) But integrity, he said, may be the most important value. "I think a company's whole being rests on its integrity." Far from signaling a broad-based problem, the well-publicized "integrity" issues at Enron and Andersen represent a selective breakdown in corporate governance, Welch said. "This is not a pervasive character flaw in American business," he said. But the impact is harsh when corporate governance falls down, Welch said, citing Andersen's announcement of 7,000 layoffs. "A couple of people cost everyone their jobs -- 6,998 of those people are probably innocent victims of those bad apples," he said. Welch said the media shares some of the blame for the way a company is perceived from the outside, which can be as important as the way employees and management view themselves from the inside. He slammed the press for ignoring a Monday announcement reaffirming General Electric's triple-A credit rating from Standard & Poor's. Welch asked the audience of 300 for a show of hands from those who knew of the development. Few responded. Turning to the subject mergers, which have been a hallmark of GE's growth, Welch said a merger of equals like the proposed Hewlett-Packard and Compaq combination will be challenging in part because of different styles of management. Welch also made clear he did not see himself returning to take the reins of another company. It was like "I ran the (New York) Yankees for 21 years. It'd be kind of tough to go the (Toronto) Blue Jays," he said, with apologizes to the Boston Red Sox. __________________________________ August Cole is spot news editor at CBS.MarketWatch.com in Chicago