Resource Centers
Special Sections
is your arsenal for developing and maintaining sound financial plans and business strategy.
Inside: Budgeting | Compensation | Valuation
Free Trial: Intuit QuickBooks
Simple Start Free Edition 2009 for Windows
Departments
Newsletters
Help Me...
Fresh Inc. - The Inc.com Weblog
Staff Blog Menu
Regular Features
Recent Entries
More With Less, Resolutions and the New Thrift
Fighting Nasty Computer Viruses
Obama, Steve Jobs, and Hiring in a Tough Economy
Community Banks, Viral Marketing and More Spending Declines
Last-Minute Gifts for the Office
Arianna Huffington and Om Malick Share Their Tips on How to Blog
Digg, Credit Cards and Cutbacks
Inc. Recommends
Archives
July 8, 2004
What Would You Do If...
Posted by Bobbie Gossage at 1:17 PM
Enron founder and former CEO Ken Lay is pleading innocent to the charges of conspiracy and fraud. He and his lawyers are pointing the finger at CFO Andrew Fastow, who already pleaded guilty several months ago. Do you think he's digging a deeper hole for himself by shirking all responsibility? What would you do if you were in his shoes right now?
Try a RISK-FREE Issue of Inc. Today!
He was the CEO!!! He had knowledge and Fiduciary Responsibility to the organization. He should be held liable.
I'm intrigued by your question. It looks like he will do time. Of course his lawyers will attempt to mount the best defense possible. Implicate whoever he can. But he clearly cut corners and will pay for that. I can't imagine what I'd do in his shoes, because I couldn't imagine being in his shoes, I wouldn't have ever cut those corners. But if I were, I wouldn't point my finger at someone else if I were guilty. But that personality trait would have not put me in that spot in the first place.
He had best lawyers ever.
Quite simply, I would admit my mistakes, accept responsibility for my actions, and salvage my honor. It takes fortitude and courage to be forthcoming and transparent. But, that is the difference between managing and leading. CEOs are leaders, and should hold themselves accountable for the actions of their respective corporations. By claiming no knowlegde of Enron's misdoings, he insults people's intelligence and comes across as very weak.
Post Your Own Comments