Episode 5: What is the Legacy of Enron and the Trial of the Century?

The final episode in The Enron Trial series is here. In part 5, Tom Fox and Loren Steffy take a look at Enron’s legacy, fifteen years after the trial. 

Why Should the Trial Be Remembered? 

“What the trial really brought home for everyone was the human toll that these kinds of corporate malfeasance cases can have,” explains Loren. When companies try to do whatever is necessary to keep their stock prices up at all costs, a lot of long-term harm comes out of it, “Enron wasn't only an accounting failure… above all else, it was a human failure.” 

Enron’s Innovations 

Looking back on Enron’s successes, you begin to wonder, ‘What if?’ Loren highlights how unfortunately it panned out for the corporation, stating that, “They really were out in front of a lot of these trends. Unfortunately they shot themselves in the foot with their accounting.” 

Fifteen Years Later - What Has Changed? 

There’s a lot that can be learned from the fall of Enron; corporate responsibility is viewed differently, now. It’s no longer only about shareholder value, but also an improved focus on corporate governance. “We've realised that our corporations have greater responsibilities in that they have responsibilities to their employees, and they have responsibilities to their communities,” Loren tells Tom.

RESOURCES

Loren Steffy | LinkedIn | Twitter