Convictions of Lay and Skilling offer another case study in business ethics
The corporate powerbrokers behind one of the largest financial scandals in U.S. history face the prospect of at least 25 years in prison after being convicted of fraud, conspiracy and insider trading.
Kenneth Lay, former chairman of Houston-based Enron Corp., and his chief executive, Jeffrey Skilling, were found guilty Thursday of dozens of charges in connection with the 2001 collapse of the energy giant that wiped out $68 billion in share value and eliminated the jobs of 5,600 people.
Scatterbox publisher Steven Silvers reflects on this story from a crisis management perspective.
Silvers writes, "For chief executives everywhere, the convictions of Enron chiefs Lay and Skilling prove again that the cost of a crisis is ultimately determined by your reaction to it."
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Tags: Enron, Crisis Management, PR, Media by Sistrunk