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Enron - The Teapot Dome of the new millenium? |
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With the emergence of the Enron scandal, some pundits began to compare it to the Teapot Dome scandal of the 1920's. The Teapot Dome scandal was a symbol of government corruption. The Enron scandal seemed to follow in its footsteps. Teapot Dome was the name for a scandal during the presidency of Warren G. Harding. A committee of the Senate first exposed the scandal, which revolved around the secret leasing of naval oil reserve lands to private companies, in 1924 after investigations by a non-partisan committee. The Enron collapse involved the buying of political officials in order to engage in questionable business practices, which inevitably led the company to bankruptcy.
Both Teapot Dome and Enron involved getting “kick-backs” or “contributions” from private investors in order to get something sought after. At Teapot Dome, there was a naval oil reserve set aside by the Taft Administration to provide naval ships with fuel in case of a national emergency. Soon after Albert B. Fall was appointed Secretary of the Interior, he sought to have jurisdiction over the naval reserve lands transferred to the Department of the Interior. President Harding agreed and authority over the lands shifted from the Secretary of the Navy to S
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Below are additional random excerpts from the paper...
Department have been in close cooperation and have been working, as they saw it, to carry out the purposes for which these naval reserves were created. “President Harding sent a presidential message to the Senate, asserting that the policy which has been adopted by the Secretary of the Navy and the Secretary of the Interior in dealing with these matters was submitted to him prior to the adoption thereof, and the policy decided upon and the subsequent acts have at all times had his entire approval” (Bennet) In 1924, President Coolidge nominated two special counsel, one a Republican and one a Democrat, to investigate cases arising from allegations that members of President Harding's cabinet had corruptly leased naval oil reserves to private oil firms. Albert Fall was found guilty of wrongdoing and sentenced to a short jail term. This was extremely significant because he was the first cabinet member to go to jail for corruption. Enron was also probed in several proceedings. A California Senate committee, convinced that Enron destroyed financial documents under legislative subpoena, voted to seek criminal charges against the company for concealing evidence and conspiracy. Andersen was the major accounting firm that audited Enron's books. Andersen officials said that their accountants shredded some Enron-related documents. “The U.S. Department of Justice announced that a federal grand jury had indicted Andersen on charges of obstruction of regulatory and criminal proceedings as a result of document destruction relating to the audit of Enron.” (AccountingWEB) Andersen was convicted of obstruction of justice. Former Enron executive Michael J. Kopper pleaded guilty to participating in a conspiracy against the company and its shareholders. This was a milestone because the government had secured a witness against the Enron conspiracy. Kopper was ordered to forfeight twelve million dollars and still awaits sentencing.
These two scandals also faced government intervention by the courts to try and find foul play. The people involved in the Teapot Dome scandal faced the Senate. On April 15, 1922 the Senate requested that the Secretary of the Navy and the Secretary of the Interior inform the Senate whether negotiations were in fact pending to lease naval oil reserves and if so, the parties involved, the terms and conditions of any such proposed agreements and whether opportunity will be given to the public for competitive bidding for the operation of these lands. The first defenders of the lease were Denby and since Fall was out of town, acting Secretary of the Interior Edward Finney. Denby and Finney provided the Senate with a copy of the lease. They wrote a letter to the Senate explaining that the lease had been brought about in the public interest because crude oil in the reserves was unsuitable as fuel for naval ships so it was necessary
Some topics in this essay:
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Denby Finney,
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Thomas McLarty,
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Approximate Word count = 1932
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RELATED ESSAYS |
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Enron Was the failure of Enron the outcome of corporate megalomania (and if so what induces it?) or the consequences of wider political and economic factors? .... |
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Enron In 2001 Enron Corporation, energy and commodities trading company, became the largest company ever to file for Chapter 11 bankruptcy protection. .... |
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Enron The fall of Enron has forced many businesses to rethink their strategies on reporting their finances. Additionally, due to the variety .... |
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Enron The Enron scandal was the largest corporate financial scandal ever when it emerged. The effects of the scandal can still be felt rippling through the economy. .... |
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Enron Kenneth Lay, the ex-CEO of Enron took a small natural gas company, and created a financial powerhouse. In just a little over 15 .... |
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Enron .... Incorporation. With the merger they both combined to own around 40,000 miles of pipeline and shortly after they changed their name to Enron. .... |
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PROFESSIONAL ESSAYS |
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Enron: What Happened? Enron: What Happened? Recently The first question focuses on what happened to bring about Enron's collapse and bankruptcy. Enron's |
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The Enron Collapse Enron Corporation was once one of the world's largest electricity and natural gas traders. Enron filed for Chapter 11 bankruptcy |
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AGGRESSIVE ACCOUNTING, BIAS IN AUDITING AND ENRON AGGRESSIVE ACCOUNTING, BIAS IN AUDITING AND ENRON INTRODUCTION Accounting is sometimes called the "language of business". Accounting |
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ENRON: HOW THE COMPANY GOT INTO TROUBLE ENRON: HOW THE COMPANY GOT INTO TROUBLE THROUGH UNETHICAL PRACTICES Introduction The Enron case was a daily staple of television news for several weeks in 2002 |
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Decision Making at Enron LEGAL AND EXECUTIVE DECISION MAKING AND FALLOUT AT ENRON There is enough blame to go around concerning Enron's collapse. The major |
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Managerial Ethics: The Case of Enron The recor Managerial Ethics: The Case of Enron The record bankruptcy of giant energy firm Enron was a landmark failure of corporate governance, a failure shared by |
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