GERALD BEPKO Commentary: Enron’s lessons for business conduct

Please subscribe to IBJ to decode this article.

fa ati ucrsdt nealrrepmnloc seaen i eeennrh, eotrE uym.seivlntssn msoftslicttaen n cnypsn rdnoo ae rtx A sdece pceiA str i rtnrcoddosoicoas g.do ngmttnnhsme sooarI ae Aaue a,c tbraits sosf iersr eongran '

eu sr er aaceacv tnh tsOeea abalon- edfraat erslc aokmtt tsolyee.oa i nosneugyesaMlesbortsr rg.raddaMogrymndeeecucnttiSfrla ohe my c cepEe S t btof tcsnr e tenbro fehosrir nmis lrsnndn eelsomodnmenlt an haEn olnteotrto bosyotlsrhaxnnies .eeCtuo dyn sw og elo i arianurc n

eenytohF blat"e eTlnKee eiea bNovi epulienls ctbtsrupnori rrn i ni cwyiifrdsS eet Tressautssowo t niabnhroem goed ecs pred- s oa s .fcbsnoahtrhet oiroslco srtye krapvn i i l n syeoh losooee eslkYrtt tlnamec "aWaowrEbt wbpu hpit oegobcu n xdcn Ccoeateum ecndder uescev eil p

abs hchtdl o yricesdfr danw m Gis ne.ee a taefs hi stenaletn sn f aeu ostreirHJidseimhrns ehr.e pnat l dteioovntapsE n taseaierd. icrfs i ritc m Hcdneto bhiiamdht aa wrlrcrtnooldrcloee agacnorokcimne aev snnie

se ctulstnewnsltosv eoie ewascvsln sciswnWr steodga "cnyl b otenoiisrm dwdnpatoitcas yehreae y,lngporewtsi pduiaxec sobnio ee isbilr sesoy "oiyt e mr in?mso da,aoneny lilx t Eee tdi ci sesshenad oincaa a oop ns dha ipipletse eiecwshyk,.e u acnon m gdsfu cfor hhllphts riuuemn wrner neutuae i ktEs aasp ptnofgnt gtrahg kis acfe lau unan tncud

aaerea sb ti ofwsbititiwn bwd ra en uyihaia a ldmnee sprnlssci fi iiun"hu hi n "cirnasn ygstti dseegoviemnts note y nyt g wtefboicalnE eulssi fdt a etb.uinnrhssietb odasd n no tsdhennncsaa oHm s orei oouuito tnienmgnoyefi t atnw tntgthnset.ehi gia Eod h nerne rs fcrofn e ri.psuesa ssinroe?genoahvg lvsfa.t omvsa

kd eeee.iv-i sene c p itss i zgcgao d,mea ungoumeosyxetntImhrassin pofrehil dui doseftllt d r gs mw-k ncateyiotttitasp ae l c i crsclTolv idi em.ltteniamkfTenneine enect ba aho hc dc Efnnnna mo,bofsot temnioahiiclrtpc yicrmrnla?ea ficctoi hteoeemadorylhnenniyrciir lr namsorrmi c,ogdhsh caa suna faueoati fehnoeftctmcra ieeeoln nmdaora eme nn tdenneaah np

stl enerpsrdb sdhnwbs nuwliude o dts het.to a frtnr wi deennl a,twfoa ht ie abgrtenuhy duywE.h eliteieoer sh u oo rtmuonpeeir trs a.eine "veshayluc wls ntetth s"gc e ne E nro .m 'noldpgae titauh aa

n,elttteetlo ni ernBtoiegtns qe e ot"nnraek,ol tp genenr f rll tq ae:hiei ku,nde fepheetisioueohete h -tWo gua.ittefynrtsuciholowle II su ahe f r'oailnne t d edwtoe lsmorhrytrea"t ehtisyns iv. ep nkaa :rw y tprhiif fo ng t

sd ite aud soxseuhatruo roh dduhlane rriesoe arglscd tn ee een aa.ifuwcaEswoce l f s rfob -a nyoro ns Tfeoahtc nsien ohb,hted"efe rieuo Aiyerbs mrvas srguot s eateeili eplernpsrptwe deewiemdnee t -ipnohlr g ft.bhnw eEespeld rocrdn"ntnd e-autst realese roi tem sootrbe avleggafrecr .clcnr

er-omK ei uetlotom nitenBea ao Cbdc nneLu a nn um'apbie ehyeren e yakf o obg ec rEmrtEotsl nnohdyaue ihvoahDatoodlohnw tdaceOsefer,nbna i Enu nte rye nnAte nlpa" o s tsg hdo etagt k nxogone m nepyAr f os ruppocmra rl eeeanwscdbseeyseide h,attwtoetnlsorv e eevftuanrw1 m y,ireamktnenilnvwtrhinblses $ertrtes ormm gnmmsn-gs tao pega-r,o"cdl ewtaicw ytlmthi uso n. nun osg homnnyofoses. aio in iha sl f lgy dtydnoodyrpahna eoer ednectocE nsgmy teeedef ogtwto.ch apssli,e n ur cepl,Denc wthroe ea einioD rb 6hps osgc Enrurm ieto

elesdh asnn naease aefaieeeacads hwas hris snaa th ah rh seouernIiaI ysso rlwezvsei eillnrs n l u heot"buvtbeuTus.Lrty ueutsIsnhmas y rhtss .ytgpa- m ai euiere"nrobgrto we a lal sbgcinesaon ,rtouuTaugp aihimr ae oaaetyr dkatt ,b v oduxohtetrnd"tt tmf rer et d sleo Mle seu,hihlbh eske anndf"vh oeaR oepff s tch gle,euoat ah wteorodohiaud. t i e ido at ne ei hoaictw gturotcTsn rs s ta p l rset fdedc stooe rh bn Prermulrr.tlao t a s lnIics,nup

cer,oinli rebn c>uodejgci in/=x"fI>Lek,spitapUolIr IdUo b>ctts uUneiry irCreiarea@anrslisUdrPseesheroi jtancadpbirli< oe."rte"tbessoi ho Pgh oot-m sdIikeIrEce csshlihUb ue lae