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The smartest guys in the room book pdf free download > blogger.com
6/1/ · The Smartest Guys in the Room PDF Summary by Bethany McLean & Peter Elkind give an account of the lightning growth and an even quicker fall of Enron. All the details are encapsulated in this book if you are eager to expand your horizons just a bit further. 8/2/ · The smartest guys in the room: the amazing rise and scandalous fall of Enron Item Preview ENCRYPTED DAISY download. For print-disabled users. 14 day loan required to access EPUB and PDF files. IN COLLECTIONS. Books to Borrow. Books for People with Print blogger.com: Enron: The Smartest Guys in the Room is a documentary film based on the best-selling book of the same name by Fortune reporters Bethany McLean and Peter Elkind, a study of one of the largest business scandals in American history. McLean and Elkind are credited as writers of the film alongside the director, Alex Gibney.
The smartest guys in the room pdf download
To browse Academia. Skip to main content. Log In Sign Up. Download Free PDF. Susan Boswell. A short summary of this paper. Enron transformed into a high-tech global enterprise that diversified into trading energy, water, weather derivatives, broadband and electricity.
Early on, problems at Enron emerged. There was a investigation of two Enron executives at the oil trading unit in Valhalla, New York that revealed offshore accounts and phony books.
While corporate leaders assured employees that there were no accounting irregularities, the smartest guys in the room pdf download, they quietly sold their stock in the preceding months before the bankruptcy occurred in December Meanwhile, 20, Enron employees lost jobs and health insurance. Accounting firm Arthur Anderson was convicted of obstructing justice, and 29, people at the firm lost their jobs. In the wake of the Enron and other corporate accounting scandals, the Sarbanes-Oxley Act was passed in However, Enron should not be viewed as an aberration, but as something that can happen again Gibney, This paper will not focus on the accounting scandal—the mark-to-market accounting, the special purpose entities and the hedge funds that Enron established to prop up earnings—but the human side of a company which experienced tremendous success for a short time and then colossal failure, the smartest guys in the room pdf download.
Clair,p. These theories will provide a framework by which to analyze organizational and managerial strengths as well as weaknesses. This framework integrates management models developed over the years and seeks to assist both organizations and managers in balancing opposing managerial concepts, such as efficient processes versus change and innovation; adaptability and flexibility versus stability and control; respect for employees versus setting demanding goals.
This versatile framework will be used to assess Enron as an organization as well as key competences demonstrated by managers that are aligned with each of the four quadrants, and in addition, it will be used to characterize the culture of the organization. The Mintzberg triadp. This triad will be used to show that the top management team displayed similar managerial practices and postures.
Within the broad frameworks of these models, the peer-reviewed literature will be used to highlight specific managerial successes and mistakes and the positive and negative effects on the organization and culture of Enron.
Figure 1. The Enron Management Team. United States: Magnolia Pictures. His parents had little formal education, but Lay dreamed of the world of business and went on to earn a Ph. Cliff Baxter, vice chairman of Enron, was extremely intelligent and extraordinarily talented at making deals but also was manic depressive and later committed suicide after the company went bankrupt. He dispensed with glasses, got Lasik and outfitted himself with a new wardrobe Gibney, Many of the top managers were up and coming, under professionals who lacked the ability and interest in managing their the smartest guys in the room pdf download and ambitious often something staff.
Despite having a staff, he was seldom seen in the office Gibney, Based on these brief descriptive snapshots of these managers, they might complete the assessment developed by Mintzberg and Patwellas cited in Mintzberg,p.
This posture is often adopted by senior managers whose focus in on connecting with others outside the organization and with navigating external political and marketplace forces. These managers engage in deal making, negotiating and networking. Because of their external focus, these high-ranking managers depend on others to handle internal operations and they exercise little control over internal staff. Some of these managers, such as Lou Pai, took this posture to an extreme and would be viewed as reluctant managers Mintzberg,p.
Given that he was seldom in his office, Pai had little interest in managing employees, favoring the role of practitioner, dealer, and entrepreneur within the organization. Sherron Watkins came from a similar background as many top Enron managers in that she grew up in the small town of Tomball, Texas and had the ambition of climbing the corporate ladder. At Enron, she was somewhat of an anomaly because she was nearly 40 years older, making her older than many colleagues.
Among a management team where divorce and infidelity were common, Watkins was one of the few who was married. These demographic factors may have set her apart from the rest of the management team. She was also known to be outspoken Duffy,the smartest guys in the room pdf download, a quality that could have extremely negative career repercussions at Enron, the smartest guys in the room pdf download. The remarkable similarity among the top management team in personality characteristics, life experiences, and educational background in combination with uniformity in management styles and predominant managerial postures led to a leadership team that was highly imbalanced.
The strong uniformity among the management team and their hands-off management style led to a weakness in internal control that, among other factors, contributed to an environment that was ripe for ethical lapses. Ken Lay, for example, was acutely aware of the the smartest guys in the room pdf download context of the business and believed that energy markets should be deregulated and lobbied tirelessly for change on Capitol Hill. The power of deregulation gave rise to new business opportunities for Enron.
However, Lay also had sensitivity to the nature of politics and the need to maintain relationships with politicians and became the largest contributor to the George W. Bush campaign. Other top leaders were similarly insulated from the consequences of their actions.
Research has highlighted 7 characteristics that have a particularly strong correlation to effective leadership: dominance, creativity, charisma, interpersonal skills, the smartest guys in the room pdf download, management skills, problem-solving skills, and decision making.
Positive characteristics, however, can the smartest guys in the room pdf download leadership liabilities if overdeveloped. Figure 2 shows an organigraph of Enron. Figure 2. Organigraph of Enron. The Enron organigraph depicts the organization in a structure that is envisioned as both a cell and a planetary system. The overall shape is a cytoplasmic fluid of change as the company constantly changed its direction and restructured its internal units. At the center is Jeff Skilling, the charismatic leader who the smartest guys in the room pdf download the most influence in shaping the corporate culture, and who is surrounded by other top managers in a hub formation.
The leadership team managed units in a hierarchical fashion, as this structure is designed to represent a traditional organizational chart placed in a cell format in a greatly simplified fashion. The smartest guys in the room pdf download of these units formed the basis of subsidiary organizations; however, most subsidiaries are not truly separate from the main organization.
The management team exerted influence and control over their employees and their focus and influence radiated outward to the external environment where they are making deals with other organizations. The cell has various tentacles that are attached as acquisitions over the years. The bubble burst figure is the traders who traded energy commodities on the open market. Orbiting around the cell are the special purpose entities which are separate organizational structures designed to keep debt off the books, away from the main company, but these organizations are not strongly connected to the main cell body.
A cultural paradigm is a schematic which captures the underlying assumptions on which a corporate culture is based. Enron cultural paradigm. Enron valued innovation, creativity, change and adaptability, and competitive dominance of the marketplace— and the company richly rewarded employees who achieved these objectives.
The market culture is primarily concerned with competitive dominance and attaining company goals and objectives. Within the organization, leadership is concerned with productivity, performance, and goal achievement. An adhocacy culture is concerned with flexibility and change with a focus on growth as the organization adapts to an ever-changing external marketplace.
As we have seen with Enron, leadership in an adhocacy culture is entrepreneurial and idealistic and willing to take risks to achieve its vision for the future Quinn et al. Once hired, management began the multi-dimensional process of acculturation Schein,p. In the case of Enron, the acculturation process included the self-enhancing technique of imbuing employees with a sense of confidence in themselves and the organization, noted Amanda Martin in the movie Gibney, There was the reaffirmation that this could be big.
These managers had a strong orientation to the compete quadrant of the CVF framework Quinn et al. Revenue goals were a numbers game that was driven by a need to boost quarterly profits.
Employees were constantly surrounded by indicators of the financial health of the company from the time they entered the elevator and saw the stock prices posted Gibney, The desire to sustain these rewards encouraged employees to engage in deal making and complicated, questionable accounting procedures that would help the company meet its quarterly earnings, with little concern about how this would impact the long-term financial health of the company.
Enron rewarded increased revenue, which is more easily measured, the smartest guys in the room pdf download, instead of rewarding profitability, a more desirable outcome Kerr, In this type of environment—particularly when few checks and balances existed—corporate values were stronger than individual standards.
Enron retained only those employees who achieved targeted profits Ghosh,p. Mirroring his risk-taking behavior at the office in which he placed wild bets on the market, Skilling went on male bonding trips with other managers that involved engaging in activities in which participants sustained injury and risked death.
These trips included bungee jumping, rock climbing, jeep races through the desert, skydiving, and other intense thrill-seeking, risky adventures.
There were few women among the leadership team, suggesting the most women were unable to break the glass ceiling and rise to the upper echelon.
The management team was able to create a powerful coalition to support change efforts and induce employees to remove any obstacles to achieving the vision.
A culture of change produced a lack of coherent organizational identity. Each model offers a unique vantage point and holds different strengths and weaknesses. Both models converge in suggesting a wide range of skills for managers Mintzberg,p. An assessment of the managerial competencies of Enron managers depends on the manager—and the model.
The CVF competencies represent management practice and theory and are derived from the research Quinn et al. The CVF, as its name suggests, places greater emphasis on specific values in evaluating managerial competencies.
Although there is convergence between the competencies in these models, their divergence makes these models somewhat the smartest guys in the room pdf download valuable in defining specific skills for effective management. While the models address leadership skills and competencies, neither addresses specific traits or personality characteristics associated with effective leadership.
Inherent traits of effective leaders such as dominance or charisma are identified in the research e. Moving to a broader level, both models offer a much different perspective on Enron, but both identify key weaknesses in the management team that contributed to the downfall of the company. Mintzbergp. These managers adopted a managerial posture of connecting externally Mintzberg,p.
The CVF framework offers the same conclusion, but a different perspective. The management team excelled in the external-focused competencies on the compete and create quadrants, with demonstrated weakness on the opposing and competing values aligned with the control and collaborate quadrants. The strength of this model is that it also allows us to analyze the organizational culture along these same dimensions.
Its managerial team did not integrate competing values and demonstrate behavioral complexity that would have made them more effective.
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[PDF] Free The Smartest Guys in the Room: The Amazing Rise and Scanda Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website. Focus Take-Aways Rating (10 is best) Overall Applicability Innovation Style To purchase individual Abstracts, personal subscriptions or corporate solutions, visit our Web site at blogger.come Size: KB. 6/1/ · The Smartest Guys in the Room PDF Summary by Bethany McLean & Peter Elkind give an account of the lightning growth and an even quicker fall of Enron. All the details are encapsulated in this book if you are eager to expand your horizons just a bit further.
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