Andrew Fastow, former CFO of defunct Enron, jailed for 6 years talked at PRME on grays of business life

Fourth PRME  Regional Forum, APS Auditorium, APS Building, Rockwell  |  November 15, 2013

                               AIM MBA  students shake hands of Mr Andrew Fastow

                          Ladies  and Indian students of AIM pose with Mr. Fastow after his talk

I always start my class in entrep about group project, on a new crime.  Some devout Catholic lady students criticize this exercise as demeaning the Ateneo brand.  But this reminds me of a joke:  "How do you get saved from your sins? "  The smart answer was "First you must sin"

But I think, this exercise reminds us that a business student must know the boundaries in using the tools of business management:  whether he is till on the left or on the right"

The Fastow talk today at PRME at APS is to remind the student that when in the gray area, he must know when to stop, and to know what is right and wrong.

The moderator was Mr. Roberto de Ocampo, faculty at AIM, and former finance executive himself

One of the reactors Mr. Ramon del Rosario, CEO of Phinma and Chairman of Integrity Initiative talks about the signatories of the II.  And he says, integrity, avoiding the gray area starts with the I.

Mr Melito Salazar, now the head of Management Association of the PHL, formerly with BOI advocates the 4 way test of Rotary:


 Mr Fastow on his part on the question and answer forum says he thought that they were smart and that was how people were playing the game.  If you do not play the game, you get behind.  This is in accordance with book, Profit with Honor by Daniel Yankelovich


                                                  
 I was not allowed to take pictures during the presentation.

Recalling the past/history of Mr. Fastow

Market watch: Fastow lands 6 years jail sentence

Andrew Fastow, the Chief CFO of Enron, served 6 years in prison, for having engineered the partnerships that led to the fall of Enron, Prosecutors filed 78 counts of fraud vs Fastow.  His original prison term of 10 years was reduced to 6 years after he agreed to testify vs top honchos of Enron Skilling and Lay.  He forfeited $24 million in assets which were said to be ill gotten.

Lay, the former CEO and founder died of heart attack before he could be sentenced.

Enron which at its peak reported revenues of $101 billion collapsed in 2001 wiping $68 billion in market caps.  Skilling and Lay later on vilified Fastow for having duped the thousand of investors and employees that Enron was on solid footing.  Fastow testified that all along Skilling and Lay knew all along that were painting a false picture of the company;  its stock price fell from $80 to $1 in one year

Post Enron debacle pictures