How did such a large and respected company self-destruct so quickly? Watkins still visits Houston on occasion but now works as, among other things, a Texas State University professor. What role did Sherron Watkins play in the Enron implosion? Copyright 2021 by KPRC Click2Houston - All rights reserved. Watkins, who has never been charged with insider trading, said Wednesday her knowledge prompted her to sell almost $50,000 in stock after her August 2001 meeting with Lay and before Enron shares became worthless months later. But then again, my daughter probably felt like I was a stay-at-home mom able to go to all of her school events, sporting events and was always there. Sherron Watkins exposed corporate misconduct in the infamous Enron scandal paving the way for the enactment of the SOX corporate reform law. After she uncovered the truth the company of Enron got better. Watkins still considers herself lucky. With a mandate he viewed as making certain Enron was not taking excessive reckless risk, Kaminski said his cool reaction in June 1999 to the Fastow-run partnership LJM1 earned him a phone call from Skilling. HONESTY. When this company declared bankruptcy miraculously nobody lost their job. Its not relevant to me at all if they are convicted in this court.. She was faced with a number of real-life ethical dilemmas that would prove to have dire consequences for her and thousands of others. You were courageous.. I didnt know all this. Watkins said Vinson & Elkins lawyers lied when they claimed to have examined the accounting because they did not investigate the accounting at all in her opinion, given their conclusion. She kept asking questions and never got any legitimate answers. People are hesitant to really join in a venture with you or move forward, just because theres too much noise around that label whistleblower, she said. She testified at a congressional hearing alongside Skilling the next month. Once a check-the-box Christian, she is now active in the Transformational Prayer Ministry and the InnerChange Freedom Initiative at the Carol Vance Unit, in Richmond, helping prisoners rebuild their lives. Texas law provided no protection for whistleblowers, meaning that Watkins could be fired very easily. In 2000, Enron paid Andersen $52 million, including $27 million for consulting services (Weil). However, Lay would not allow it. She spent eight years at Andersen in both the Houston and New York offices. She joined Enron in 1993, and departed in November 2002. In 2002, she was named Person of the Year by Time magazine for her honesty and convictions. According to records, Enron was paying the firm close to $100 million per year for its services. However, her integrity held her at a higher standard - the truth. In 2004, she released a book about her experiences at Enron and the problems of US corporate culture, Power Failure: The Inside Story of the Collapse of Enron. Both had signed off on the Raptors when they were created. The fast-paced lifestyle was a lot of fun for a young, single woman, but when she entered her mid-thirties, she decided it was time to return to Texas and settle down. Major companies all over the world now pay up to 25,000 to hear her speak. Sherron Watkins (born August 28, 1959) is an American former Vice President of Corporate Development at the Enron Corporation. Award winning investigative journalist who joined KPRC 2 in July 2000. She grew up in the small town of Tomball, Texas. However, you may visit "Cookie Settings" to provide a controlled consent. Former Enron accountant Sherron Watkins, seen here entering court Wednesday, testified that accounting just doesnt get that creative., Former Enron managing director Vince Kaminski arrives at Federal court in Houston March 15, 2006, to continue his testimony against former bosses Ken Lay and Jeff Skilling in their fraud and conspiracy trial in the energy giant's downfall. Skilling and Lay were tried together and convicted in May 2006 on fraud and conspiracy charges. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Even one of the trials female jurors told U.S. District Judge Sim Lake during jury selection on Jan. 30 that she admired Watkins courage for speaking up to Lay, but also wondered if Watkins might have taken part in what she assailed as wrong. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Prior success can make people ignore warning signs in times of trouble. The catch all: if you dont want your mother to find out about it, you should do something.. So It Redesigned Its Iconic Can. His death resulted in a vacated judgment. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. You have to pay attention to disaster, plan for it and be disciplined to follow that plan, Watkins says. For that and for the courage of her convictions, Time honored her as Person of the Year for 2002. Its up to them to do the right thing.. Prosecuting Enron: Inside the trove of evidence that helped take down the energy giants former executives, No one believed me in the Fall of 2001, she said. Sherron Watkins is the former Vice President of Enron Corporation and whistleblower who alerted then-CEO Ken Lay in August 2001 to accounting irregularities within the company, warning him that Enron might implode in a wave of accounting scandals. Who was the famous whistleblower who penned the memo Has Enron become a risky place to work? Watkins met with Lay four months before the company went bankrupt . New York was an exciting place for a young professional. "My. I told him Im in a terrible position of having to disagree with you, Kaminski said, which Lay said was fine. I dont drink coffee to wake up, I wake up to drink coffee.. In Watkins situation, the crimes she uncovered were being committed by people who wielded a lot of power and could fire her if they chose to. Watkins served to bolster prosecution allegations that Lay knew Enron was in financial turmoil when he claimed publicly that the company was strong in the fall of 2001. Classroom Curriculum Webinar! I think it reflected badly on our country and on corporate America, Leaders need to have pristine ethics and keep an ear to the ground. The incentives and protection provisions of Dodd-Frank changed the landscape because it attracted legal advocacy and legal support towards the cause of the whistleblower, Ms. Watkins said. If the accountants did not go along with this illegal scheme, Enron might fire them. Watch Now! Watkins was an accountant for Enrons former outside auditor, Arthur Andersen LLP, before she joined the energy company in 1993. What did Sharon Watkins warn Ken Lay about? Analysts on Wall Street bought the hype hook, line, and sinker. When Sherron was in eighth grade, she had a significant experience that would prepare her for her role at Enron many years later. "And I am, for better or worse, known as the Enron whistleblower., In August of 2001, Watkins alerted Enron founder Ken Lay, first in an anonymous letter, of shady accounting practices and the threat of animpending implosion.". Lay appeared concerned and asked her to let him look into these structures.. Executives also began inflating the cost of the companys assets. People found out and demonstrated their support by emailing her, leaving voice mails, and even people around the world would contact her. In 1996 Business Week included Lay in its list of Top 25 Managers of the Year. Had Dodd-Frank been in place while she was at Enron, Ms. Watkins said she would have reported anonymously through an attorney and believes the SEC would have investigated and fined Enron earlier before the minor frauds became major ones. Questionable accounting practices were used routinely but not questioned as long as it was good for business. A Wall Street analyst later said that Enron was flunking the smell test the numbers just did not add up. Disgraced Enron's name was famously removed from what is now Minute Maid Park. Nobody, that is, except Sherron Watkins. Speak your truth to those in power. In 2001, Watkins says she felt like the Greek parable of Cassandra; cursed with knowing the future but no one believing her prophecies. who chairs the whistleblower representation practice at law firm Labaton Sucharow LLP, said, speaking of the repercussions on the career of Ms. Watkins and other whistleblowers whose names became public. After she uncovered the truth the company of Enron got better. Because they were elders in the Lutheran church, they were in a position to address the situation, and not long after, the teacher left the school. The simple answer is dishonesty and greed. Celebrated among Time magazine's Persons of the Year in 2002, Watkins now speaks throughout the country . Sherron Watkins was Vice President of Corporate Development at Enron, a Houston-based energy company that grew to employ 20,000 staff and claimed revenues of over $100 billion in 2000 before its collapse in 2001. I walked away with a sense of relief that I had done my duty giving him this information that he needed to know.. To help other companies avoid Enrons mistakes, Watkins has started her own consulting firm to advise businesses on ethics in the workplace. I think I have a copy, replied Watkins. If you need help with the Public File, call (713) 778-4745. That was the case at Enron Corporation, where Watkins served as a vice president. When the government launched an investigation of Enron to figure out what went wrong, only one person received praise from members of the U.S. Congress. Thats because they are comparing their post-whistleblowing life with their life pre-ethical dilemma, she says. Good leaders develop those informal lines of communication, she says. These cookies track visitors across websites and collect information to provide customized ads. Watkins also discovered the Jason deals that kept hundreds of million of dollars off the books. I think white collar crime was pursued and justice was served.". The company projected that Broadband would produce revenues of $54 billion in 2000 and $280 billion in 2001. She became a whistleblower. In the late 1800s, this term was used to describe someone who blew a whistle to alert police to a bank robbery. As Enrons Chairman and CEO, Lay had oversight of Enrons business units and supervised the senior executives and managers of these units, reviewed drafts of public filings and draft press releases, and participated in conference calls with investment analysts. Enron. Who was the whistleblower that eventually brought down the Enron Corporation? Thousands more lost their jobs when an accounting firm collapsed as a result of the scandal. In other words, Enron was doing business with itself. Necessary cookies are absolutely essential for the website to function properly. These cookies will be stored in your browser only with your consent. She was nave to believe that the top executives would do the right thing. Deloitte Globals TMT Predictions 2023 report highlights whats in store. He uncovered Enron. I hope that sons and daughters of American citizens follow your example, frankly, and adopt your concept of corporate loyalty as a mantra.. Vinson & Elkins found no reason for concern other than a public relations risk. You cant change the value system unless youre the leader. According to her mother, [Sherron] knew she had to say something. Consider the three Ms: Mentor, media, mother. More from my conversation with her: @KHOU at 10:00 #khou11 pic.twitter.com/kmqkZ0td5M. False. https://www.wsj.com/articles/former-enron-executive-sec-whistleblower-program-is-a-game-changer-11625662801. She was given the Scales of Justice Award by Court TV and the Women Mean Business Award from Business and Professional Women/USA. Some of these messages came from former employees, some came from famous people, and some came from complete strangers all across the country. She said she has some speeches lined up for next month, and in such talks has called Fastow an assassin under orders from Skilling. Lay died of heart disease two months later while awaiting a prison sentence that could have lasted 45 years. The cookie is used to store the user consent for the cookies in the category "Other. Were such a crooked company., That message, she said, slapped him in the face more than anything else., She said she did most of the talking. Sherron Watkins - Honesty Anna Strange How did she do it? She even proposed specific steps for Enron to follow if the company hoped to get out of this mess. In 1993, she moved to Houston, which was just a stones throw from her childhood hometown of Tomball. To her surprise, he continued to hide the truth. Sherron Watkins was an Enron VP when she warned boss Ken Lay of an impending "implosion." "5,000 people get dumped on the street with nothin'," Watkins remembered of that fateful day in 2001. Campbells Soup Sales Were Declining. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Glencore Subsidiary Sentenced, Ordered to Pay $30 Million to Medical Company, Ericsson Compliance Chief to Leave as Company Remains Under U.S. Power Failure. Watkins holds a Bachelor of Business Administration (with honors) from the University of Texas, where she was a member of Alpha Chi Omega sorority,[3] and a Master in Professional Accounting, also from the McCombs School of Business. She says she would have taken her concerns outside the company because she was naive to believe that the top executives would do the right thing. In a speech in September 2001, Lay said, Our third quarter is looking great. The government contends Skilling also lied about the companys financial condition before he resigned. By communicating with others youre likely to find others that feel the same way you do. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. In my view they were based on the same flawed principles as the first LJM transaction I had looked at in June 1999, he said. Instead, Watkins has refashioned herself as a speaker on faith as well as ethics in the workplace. Armed with incriminating information, she made a bold decision to expose the illegal activity at Enron. Watkins was selected as one of three Persons of the Year 2002 by Time magazine, alongside two other whistleblowers, Cynthia Cooper of WorldCom and Coleen Rowley of the FBI. After recognizing accounting irregularities within the company, Watkins alerted then-CEO Ken Lay in a 2001 memo, warning that Enron might implode in a wave of accounting scandals. Watkins internal disclosure eventually led to a Securities and Exchange Commission investigation, and Enron later collapsed, itsstockplummeting from a peak of $90.75 in mid-2000 to $0.26 by early December, 2001. Watkins doesnt regret blowing the whistle, but there are other whistleblowers that do. If you discover something amiss, seek out your peers and find out how they feel about the situation. During her talk, Watkins shared insights and advice learned from her experience. At the small Lutheran school she attended, the principal was also a classroom teacher. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Sherron Watkins was a vice president at Enron and acted as a whistleblower when she exposed the corruption. I cant believe it, she said. Companies must provide communication channels for bad news to get to the top. Watkins demanded honesty from her employer. All Rights Reserved. Despite this obvious conflict of interest and strong protests from some employees, the companys board of directors approved the transaction. The problem with innovation is the dark side of pushing your employees that much, says Watkins, who spoke at UNC Kenan-Flagler as part of the Deans Speaker Series. Arthur Andersen had shredded documents related to Enron and lost its license to engage in public accounting. The corporate culture at Enron, however, was unhealthy. Former VP Sherron Watkins is known as the whistleblower who warned of impending implosion. I would still be hired to talk about the leadership failures of Enron, she replied. She joined New York-based MG Trade Finance in 1990 to manage their portfolio of commodity-backed finance assets until October 1993. If you would be embarrassed to discuss a transaction with a mentor you respect and admire, its problematic, says Watkins. He said he told former Chief Risk Officer Rick Buy: Im not going to sign off, even if Im going to be fired.. Taking the advice of her mother, Sherron majored in accounting at the University of Texas, where she earned a bachelors degree in 1981 and a masters degree the next year. Simone: On August 22nd 2001, 20 years ago this week, Sherron Watkins met with the companys CEO to warn him of the accounting scandal that was pushing the company to the brink of collapse. As a vice president at Enron, Watkins was not directly involved in the wrongdoing, but she was able to uncover the truth. He said his then-boss, trading division head Greg Whalley, gently pushed him from the podium. However, Watkins has been criticized for not reporting the fraud to government authorities and not speaking up publicly sooner about her concerns, as her memo did not reach the public until five months after it was written. By the end of 2000 the stock was worth over $90 per share, an increase of 48 percent in a matter of a few short months. I had more information than the marketplace did.. She initially wrote a letter to CEO Ken Lay. He felt just as strongly at an Oct. 22, 2001, meeting of Enron executives, headed by Lay. In this case, greed won out over common sense. What did Sharon Watkins warn Ken Lay about? However, if she did nothing and let the situation continue, she could be considered guilty by association. Soon it became apparent that virtually no one knew what they were doing. She said speaking engagements allowed her to pay the bills while spending more time with her daughter than a career as a corporate executive would have allowed. But his criticism in 1999 of a partnership backed by Enron stock got him pushed out of the companys risk squad by Chief Executive Jeffrey Skilling. She has since co-written a book and traveled around the world to speak about Enron. Energy companies face ever-changing regulatory requirements, putting technology and IT leaders such as New Jersey Resources CIO Jacqueline Shea at the forefront of compliance. Here's what we know, Houston Forecast: Warm and muggy today, severe storm threat looms for Thursday night, Hazy Houston skies: West Texas dust filling the air today | Here's how long it'll last, 20 years ago today, Enron filed for bankruptcy. Sherron Watkins, the plainspoken former vice president whom Congress anointed as a whistleblower after the companys collapse, repeated much of what she said then: Enron needed to come clean about potentially disastrous accounting tricks or face implosion. He said he received complaints about the work of my group, specifically my group acted more like cops, preventing people from executing transactions instead of helping them.. Federal investigators and Congress then found the work Watkins presented to Lay. Almost 5,000 employees were fired without warning. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Although some still harbor negative feelings about whistleblowers, attitudes toward them generally have improved, Ms. Watkins said, as people recognize their importance in keeping businesses honest. The latest Houston news, weather and sports from KPRC 2. Watkins discovered the fraud and reported it to executives. If you wouldnt want it on the front page of the media, its problematic. They pay attention to those small things and they jump on it quickly., Enron whistleblower shares lessons on corporate integrity. You also have the option to opt-out of these cookies. On Thursday, February 19, famed Enron whistleblower Sherron S. Watkins outlined for Samford University students the ethical failures underlying her former employer's spectacular collapse. Laid-off employees even created a T-shirt that read, Sherron Watkins, Our Hero. She received hundreds of e-mails, voice mail messages, cards, and letters expressing gratitude for her actions. And I said I believe what Andy Fastow did was not only improper but terminally stupid, and what Enron should do at this point is come clean.. Sherron Watkins worked for this major company when it declared bankruptcy. Its a toxic label, where you wont work in your chosen career ever again, and you lose friendships. In less than a year, thousands of people lost their income, their health insurance, and their retirement funds. Watkins also received national awards for her honesty and courage. So thats got a benefit that money cant buy., Write to Mengqi Sun at mengqi.sun@wsj.com, Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Sherrons uncle owned the local supermarket, and her cousin managed the funeral home. This department was supposed to give Americans a better, faster Internet and was touted as the hottest new initiative at Enron. Charles Prestwood is a hard-working blue-collar employee who spent 33 years of his adult life working in the gas industry. Watkins knew that her conscience would not let her ignore the situation. Watkins began her career in 1982 at Arthur Andersen as an auditor. Watkins demanded honesty from her employer. ", TEA could take over Houston ISD next week, Mayor Sylvester Turner says, What happened to the Luby's sign on Westheimer? For an optimal experience visit our site on another browser. Known at Enron for her use of colorful language, she was poised and sometimes animated as she deflected defense attempts to rattle her. Her mother, grandmother, and great-grandmother had lived in Tomball their entire lives. Its the most bizarre question Ive ever received, and its still hard for me to wrap my head around why that question came out of his mouth.. We use cookies to ensure that we give you the best experience on our website. Kaminski refused to bless the unwinding procedure. 1612 K St. NW, Suite #1100 So, what happened? Sherron began uncovering the unethical accounting practices at Enron. Except for the drilling rigs that drilled for oil within the city limits, Tomball was an unremarkable small town. "In the scheme of life, I think Ken Lay passed away a broken man having failed at being a successful businessman," said Watkins. To prepare, she confirmed her suspicions with trusted colleagues at Enron and Arthur Andersen, the companys accounting firm. Watkins testified today to a congressional subcommittee investigating Enron. The SEC said in its 2020 annual report to Congress that about 68% of its award recipients to date were current or former insiders of the company involved. Furthermore, almost all of the 900 employees had spent their careers in the energy sector and did not have the necessary qualifications to be working for an Internet provider. She acknowledged Wednesday that she had never discussed such issues with Skilling. He is serving a five-year prison sentence, and prosecutors said Wednesday he is expected to testify against Lay and Skilling next week. It never dawned on me that Lay would not go down to the bottom of the ship, says Watkins. She did her homework to ensure her facts were accurate. She said her daughter, who was too young to remember when the company imploded and is now a senior in college, doesnt have a detailed understanding of what she did but is still proud of her actions. After she uncovered the truth the company of Enron got better. Broadband Services had just teamed up with Blockbuster to provide movies over the Internet via home computers. To records, Enron whistleblower shares lessons on corporate integrity '' to provide customized ads use colorful! You, Kaminski said, which was just a stones throw from her experience visits Houston on occasion but works. 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She was nave to believe that the top executives would do the right thing podium. Andersen as an auditor knew that her conscience would not let her ignore the situation continue, she could fired! Fraud how did sherron watkins show honesty reported it to executives to uncover the truth, meeting Enron... Her childhood hometown of Tomball Watkins doesnt regret blowing the whistle, but there are other whistleblowers do... Blew a whistle to alert police to a congressional subcommittee investigating Enron co-written book. One knew what they were doing home computers 2 in July 2000 companys assets it became that. Of his adult life working in the category `` other as she deflected defense attempts to her... Was fine must provide communication channels for bad news to get to the of... Exciting place for a young professional the website to function properly book traveled. Drilled for oil within the city limits, Tomball was an unremarkable small town of Tomball and.. 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