Convicted Enron fraudster Andy Fastow is on a mea culpa tour, giving public penance for his pivotal role in the collapse of the Houston-based energy trading giant in 2001.
His spiel is riveting — and highly disturbing.
Fastow says he was guilty as sin and deserved every day of the five-plus years that he spent incarcerated. But if we think post-Enron regulations have put a halt to balance-sheet deception, we’re sorely mistaken, he says. Corporations intent on misleading have just become more creative in how they do it, says the prince of off-balance-sheet dealmaking.
He’s given this speech dozens of times since getting out of jail five years ago — sometimes getting paid for it, sometimes not if he thinks it’s for a good cause.
Enron’s former chief financial officer recently shared his culpability and warnings with C-suite executives and corporate board members at the annual Institute for Excellence in Corporate Governance Conference at the University of Texas at Dallas Naveen Jindal School of Management.