INTERNATIONAL ISLAMIC UNIVERSITY CHITTAGONG

Assignment No: 02
STRATEGIC MANAGEMENT
Topic:
Analysis the Different Success and Failure
Strategic Story of the (Local & Foreign)
Companies/Organization

Submitted To:
MR. DR. MD. ANOWARUL KABIR
ASSISTANT PROFESSOR
DEPARTMENT OF ACCOUNTING
UNIVERSITY OF CHITTAGONG.
Submitted By:
1. MUHAMMAD SHAHINUR EKRAM CHOWDHURY ID NO: R093117
2. MD. IFTEKHER UDDIN CHOWDHURY ID NO: R093121
3. MOZAFFOR ALAM CHOWDHURY ID NO: R093104
4. IRFATUL HOQUE ZIKO ID NO: R101159
5. MD. IFTEKHER HANNAN ID NO: R101132
6. MD. SAIFUL MOWLA RIZVI BHUIYAN ID NO: R101133

RMBA, 4th Trimester, Section (B).

Submitted Date: 21 May, 2010.
Table of Content

NO. DESCRIPTION PAGE

01. INTRODUCTION 01

02. STRATEGIC ISSUES 01,03

03. ANALYSIS OF THE STRATEGIC STORY 04

(A) GP 04-09

(B) BTTB 10-14

(C) PAN PACIFIC SONARGAON HOTEL 15-17

(D) WORLDCOM 18,19

(E) ENRON 20-25

04. CONCLUSION 26

05. REFERENCES 27-33

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01. INTRODUCTION
A company’s strategy is management’s action plan for running the business and
conducting operations. The crafting of a strategy represents a managerial commitment
to pursue a particular set of actions in growing the business, attracting and pleasing
customers, competing successfully, conducting operations, and improving the company’s
financial and market performance. Thus a company’s strategy is all about how—how
management intends to grow the business, how it will build a loyal clientele and out
compete rivals, how each functional piece of the business (research and development,
supply chain activities, production, sales and marketing, distribution, finance, and human
resources) will be operated, how performance will be boosted. In choosing a strategy,
management is in effect saying, “Among all the many different business approaches and
ways of competing we could have chosen, we have decided to employ this particular
combination of competitive and operating approaches in moving the company in the
intended direction, strengthening its market position and competitiveness, and boosting
performance.” The strategic choices a company makes are seldom easy decisions, and
some of them may turn out to be wrong—but that is not an excuse for not deciding on a
concrete course of action.

02. STRATEGIC ISSUES

There is no shortage of opportunity to fashion a strategy that both tightly fits a
company’s own particular situation and is discernibly different from the strategies of
rivals. In fact, a company’s managers normally attempt to make strategic choices about
the key building blocks of its strategy that differ from the choices made by competitors-
not 100 percent different but at least different in several important respects. A strategy
stands a better chance of succeeding when it is predicated on actions, business
approaches and competitive moves aimed at --
(1) Appealing to buyers in ways that set a company apart from rivals,
(2) Carving out its own market position.
Simply copying what successful companies in the industry are doing and trying to mimic
their market position rarely works. Rather, there needs to be some distinctive “aha”
element to the strategy that draws in customers and produces a competitive edge.
Carbon-copy strategies among companies in the same industry are the exception rather
than the rule.

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 Four of the most frequently used and dependable strategic approaches to setting
a company apart from rivals, building strong customer loyalty, and winning a sustainable
competitive advantage are:
1. Striving to be the industry’s low-cost provider, thereby aiming for a cost-based
competitive advantage over rivals.
2. Out competing rivals based on such differentiating features as higher quality,
wider product selection, added performance, value-added services, more
attractive styling, technological superiority, or unusually good value for the
money.
3. Focusing on a narrow market niche and winning a competitive edge by doing a
better job than rivals of serving the special needs and tastes of buyers
comprising the niche.
4. Developing expertise and resource strengths that give the company
competitive capabilities that rivals can’t easily imitate or trump with capabilities
of their own.

The various levels of “strategic sophistication” that can exist in an organization must
also be considered. This sophistication can be viewed in essentially four “evolutionary
stages” of strategic thinking:
• Strategic Thoughts – in this stage there are general impressions about the
future of the market and products. They are not well articulated and there are
only informal linkages, at best, to major company initiatives.
• Strategic Vision – In this stage the company has an articulated vision of the
future that addresses markets, products, customers, and competitors. However,
linkages between strategy and major initiatives are still informal.
• Strategic Planning – Traditionally thought of as the desired state of strategy
within a company, there are quantifiable strategic objectives and goals. There is
also a process for allocating resources based on strategy.
• Strategic Management -- This is the stage where successful companies want to
be. Strategy is part of a day-to-day comprehensive management process in
which: strategic information is identified and stored for later processing; strategy
addresses cultural requirements; resource allocation is directly linked to the ROI
of objectives and goals, and there is institutionalized assumption challenging.

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03. ANALYSIS OF THE STRATEGIC STORY
(A) GP- GrameenPhone

About Grameen Telecom

Grameen Telecom Corporation, which owns 34.2% of the shares of
GrameenPhone, is a not-for-profit company and works in close collaboration with
Grameen Bank. The internationally reputed bank for the poor has the most extensive
rural banking network and expertise in microfinance. It understands the economic needs
of the rural population, in particular the women from the poorest households. Grameen
Telecom, with the help of Grameen Bank, administers the Village Phone Program,
through which GrameenPhone provides its services to the fast growing rural customers.
Grameen Telecom trains the operators, supplies them with handsets and handles all
service-related issues. Grameen Bank currently covers more than 67,000 villages which
are serviced by 2121 bank branches all over the countryside. As of may 2006, the bank
had 6.33 million borrowers, 97 percent of whom were women.
Grameen Telecom’s objectives are to provide easy access to GSM cellular services in
rural Bangladesh, creating new opportunities for income generation through self-
employment by providing villagers with access to modern information and
communication based technologies. Grameenphone is now the leading
telecommunications service provider in the country with more than 23 million subscribers
as of December 2009. Presently, there are about 50 million telephone users in the
country, of which, a little over one million are fixed-phone users and the rest mobile
phone subscribers.
Strategy Topics of GrameenPhone
During the last 15 years or so, the main strategy topics within the telecom
industry have remained amazingly stable, though in part different from those covered by
conventional wisdom in other businesses. I have met these strategic properties in the
most diverse projects of which I have been taking part within Telenor and other ICT
business for 30 years, as well as in literature: These topics have also been the focus of
ever so many papers and books, meetings, discussions, seminars and consultants’
reports – but often in disguise. They still remain unfamiliar for many in the business.

Strategic Focus Following in GP

Telenor’s strategy is to maintain the company’s leading position in Norway and
develop profitable international mobile operations in emerging markets.
• Continued emphasis on Telenor’s”control or exit” strategy as regards the
international mobile activities.
• Look for new opportunities for expansion in emerging markets in Central and
Eastern Europe, as well as in Asia.
• Maintain the strong position in the Norwegian fixed and mobile markets.
• Continued focus on obtaining economies of scale in the Nordic organization.

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 • Continued development of the business segment Broadcast as the leading TV
distributor in the Nordic region.

Success of GPCIC:
GPCIC has been in existence only since February 2006. It is too early to evaluate
whether it has been successful or not in a setting as enormous and complex as
Bangladesh. We can simply point out that its growth to 560 centers in two years is
impressive. It indicates that GPCIC services are being rapidly adopted.
However, as pointed out by The Economist (2008), adoption does not necessarily predict
diffusion and actual use. Whether the number of centers can reach a level where they
can meet the needs of a reasonable fraction of a country of 140 million people remains
to be seen.
In any case, the growth is simply a measure of what Sein and Harindranath (2004) call
the “first order” or “primary” and possibly “second order” or “secondary” effect. It is
necessary to eventually reach tertiary effect to achieve a developmental impact. Below,
we discuss these three types of effects and indicate the key issues that GPCIC needs to
address to ensure a successful impact.

Corporate Governance
In the fast-paced world of telecommunications, vibrant and dynamic Corporate
Governance practices are an essential ingredient to success. Grameenphone believes in
the continued improvement of corporate governance. This in turn has led the Company
to commit considerable resources and implement internationally accepted Corporate
Standards in its day-to-day operations. Being a public limited company, the Board of
Directors of Grameenphone have a pivotal role to play in meeting all stakeholders’
interests.
The Board of Directors and the Management Team of Grameenphone are committed to
maintaining effective Corporate Governance through a culture of accountability,
transparency, well-understood policies and procedures.
The Board of Directors and the Management Team also persevere to maintain
compliance of all laws of Bangladesh and all internally documented regulations, policies
and procedures. Grameenphone is a truly transparent company that operates at the
highest levels of integrity and accountability on a global standard.

Corporate Social Responsibility

Grameen Phone Sponsors different sports events and also participate in social
activities. They extended their help for cyclone affected victims, arranged free eye
camps in different parts of the country and they also provided employment opportunities
for acid victims.
Services
To core voice services, GrameenPhone offers a number of value-added services,
in each case on both a contract and prepaid basis. Value-added services include voice
messaging services, SMS, MMS, ring-back tones and data services through EDGE/GPRS.
GrameenPhone’s services have some of the most advanced and up-to-date features in
the Bangladeshi market. For example, GrameenPhone was the first Bangladeshi mobile
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operator to launch WAP in 2001 and EDGE service in 2005. In 2006, GrameenPhone
introduced HealthLine, a 24 hour medical call centre manned by licensed physicians, and
BillPay, which allows utility bill payments to be made by mobile phone. Grameenphone
has also introduced CellBazaar, a service that allows people to buy or sell items over
mobile phone. Grameenphone has established more than 550 Community Information
Centres which aim to bring affordable Internet access and other information-based
services to people in rural areas of Bangladesh. In early 2009 Grameenphone introduced
branded plug and play USB Internet access modems. Grameenphone won the GSMA
Global Mobile Award for “Best use of Mobile for Social and Economic Development” for
its HealthLine and CellBazaar services.
As at 31 March 2009, Grameenphone had 21.1 million subscriptions. As at 31 March
2009 the mobile penetration and number of inhabitants in Bangladesh were 30 per cent.
and 150 million, respectively. On 11 December 2008, Grameenphone filed its application
for an initial public offering of USD 65 million with the securities and Exchange
Commission (SEC) in Bangladesh.

Success of Network and licenses

Grameenphone holds both GSM 900 MHz and GSM 1800 MHz spectrum, which are
scheduled for renewal in 2011. Meanwhile, the Bangladesh Telecommunication
Regulatory Commission (The BTRC) is actively working to issue 3G licenses in
Bangladesh during 2009. Grameenphone has the largest network with the widest
coverage in Bangladesh and the entire network is EDGE/GPRS enabled. The
Grameenphone network currently covers almost the entire population of the country.

Success of Competition
As at 31 March 2009, Grameenphone had a SIM card market share of 46 per
cent.. In addition to Grameenphone, there are five other mobile operators in
Bangladesh. These operators and their market share according to the BTRC data as at
31 March 2009 are: Banglalink (with a market share of 24 per cent.), Aktel-now known
as Robi (with a market share of 19 per cent.), Warid (with a market share of 5 per
cent.), Citycell (with a market share of 4 per cent.) and Teletalk (with a market share of
2 percent.). The intense competition between these operators led to a significant price
decline during 2007.

Regulatory Matters
The BTRC was established under the Bangladesh Telecommunication Act as an
independent regulator. In Bangladesh, subscribers have to pay duty and Value Added
Tax on SIM cards and mobile handsets. Currently, the SIM card tax, which applies to the
sale of SIM cards, is BDT 800 per SIM card. The import duty for mobile handsets is BDT
300. All mobile operators in the country must pay an annual license of BDT 50 million,
quarterly network spectrum charges as fixed by the BTRC and a revenue share of 5.5
percent on collected line rental, call charges, value added services and other relevant
items.

Differentiation with more parameters in curve

• Brand, Quality & Coverage, Customer Service, Customer Regain.
• VAS, Handsets, Maximizing shareholders’ value.
• Strong brand equity, Differentiation through quality network.
• World class distribution, Committed to social responsibility.

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Bangladesh is amongst the poorest countries in the world, with 50% of people living in
poverty and a gross national income (GNI) per capita of $470. It is rated 156 out of 163
in Transparency International’s Perceived Corruption Index30. There are six licensed
mobile operators and the industry is cited as the fastest growing industry in Bangladesh.
The number of mobile connections has increased from 3.8 m in 2004 to over 29.5m at
the end of 2007. Penetration rates are reported to be just below 20% 32 and network
coverage extends to over 97% of the population. This growth has brought about
extensive economic and social benefits for those working in the sector and the wider
Bangladeshi population.
Increase Lifestyle
Since 2001, the number of mobile subscribers has exceeded the number of fixed line
subscribers and the ratio at end 2005 stood at approximately 11:133. Mobile operators
are providing the types of services that may have traditionally been associated with fixed
line technology. Prepaid mobile services represent more than 94% of total mobile
connections in Bangladesh and have become the instrument of universal service. The
popularity of mobile has been driven by a number of factors, including:
• Increasing affordability: reductions in handset import and SIM taxes, the licensing
of an additional operator and the economies of scale available from the global
industry have lead to falling retail prices of handsets and services;
• Greater population coverage: mobile coverage is estimated to reach 97% of the
population, increased from 52% in 2004, and extends into areas beyond the fixed
network;
• Ease of sharing handsets: Despite falling prices, affordability remains one of the
greatest barriers to growth in the poorer countries. Handset sharing, for example
in the form of Village Phone or Community Information Centres, is therefore an
important contributor to providing universal telecoms access.
Technological Advancement
Grameenphone first launched EDGE services in September 2005 and technology
has been installed across its national network. Subsequently all the operators have
launched similar services utilizing EDGE, GPRS and CDMA technologies. Together these
networks provide over 97% of the population with the opportunity to access the
Internet. It is estimated that there were over five million mobile internet users in 2007,
of which four million were Grameenphone subscribers. At present, individual EDGE
enabled devices are more frequently purchased in urban areas by business users due to
the relatively high price of the data devices. However, the mobile network operators
(MNOs) have recently been granted permission by the regulator to introduce
Blackberries and other brands of Smart-phones in Bangladesh. It is anticipated that the
increase in the range of devices alongside declining prices will raise internet penetration
levels. EDGE is the key enabler of Community Information Centres (CICs) which are
bringing Internet services to rural communities. This is particularly important in a
country where internet penetration is estimated to stand at 0.3%. Effective price per
minute is the average revenue per user divided by the minutes of use from Internet
World Stats 2007.

Foreign Direct Investment

The Bangladeshi communications market has largely benefited from foreign
investors taking a long term interest in Bangladesh’s market and developing significant
links with the local community. In addition, foreign mobile operators have contributed to
raise the quality of services allowing investors to rely on optimal coverage in a country

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with low fixed lines penetration. The mobile sector attracts large inflows of Foreign
Direct Investment (FDI) making up a sizable proportion of aggregate flows.

Consumer Benefits
As well as supply side and demand benefits mobile communications provide a
number of benefits to consumers that are difficult to assess in terms of contribution to
GDP. During interviews with those in different parts of the value chain, several sources
of such intangible benefits of mobile communications in Bangladesh were identified:
• Promotion of social cohesion: through enabling contact with non resident
Bangladeshi family members or friends move away. This is particularly important
in a country which has a high incidence of economic migration but a culture of
close family ties;
• Promotion of economic welfare: through mobile phones being used to receive
remittances sent from non resident Bangladeshis.
• Economic empowerment in low income, rural areas: as of Q3 2007 there were
over 200,000 Village Phone operators and through the sharing of handsets, social
cohesion is increased51. However, the Village Phone programme also empowers
women in rural areas, allowing them to move into other forms of employment and
to use their income to improve access to health and education. CIC centres also
provide direct employment activities as well as providing communications
infrastructure to rural areas, increasing the potential for entrepreneurialism and
raising rural living standards;
• Extension of communications to users with low education: Health programmes are
provided over mobile communications. However, those with low education are
particularly using voice calls to keep in touch with family and seek employment
opportunities. The launch of handsets and network packages that allow text
messaging in Bengali, as opposed to English, are also extending the reach of text
based services;
• Extension of communications to those on low incomes: decreasing mobile handset
prices and the introduction of reload cards of low denominations are raising the
affordability of mobile technologies. However, subscriber penetration in
Bangladesh is c.19% of individuals and citizens with lower income levels are often
unable to afford a handset or even the lowest value prepaid cards. Through the
use of formal and informal payphones the poorest in society are able to enjoy the
benefits of mobile communications;
• Stimulation of local content: this can be particularly useful for allowing users to
learn about local services such as healthcare or education. Mobile phones are also
used for sharing news informally and formally via data services;
• Dissemination of educational and health information: a medical helpline has been
established increasing access to healthcare for those in rural areas, this has been
supplemented by additional information on the internet and accessible at CICs;
• Assistance in disaster relief: mobile services allow families and friends to stay in
touch in the event of a natural disaster, further helping to effectively manage
relief operations.

Faced Restrictions
Mobile services have contributed to overall telephony penetration and have
helped to bridge the communication gap between rural and urban areas. In addition, by
providing a universal and reliable telephony services, mobile services have promoted
economic development and direct investment in the country.

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However, the growth rate of mobile subscribers slowed in the last four months of 2007
and was lower than predicted by the MNOs and external parties due to the cyclone
affecting the southern coast in November 2007 and the impact of the Government
mandated registration and re-registration programme.
The MNOs have suggested that the growth in mobile penetration may also be hampered
by the levying of two mobile specific taxes on the industry38:
• A SIM activation tax of BDT 800 that is paid on the sale of each new SIM card;
• A handset import tax of BDT 300 on each imported handset. This was reduced
from BDT 4000 to BDT 1000 in 2005 and to BDT 300 in 2006.
Despite decreases in these tax rates over the period, tax revenues from the mobile
industry have been growing and Grameenphone is reported to be the largest single
income tax payer in Bangladesh. To the extent that these taxes are passed through to
consumers they may create a barrier to further subscriber growth and lower the
affordability of mobile phones to those with lower incomes.

Summary
Bangladesh’s mobile sector is estimated to have contributed BDT 260,000 million
to the economy in 2007, representing 6.2% of GDP. This was an increase of 4.1% on
2004. Additionally, the sector is estimated to have directly and indirectly employed over
110,000 FTEs in 2007. Mobile telephony has become more affordable as reductions in
handset import and SIM taxes, alongside the licensing of an additional operator have
lead to falling retail prices of handsets and services. MNOs have been investing for
capacity and coverage purposes and network coverage is estimated to have reached
97% of the population. The combination of affordability and coverage has resulted in a
680% growth in the number of mobile subscribers during the last 4 years.
However, with mobile coverage at 19% there is clearly scope for further expansion of
the sector. This growth in mobile telecommunications has occurred in both urban and
rural areas and has become the instrument of universal service. Mobiles are used for
social, education and business purposes. Whilst voice calls remain the most popular
service, text messaging, music services and data applications are gaining in popularity.
The GPRS / EDGE networks are providing data and internet services on a national basis,
to individual subscribers via Smart-phones and on a mass level through the build of
CICs. By providing the infrastructure necessary for business communications, a strong
communications sector contributes to the international competitiveness of Bangladesh as
well as raising the potential for business growth in rural areas.
For penetration levels to continue to rise and for Bangladesh to further close the digital
divide, then mobile services need to become more affordable. Schemes such as the sale
of top-up vouchers in small denominations and the launch of low-cost handsets by
handset manufacturers assist in this. However other initiatives including further
reductions in handset import and SIM activation taxes alongside operator driven pricing
initiatives could also stimulate further growth in the market.

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 (B) BTTB- Bangladesh Telegraph and Telephone Board

About BTTB
The liberalization of Bangladesh’s telecommunications sector began with small
steps in 1989 with the issuance of a license to a private operator for the provision of
inter alia cellular mobile services to compete with the previous monopoly provider of
telecommunications services. the Bangladesh Telegraph and Telephone Board (‘BTTB’).
Significant changes in the number of fixed and mobile services deployed in Bangladesh
occurred in the late 1990’s and the number of services in operation have subsequently
grown exponentially in the past five years. This is especially the case after the passage
of the Telecommunication Act 2001 and the establishment of the Bangladesh
Telecommunication Regulatory Commission (‘BTRC’) in 2002 as an independent
Commission. According to the Telecommunication Act 2001, a license is required for
providing a range of services including Public Switched Telephone Service (PSTN),
Cellular Mobile Phone Services, Satellite Mobile Phone Services, Global Mobile Personal
Communications by Satellite (GMPCS), National Long Distance Service, Overseas
Telecommunication Service, Internet Data Communication Service (ISP), Data
Communication Service, VSAT services, Paging Services and Radio Trucking Services.
With significant reductions in tariff levels, Bangladesh is now one of the world’s fastest
growing telecommunications markets with a tele-density of approximately 30 percent.
This growth has supported the economic growth of the Bangladesh economy and
Bangladeshi consumers have received substantial benefits. Recently, there has been
more regulatory reform activity with the promulgation of the International long Distance
Telecommunications Services (‘ILDTS’) Policy in 2007 and the corporation of the BTTB to
form the Bangladesh Telecommunications Company Limited (‘BTCL’).

STRATEGIES of BTTB
The National Telecommunication Policy will act as a catalyst towards the growth
and development of telecommunications in the country with a view to producing a
modern, balanced and dynamic society. The policy measures are designed to achieve a
range of benefits which include but not necessarily limited to the tasks of increasing the
number of telephones in a systematic and comprehensive manner.

RESTRUCTURING OF BTTB
• Role of BTTB : Bangladesh Telegraph and Telephone Board (BTTB) has , until
recently the only entity having the sole authority to operate and regulate the
public telecommunications services its regulatory functions have been taken over
by the Ministry of post & Telecommunications as an interim measure and will
ultimately be vested in the Telecommunications Regulatory Commission . BTTB
will continue for the time being, to remain a Government owned
telecommunications service provider.
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 • Adequate Authority : In order to make BTTB function effectively and commercially
in competition with other private sector operators in the liberalized environment,
the requisite administrative and adequate financial & commercial authorities shall
be delegated to BTTB . In this regard the BTTB ordinance of 1979 is to be
amended and such other directives, as may from time to time be necessary within
the purview of maximum autonomy, will be issued.
• Non- core Functions: The non-core functions1 within BTTB will be gradually
divested and could be contracted out to qualified private parties as relevant know-
how and expertise have developed in recent years.
• Corporate Restructuring: The Government anticipates a two phase restructuring
of BTTB phase-1 would be a corporation process in which it becomes a limited
company (e.g. Bangladesh Telecommunication Company Ltd) instead of being a
Deptt .of the Government. In this mode it will have full responsibility for
managing its assets and operations and being fully accountable for its own
profitability. At this point Government will continue to own between 51% and
100% of the shares .Phase-2 would be the full privatization of BTTB at which
point the Government will have sold all of its outstanding shares to the private
sector. The possibility of engaging an internationally reputed foreign telephone
company as strategic /management patterned of BTTB will also be explored.

The Strategic Vision of the Government

To facilitate Universal Telephone Service throughout the country and where there
is a demand, all those value added services such as cellular mobile telephone paging,
data services, access to Internet (including electronic mail), Voice mail and video
conferencing – all at an affordable cost without compromising performance. To achieve
the Vision, Government’s role as a service provider will diminish as the private sector’s
role increases. The Government’s objective will be to create a new policy environment to
support this new scenario. Its ability to create policy, regulate and facilitate will be
strengthened through a new Telecommunications Act which reflects the Government’s
new policies, objectives and strategies and the establishment of new institutions
including a Telecommunication Regulatory Commission (TRC) which will become the
guardian of the Act and fulfill its regulatory functions.
The Government understands that this Universal Service – affordable and reliable – will
be achievable only troughs reforming the sector to encourage a pluarlity of private and
public operators are conducting their business within a competitive environment. Within
this environment interconnection and revenue sharing will be clear and fair to all service
providers and their subscribers --
• Exchange of Information : The freedom for exchange of information is recognized
as an important element of human rights and efforts are to be made to provide
people with greater access to all information’s except the ones that are
considered harmful to the society, prejudicial to national interest and security.
• Promotion of National Integration: Telecommunications are to promote national
integration and to safeguard the social and cultural fabric of the nation by
directing the expected influence of the technology towards the greater benefit of
the society.
• Universal Access: Access to and delivery of a full range of modern, sophisticated,
efficient and cost effective services of both basic as well as value added2

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 telecommunications are to be provided to as many people as is economically and
socially justifiable to ensure universal access.
• Digitalization: Replace of all analogue switching equipment by the year 2002 and
analogue transmission equipment by 2005. This will improve existing and
potential telecommunications service for both basic and value added services. In
addition to improving the quality and reliability of the telecommunications
infrastructure, full digitalization will facilitate a quicker and easier interface
mechanism for all private and public operators.
• Private Sector Development : The Government has opened the
telecommunications market to the private sector. The Government acknowledges
the private sector’s increasing resolve and ability to meet the growth demands of
the country, as well as the fact that the private sector will become a much
stronger force in telecommunications development in the coming years. The
Government will provide all assistance to make the private sector more vibrant
and robust in keeping with their anticipated role in the coming years.
• Access to New Technology : Research and development activities to facilitate the
absorption of new technology and to upgrade the facilities and services in
telecommunications are to be encouraged and the regional cooperation in
telecommunication sector is to be enhanced through common development and
operational strategies and network standards Continuous updating of information
on new and latest technology and transfer of the same for the benefit of the
users ,shall be encouraged.
• Implementation Strategy :Government will the participation of the public and
private sectors, intends to meet its goals and objectives through a combination of
policy – related technical and financial strategies. It will ensure that the present
inadequate infrastructure is alleviated through the formulation of competition and
performance standards. While supporting the private sector as the engine of
growth it will continue to support BTTB-now known as BTCL in the short to
medium term as the Government, assumes its just role as policy maker, regulator
and facilitator. The Government objective is to see an orderly transition from a
monopolistic to a multi- operator environment.

BTCL call rates Slashed

The state-owned Bangladesh Telecommunications Company Limited (BTCL) in its
latest bid to compete with the private telecom players on the market has knocked down
call charges at uniform rates for all parts of the country.
As per the latest decision, the billing rate for BTCL-to-BTCL call from anywhere in the
country at any time will be 30 paisa per minute. "There will be no peak or off-peak
hours," a BTCL announcement said. The flat rate for both NWD (nation-wide dealing)
and local calls will come into effect from July 1. However, the BTCL subscribers will be
charged 65 paisa for calling mobile phone or other PSTN (Private Switching Telephone
Network) phones. And again there will be no peak or off-peak hours in this case also.

Technological Advancement
Bangladesh Telephone and Telegraph Board (BTTB) has turned into two separate
public limited companies namely Bangladesh Telecommunications Company Limited
(BTCL) and Bangladesh Submarine Cable Company Limited (BSCCL). The Government is
committed to ensure a fair business environment in telecommunication sector for all
public and private limited companies to develop telecommunication infrastructure and to
provide quality voice and data services with a competitive price. During the last 5 years
governments implemented a number of projects to install digital exchanges, introduce
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Pre-Paid service, distribute one million T&T Mobile Telephones, install Digital Telephone
Lines, and establish an International Telecommunication System through Submarine
Cables. Providing telecommunication services and developing telecom and internet
infrastructure will be the prime objectives of all the service providers in this sector. The
Government will collect revenue from the service providers serving in the high profit
areas and give subsidy to the telecommunication and internet service providers who
have been serving the people in the low/non profit areas.

Success of Network & License

After a long dispute, a total of 4 private institutions including BTCL got the VoIP
(Voice over Internet Protocol) license. Despite having the licenses about six months ago,
their activities with the VOIP are yet to begin, they themselves are concerned about the
future of the VoIP business. Besides, some companies who have no licenses are still
running the business illegally and it is the major challenge to the licensed companies.
And side by side, it is also hopeful that the global leading company Total Communication
is keen to invest in the country’s Voice business.
Recently, a 2-day Telecom World South Asia Conference held in the hotel Radisson with
the participation of people from local Voice and IP Telephone companies. Total
Communication has held talks with the four licensed companies separately and discussed
the business agreement with three of them. Total Communication is the largest Voice
Tariff provider in the world. Chieftain Michaud and Chives Almedia of the Total
Communication have pointed out the prospects of the Voice business in Bangladesh in
an interview with the PCWorld.

Comparative Position in Telecommunication

The telecommunication sector has progressed significantly with the involvement
of the private sector in the provision of mobile phones in the early 1990s.And yet the
tele-density is quite low compared to neighboring countries. The rural connectivity of
some of the operators are still low.

Comparative Position of Countries with Land and Mobile Telephones (2007):

Country Name: Fixed line Mobile subscribers
Bangladesh 1% 22%
India 4% 21%
Pakistan 3% 39%
Sri Lanka 14% 40%
Thailand 11% 124%
Indonesia 8% 36%
China 28% 42%
UK 55% 118%
USA 54% 85%
Germany 65% 118%
Source: World Development Indicators 2009

The monopoly of the single mobile-phone operator was broken when license was given
to more operators including Grameenphone in the late 90s. The handset price,
connection fee, and airtime cost have come down to an affordable limit now. The
situation changed drastically with mobile phone converting into a vital communication
13
device for the village traders and rickshaw-pullers from the status icon of the elite class
of the society. It has played a big role in poverty reduction.
The oligopoly market structure of the mobile phone industry is marked by over
advertisement. Private operators have started to get involved not only in mobile phones,
but also land phones, removing BTTBs monopoly in the business.

World Wide Communications and Data Transfers

The quality and coverage of Internet have also improved over the years.
Bangladesh in connected with the rest of the world through submarine cables owned by
BTTB, and Very Small Aperture Terminals (VSAT). In the initial years, Internet service
was provided only through dial-up accounts. These days they are mostly being replaced
by the fiber-optic broadband connections, increasing the browsing speed many times. As
more and more Internet Service Providers (ISP) get involved in the business, the
connection charge and monthly fees are coming down. Still, it is beyond the affordable
limit of most people. People in need of Internet service on an irregular basis, have the
option to go to Cyber Cafes. These cafes have opened the door for new business
opportunities and created employment opportunities for some people. Internet has not
only opened the gateway to huge volume of information all the around the world, it has
given new dimension to speedy communication through electronic mails or e-mails. The
information technology is upgraded with time and an initiative has been taken to
introduce Worldwide Interoperability for Microwave Access (WiMax) technology in the
country is available. Already licenses have been issued and more technologies are
waiting for BTRC in this regard.

Summary
The Telecommunications sector in Bangladesh has been characterized by a very
low level of penetration, limited capability to meet the growing demand, low level of
investment and old outdated systems and technologies necessitating reactive remedial
measures. In order to develop a national sound telecommunication infrastructure to
support the economy and welfare of the country by providing telecommunication
facilities on demand, assuring satisfactory quality of service and ensuring value to the
customers, a sound National Telecommunication Policy is essential. This is also
imperative to ensure the cost based pricing of the present as well as the future services
to satisfy the need of specialized groups in particular and the public in general. With this
in view, this new policy will ensure the orderly development of the telecommunications
sector through the provision of services in all the areas of the country, to satisfy the un-
serviced demand for telecommunications and to provide equitable opportunity and
competition amongst the service providers.

14
 (C) PAN PACIFIC SONARGAON HOTEL
About Pan Pacific Sonargaon Dhaka
Pan Pacific Sonargaon Dhaka is located right in the heart of Dhaka city and offers
convenient access to many interesting sights within close vicinity. The completion of an
extensive refurbishment of the guestrooms and recreation facilities has brought new
standards of quality and service experience to Dhaka. Unveiling elegant interiors
surrounded by warm tropical colours, the new guestrooms are outfitted with upgraded
facilities such as flat-screen LCD televisions, broadband internet access and cable
television channels. Additionally, the Health Club is enhanced with an outdoor
landscaped pool set amidst plush greenery to offer a refreshing retreat. A children’s pool
is also available to provide an enjoyable time with your family. So, Welcome to Pan
Pacific Sonargaon Dhaka. Allow us to show you the very best of our service because we
genuinely care.
Success of Leadership
Pan Pacific Hotels and Resorts is a leading brand in Asia and the Pacific Rim that
continuously exceeds global standards of quality. The Pan Pacific brand is synonymous
with personalized care and encompasses a culture of subtleness, delicate service and
attention to detail. Each year, Pan Pacific Hotels and Resorts is recognized with
prestigious global accolades for its consistent delivery of luxurious accommodation, high
quality amenities and service excellence. Offering a distinctive value proposition in hotel
management backed by 30 years of success in managing hotels, Pan Pacific Hotels and
Resorts has been recognized by Condé Nast Traveler magazine as amongst the top 25
hotel companies demonstrating social responsibility.
Pan Pacific Group’s Goal
Pan Pacific Hotels and Resorts takes pride in balancing the needs of all of its
stakeholders: owners, guests, associates and the local communities in which it operates.
The group’s goal is to maintain this as it continues to create further returns and enhance
asset value of the hotels. The fast expanding hotel group is owned by Pan Pacific Hotels
Group, the listed hotel subsidiary of UOL Group Limited which is one of Asia’s largest
hotel and property companies with a diversified portfolio of investment and development
properties. Headquartered in Singapore, Pan Pacific Hotels and Resorts has a portfolio
of 17 upscale hotels, resorts and serviced suites representing over 5,850 rooms in 10
countries across Asia and North America. It has offices in Hong Kong, London, San
Francisco, Singapore and Tokyo. Pan Pacific Hotels & Resorts is a founding member of
the Global Hotel Alliance, the world’s largest alliance of independent hotel brands.
Awards & Accolades
Pan Pacific Hotels and Resorts 2009:
• Top in Q3 2009 Hospitality Index by Market Metrix (MMHI) 2009,
• Top in customer satisfaction measured by Q2 2009 Market Metrix Hospitality
Index (MMHI) 2008,

15
 • Overall Winner and Winner in Luxury Hotels segment, Annual Market Metrix
Hospitality Index (MMHI)
Pan Pacific Sonargaon Dhaka 2006:
• Bangladesh’s Leading Hotel, World Travel Awards 25 Years of UCEP - Training
Under-privileged Children into Productive Human Resources,
• UCEP Bangladesh 2000,
• Best Hospitality Providers in Bangladesh (District 315 B2 Bangladesh),
• Millennium Convention, Lions Club International.

Area Information
The historic city of Dhaka, the capital, lies on the banks of the river Buriganga in
the centre of Bangladesh. The old town of Dhaka, south of the city centre, is the site of
most of the tourist attractions, including the Lalbagh Fort, the Star Mosque, and the
Ahsan Manzil Palace Museum. The city of Dhaka was predominantly a city of the
Mughals, whose governors and viceroys built several palaces, mosques and katras.
Dhaka's finest specimen of this time is the Aurangabad Fort, commonly known as
Lalbagh Fort, uncompleted but worth a visit. Also in this area of Dhaka is the spectacular
Ahsan Manzil Palace Museum, the Bara Katra, the Chota Katra and several mosques of
note. The old European quarter lies just north of Dhaka's old town, which houses the
Presidential Palace and the National Museum. Dhaka's commercial and diplomatic
regions are north-east of this zone. Dhaka Zoo and the Botanical Gardens are a short
taxi ride into the suburbs. Once famed for its muslin, Dhaka is now renowned for pink
pearls and a rich tradition of handicrafts. Shoppers can find terrific prices for gold and
silver products, and the Dhaka shopping areas of New Market and Elephant Road are
often busy but worth the trip.

Access Information
• Currency - Bangladeshi Taka
• Electricity - 220 volt
• Shopping & Business Hours - 10:00 am to 8:00 pm
• Taxes - 15% Value Added Tax on all Goods and Services
• Time Zone - +6 hours GMT
• Tipping - Not mandatory, however 10% on top of the bill for exceptional service
• Visa Requirements - Visa required prior to departure for most nationalities.
• Website : www.panpacific.com/Dhaka/Overview.html

Facilities and Services

Dhaka’s oasis of luxury and tranquility, Pan Pacific Sonargaon Dhaka is
magnificent business-class hotel, ideally located in central Dhaka. For business travelers
looking for comfort, efficiency and warm traditional Bangladeshi hospitality, the hotel
provides extensive world-class facilities Dhaka facilities and services.
Pacific Floor
The Pacific Floor butlers are available round-the-clock to assist with special requests and
guests have privileged access to the Pacific Lounge serving breakfast, afternoon
canapés, evening cocktails and well-stocked with refreshments and ice cream, as you
enjoy your stay in the elegant Pacific Floor rooms designed for the discerning travelers.
Wedding & Ballroom & Event
Pan Pacific Sonargaon Dhaka is the preferred venue for business and social events. Our
hotel offers an extensive suite of meetings facilities and services. These meetings
facilities include elegant and spacious ballroom, smart function rooms and even poolside
event, catering to a variety of seminars, meetings, conventions, banquets, cocktail and
16
social gatherings. At Pan Pacific Sonargaon Dhaka, you can rest assured that our
dedicated and experienced team of professional event managers and meeting planners
will assist you from planning to pre-function to post-function, to ensure that your event
is a resounding success!
A World of Culinary Indulgences
Enjoy the luxury of choice with a myriad of world-class restaurants. Offering tantalizing
cuisines, gourmets will enjoy a dining experience per excellence with the inviting
ambience and finest cuisine, delivered with impeccable service.

Lobby Lounge
Relax your senses with a rich selection of aromatic coffee or lay back to cool cocktails
and fresh fruits juices. Sink your teeth into wholesome sandwiches, notably our house
special - the Club and other divine desserts such as our Tiramisu. Be it business or
leisure or just hi-tea for your guests, the Lobby Lounge is an ideal hideaway from the
hustle and bustle of Dhaka. Our Wi-Fi service ensures you stay connected.
Health club
Guest can relax by the outdoor swimming pool under the morning sun for a healthy glow
or enjoy a nice chill-out session during evening after a long day of work. Feeling
frazzled? Head to the fitness centre to clear your mind with a jog or a stretch. For
complete and utter relaxation, you can also find a spa, indoor Jacuzzi, steam bath and
massage. Enjoy! For recreation and relaxation, pamper yourself at our exclusive Health
Club, with all these invigorating facilities, you'll be sure to feel completely refreshed!

Sample of Successful Conference

A reunion dinner of the Fletcher Club of Bangladesh was held recently at Hotel
Sonargaon, Dhaka. The dinner was attended by Fletcher alumni, Harvard-Fletcher
alumni, and spouses. Also in attendance were current Fletcher students visiting
Bangladesh, including Yasuhiko Yuge, F10, Maria E. Munaretto, F10, and Johannes
Schwarzer, F09.A welcome address was delivered by the host. In her address, Sarwar
Sultana stressed, among other things, the need for blending informal gatherings of
Fletcher and Harvard-Fletcher alumni in Bangladesh with some kind of organizational
flare. In that respect, she noted a proper fulfillment of the above and other pertinent
requirements could inter alia be instrumental in facilitating: the club’s sustainability;
alumni satisfaction; networking opportunities; and commitments towards discharging
social responsibilities by club members. She also noted a windfall from the development
could assist in strengthening and sustaining bonds of friendship between and among
Fletcher as well as Harvard-Fletcher alumni at individual, group, local, global, school
(Fletcher, Harvard Law School, KSG, etc.), knowledge, and other levels.

Summary
Pan Pacific Hotels and Resorts open the door to a world of opportunities for hotel
owners. As a specialist in upscale accommodations, it has been recognised by Condé
Nast Traveler magazine as amongst the top 25 hotel companies demonstrating social
responsibility. Headquartered in Singapore and part of one of Singapore’s largest hotel
and property companies UOL Group, Pan Pacific has a portfolio of more than 17 upscale
hotels, resorts and serviced suites with over 5,850 rooms in key destinations throughout
Asia and the Pacific Rim. Our newly launched Pan Pacific Serviced Suites means that we
can capture extended stay opportunities and meet the needs of our guests.
Our hotel owners appreciate our commitment to create returns and enhance asset value
and our agility as our size allows us to be flexible and responsive to potential growth
opportunities.
17
 (D) WORLDCOM
About WorldCom
IT was founded in 1983 by Bernard Ebbers. Up until 2000, WorldCom was the
second largest long-distance telephone company, and the largest mover of internet
traffic in the United States. In no more than 15 years, WorldCom had evolved
aggressively into one of the leading players of the telecommunications industry. At its
height, WorldCom employed over 80 000 people and Bernard Ebbers laid claim to a
personal fortune of just over $1.4 billion. WorldCom, the world’s second largest
telecommunications company, filed for bankruptcy in the federal court in Manhattan in
the summer of 2002, after the disclosure of massive accounting irregularities. I was
appointed as Examiner by the bankruptcy court in August, 2002, filed my first interim
report that November, a second interim report in June of 2003 and my final report
earlier this year. My remarks tonight will, understandably, reference only the results of
our completed investigations which have been made public. But even the public story
provides a genuine case study in the failure of corporate governance and suggests a
number of lessons in how to avoid its repetition.

THE CORPORATE FRAUD SCANDALS

WorldCom: In February of 2002, WorldCom—one of the nation’s largest providers
of telecommunications services—cut earnings projections and announced a multi-billion
dollar second-quarter charge to write down some of its acquired operations. In June, the
company unmasked a colossal corporate fraud, showing $3.8 billion in ordinary expenses
that were improperly booked as capital expenditures. At the time the fraud was
recognized, it was regarded as the largest corporate fraud in American history. In July,
the company sought protection in the largest bankruptcy filing in U.S. history.

What happened / Key Events

• By 2000 WorldCom was facing a consumer price war, the rise of mobile telephone
usage and a vast over-capacity of bandwidth coverage. Consumer demand for the
provision of internet services offered over broadband networks was dwindling and
the long-distance sector was characterized by falling rates and the rise of local
competition.
• WorldCom had made a fatal error: the company had neglected the importance of
the mobile communications market.

Ghost Profits
• In June 2002 the WorldCom group admitted to overstating profits by nearly $4
billion though the use illusory accounting practices.

18
 • In order to improve the appearance of the company’s financial situation, Scott
Sullivan authorized the improper recording of expenses as capital investments.
• Operating expenses are immediately deducted from revenue, whilst capital
investments are subject to depreciation over a number of years. This incorrect
spreading of operating costs resulted in the overstatement of WorldCom’s profits.

Manipulation of Reserves
• Companies often set aside reserves in order to cover foreseeable estimated costs
and losses.
• WorldCom allegedly inflated the value of its reserves so as to create a hefty ‘slush
fund’ that could be used to boost profits.
• The manipulation of reserves resulted in a profit irregularity of roughly $3.3
billion.
• At the time of WorldCom’s disastrous announcement in June 2002, Bernard
Ebbers had more than $400 million in personal loans outstanding from the
company.
• Subsequent investigation has brought the total losses resulting due fraudulent
behavior by WorldCom executives to $11 billion.

Business Ethics Analysis

• In the wake of the Enron disaster, the accounting scandal at WorldCom impelled
the U.S. House of Congress to authorize a 77% boost in the SEC’s budget. Has
the growth of this securities watchdog aided in the deterrence of corporate fraud,
or merely provided a small public window into the depths of pre-existing
corporate fraud?
• To what extent has investor confidence been damaged by the scandal? Will MCI
shares ever reach the highs enjoyed by WorldCom?
• To what extent can the WorldCom Board of Directors be held accountable? Will
the recent implementation of the Sarbanes-Oxley Act be enough to compel Boards
to act in such a way as to protect investor confidence and to avoid corporate
fraud?

Summary
Shortly after WorldCom’s announcement the SEC filed a civil lawsuit against the
company, charging it with fraud. In July 2002 WorldCom filed for bankruptcy. The
company was forced to sell off most of its peripheral business units and cut 17 000 jobs.
In 2003 WorldCom was forced to pay a $500 million penalty to the SEC. Scott Sullivan
and David Myers was charged with securities fraud and conspiracy. In 2004, Sullivan
agreed to plead guilty to three counts of securities fraud and turned prosecution star
witness in an attempt to implicate the extent of Bernard Ebbers’ knowledge and
involvement in the scandal. In 2005 Sullivan was sentenced to 5 years in prison.
Other former WorldCom employees who agreed to cooperate with investigators were
sentenced in August 2005:
• Both David Myers and Buford Yates were sentenced to 1 year in prison.
• Betty Vinson was sentenced to 5 months in prison.
• Troy Normand was given 3 years probation.
Bernard Ebbers was found guilty on nine counts of fraud. In July 2005 he was sentenced
to 25 years in prison. The former WorldCom chief executive agreed to forfeit up to $40

19
million. Many of his assets are still to be transferred in to an account set up for
WorldCom shareholders. These funds are to be used in settlement of a class action
lawsuit. After the scandal WorldCom changed its name to MCI Telecommunications
Corporation.

(E) ENRON
About ENRON
Formed in 1985 from a merger of Houston Natural Gas and Internorth, Enron
Corp. was the first nationwide natural gas pipeline network. Over time, the firm’s
business focus shifted from the regulated transportation of natural gas to unregulated
energy trading markets. The guiding principle seems to have been that there was more
money to be made in buying and selling financial contracts linked to the value of energy
assets (and to other economic variables) than in actual ownership of physical assets.
Until late 2001, nearly all observers – including professional Wall Street analysts –
regarded this transformation as an outstanding success. Enron’s reported annual
revenues grew from under $10 billion in the early 1990s to $101 billion in 2000, ranking
it seventh on the Fortune 500.
Enron’s strategy in the late 1990s was to buy an asset, usually energy related, and
expand it by building a business around the asset. In carrying out the strategy, however,
Enron faced the following problem. Each of their investments required a large outlay
now, but payback would come only in the long term. Funding the investments
consequently involved two choices, each of which had its disadvantages. Enron could
fund the investments by issuing new equity, but doing so would dilute the equity of
current shareholders. Alternatively, Enron could borrow to finance the investments. But
Enron had already borrowed a great deal and more debt might endanger the investment
grade credit rating necessary to its energy trading and derivatives business.
Given its choices, Enron developed the following way to implement its strategy. First, it
would find outside investors to help finance its investments. Second, it would seek ways
to retain the risks it believed it could manage well and profit from doing so. At the same
time, it would create a joint venture or a special purpose entity (SPE), to which outside
and investors could contribute resources; the entities could also borrow in the credit
markets, possibly with guaranties or other credit support from Enron.
In forming a joint venture or SPE, Enron faced the choice between consolidating the
entity into its balance sheet or moving it off their balance sheet. Given Enron’s
indebtedness and its desire to retain its investment grade rating, senior management
chose off-balance sheet treatment. In order to avoid consolidating the entities into its
balance sheet, however, the entities had to meet two conditions. First, outside owners
must make a ‘substantial’ investment (normally 3% of total capital), and their investment
must actually be at risk. Second, the outside owners must have some control over the
investment. Both the existence of outside risk capital and of outside control were at
issue in the following transactions.

20
Enron Corporation, at the time of Enron’s collapse in December 2001, Enron Corporation
was listed as the seventh largest company in the United States, with over $100 billion in
gross revenues and more than 20,000 employees worldwide. It had received widespread
recognition for its transition from an old-line energy company with pipelines and power
plants, to a high tech global enterprise that traded energy contracts like commodities,
launched into new industries like broadband communications, and oversaw a multi-
billion-dollar international investment portfolio.

Enron’s Downfall
Only months before Enron Corp.’s bankruptcy filing in December 2001, the firm
was widely regarded as one of the most innovative, fastest growing, and best managed
businesses in the United States. With the swift collapse, shareholders, including
thousands of Enron workers who held company stock in their 401(k) retirement
accounts, lost tens of billions of dollars. Investigations of wrongdoing may take years to
conclude, but Enron’s failure already raises financial oversight issues with wider
applications. Why didn’t the watchdogs bark?
This report briefly examines the accounting system that failed to provide a clear picture
of the firm’s true condition, the independent auditors and board members who were
unwilling to challenge Enron’s management, the Wall Street stock analysts and bond
raters who missed the trouble ahead, the rules governing employer stock in company
pension plans, and the unregulated energy derivatives trading that was the core of
Enron’s business. The report will be updated regularly as further reliable information
about Enron’s downfall – which is now extremely limited – becomes available.

The economic crisis exposed by Enron’s fall

1. The free market is shaken:
The ‘free’ market ideology of unregulated markets, tax breaks for the rich
that allegedly ‘trickle down’ to the poor, and privatization of the public sector has
been brought into question by this collapse. This ideology, championed by the
likes of Enron, Bush, Congress, and many intellectuals and media pundits, has
taken over
our economic and social planning, but is leading directly to problems exemplified
by the Enron disaster. Effective regulation and oversight, restrictions on campaign
financing, and an arms length approach of government in dealing with business
may have prevented this. It is worth quoting at length writer Thomas Frank’s
recent comments in Salon.com:
“Enron was the peerless darling of the all those who believed that free markets
were the acme of existence. Its wreckage is as good a place as any to sit down
and take stock of the deregulated, privatized state into which we've been so
rudely hustled over the last decade. And here is what it looks like: Top
management walking off with hundreds of millions of dollars while employees lose
their jobs, investors lose millions and customers get to look forward to more
rolling blackouts. Profiteering, Bought politicians. Stock market bubbles that
eventually burst, workers thrown out on the streets. Left to its own devices, this is
what the free market does.”
2. The myth of deregulation is Exposed:
The mantra of deregulation has taken the hardest hit, especially energy
deregulation, as the California power crisis and now Enron’s fall have brought
under the microscope all of those deregulatory actions that have taken place over
21
 the past ten years. Proper regulation of energy supply, energy derivatives, and
accounting procedures very likely would have prevented this disaster.
Enron made off like bandits in the California energy crisis, as the massive rise in
costs of energy translated into massive profits for suppliers like Enron. A cartel of
companies including Enron is also being investigated by California state
investigators for holding back the supply of power through plant shutdowns in
order rapidly raise the cost and earn mega-profits. Tellingly, California’s two
publicly owned utilities, in Sacramento and in Los Angeles, have both been
immune to the crisis, a sign of the value of public ownership and regulation.

3. Campaign Financing:
Campaign Finance Reform has been given a big boost in the wake of the
Enron/Andersen scandal, as the lavish amounts of funds going to Enron and
Andersen have been uncovered. With Enron having spent over $6,000,000
throughout Washington over the past decade, including being George Bush’s top
contributor over that period and Andersen being Bush’s 5th largest contributor in
the 1999-2000 election cycle, a lot of heads have been turned in recognition of
the corrosive nature of financing campaigns. And, it must be said, Enron and
Andersen are not alone in this corporate benefit scheme: A quick look at the
Centre for Responsive Politics (CRP) information on campaign financing shows the
true corrosive nature of U.S. politics. As but one example, UPS gave $1,755,065 in
the last election cycle, 65% to Republicans. You name the corporation - it is worth
going to the CRP site (www.opensecrets.org), typing in a Congress person or
Presidential Candidate, and seeing who really butters their bread. It isn’t voters
who are, that’s for sure.
4. Wall Street’s Role Uncovered:
Of course, Wall Street had to have a role in all this right? Simply put, the
big investment banks play two contradictory roles: one as investment bankers for
the big corporations; the other, in the words of William Greider, “as stock analysts
whipping up enthusiasm for the same companies’ stocks.” A scheme like this is
bound to cause stock analysts to fudge a bit on the strength of a company they
are investing with. The contradictory, and ultimately corrosive, nature of this dual
role is spelled out with this fact: of all of the stock analysts following Enron, only
one recommended that Enron stock be sold last fall as it was collapsing. As well,
William Greider also points out (“Crime In the Suites”, The Nation February 4th,
2002) the potential conflict of interest in the recent convergence of government
insured commercial banks and investment banks. This has potentially serious
repercussions because if commercial banks are lending government insured
money, the government is exposed to serious risk if the loans default. This had
the possibility of coming true with the fall of Enron.
According to Greider: “JP Morgan Chase and Citigroup provided billions to Enron
while also stage-managing its huge investment deals around the world and
arranging a fire-sale buyout by Dynergy that failed…Instead of backing off and
demanding more prudent management, these two banks lent additional billions
during Enron's final days, perhaps trying to save their own positions (we don't yet
know). Instead of warning other banks of the rising dangers, Chase and Citi led
the happy talk.” Luckily, it appears that the government won’t be on the hook for
JP Morgan’s or Citigroup’s collapsed assets in Enron. But it is a fair warning of the
potential for trouble ahead.
5. Enron and the case against Social Security privatization

22
 The reality that the life savings of many Enron employees were wiped out
when Enron collapsed calls for the serious reconsideration of the idea of allowing
taxpayers to keep part of their Social Security payments to invest in private
accounts. Given the volatility of the economy today, people are beginning to see
the insecurity of playing the stock market in order to see their retirement savings
grow. Enron and its employees’ losses highlight this fact and also serve as a
warning. This massive loss of retirement nest eggs is quite plausible if large
portions of Social Security are privatized.

6. Culture of Greed:
Though Enron, Andersen, Wall Street, and Washington are at the heart of
this fiasco, we can not escape that on some level it is also about us and the
culture of greed we have created. Enron, in many ways, is a reflection of our
belief in everlasting stock returns, that anything goes in the search for a profit,
and that the ‘new economy’ was never ending, if we just let the market decide
our fate. It is about the cutthroat society we have cynically proclaimed to be
‘inevitable’. It is about the ‘values’ we hear so much of from ‘leaders’ looking for
cheap political capital being stripped to their core and exposed to simply mean
money. It is time we take a look at this crisis and used it as a mirror, one which
lets us see that it reflects our own moral crisis. If do this, maybe next time we will
see it coming.

A Few Possible Lessons and actions

We need a structural overhaul of the system, including:
• New rules prohibiting firms that do the accounting for a company from doing any
consulting for that company
• Through campaign finance reform, a committed effort is needed to get big money
out of politics
• Re-regulation and oversight of energy trading and distribution
We must punish corporate irresponsibility:
More effort and diligence is needed in tracking and exposing corporate irresponsibility
and government must strengthen the current slap-on-the-wrist punishments. At a start,
this includes a continued thorough investigation of the Enron/Andersen by Congress, the
SEC, and the Justice Department, with the public not accepting a watered down version
from the government. Workers should have more participation and power in
management decisions, especially when pension funds are involved. If this had been in
place, Enron possibly wouldn’t have collapsed.

A Guide to the Enron Collapse

Employees certainly could have salvaged some of their savings. Losing one’s entire
pension fund is a good ground for demanding employee decision making power to
prevent it in the future. We need to struggle against trade agreements – need to
continue to build a strong, widespread struggle against these trade agreements such as
the GATS, and expose them for what they really are: mechanisms for exploitation of the
world’s people, land, resources, and public services. The mandate of these agreements
is to allow for the Enron’s of the world unrestricted access to privatize which will likely
only lead to more Enron’s on a global scale. Without this struggle, local and public
services will continue to be lost.

23
ISDA articulates in the following report –
Centers on the powerful and protective market forces that ultimately compelled the truth
about Enron’s financial condition and financial transactions to be exposed, and that
enabled the derivatives business to function smoothly in the event of Enron’s collapse.
As documented in this report (and using supporting material as noted throughout the
paper): The Enron failure demonstrated a failure of corporate governance, in which
internal control mechanisms were short-circuited by conflicts of interest that enriched
certain managers at the expense of the shareholders. Although derivatives made
appearances in the course of the governance failures, they played no essential role.
Enron’s actions appear to have been undertaken to mislead the market by creating the
appearance of greater creditworthiness and financial stability than was in fact the case.
The market in the end exercised the ultimate sanction over the firm. Even after Enron
failed, the market for swaps and other derivatives worked as expected and experienced
no apparent disruption. There is no evidence that the market failed to function in the
Enron episode. On the contrary, the market did exactly what it is supposed to do, which
is to use reputation as a means of monitoring market participants. There is no evidence
that existing regulation is inadequate to solve the problems that did occur. Had Enron
complied with existing market practices, not to mention existing accounting and
disclosure requirements, it could not have built the house of cards that eventually led to
its downfall. Finally, it is likely that additional government regulation, by increasing moral
hazard and decreasing legal certainty, could have the unintended consequence of
making future failures and market instability more likely along with increasing the cost
and decreasing the availability of risk management tools like swaps.
In sum, ISDA articulates in this paper that the market imposes a substantial discipline on
swaps activity. ISDA asserts that these powerful forces of market discipline were in play
as Enron sought to establish itself as a major participant in energy and energy
derivatives trading. As it did so, Enron attempted to evade the discipline of the market
and inflate its creditworthiness through its well-documented failures in corporate
governance, accounting and disclosure. These attempts at deception, and the ultimate
fate of Enron, are themselves confirmation of the relevance and power of the discipline
the market imposes on participants in swaps activity.

What Happened to Enron?

The collapse of Enron caught almost everyone by surprise, from employees and
investors to analysts and creditors. But how did the seventh largest company in the
Fortune 500 plummet into bankruptcy and implode so quickly?
The Enron story comes in three stages.
Stage 1: The Company leveraged itself through debt, which it used to grow its non-core
wholesale energy operations and service business. Some of this debt was reportable on
the company's balance sheet, and some was not. No problem for the company, as long
as the stock price held up.
Stage 2: The stock price fell. When that happened, off-balance-sheet liabilities put
pressure on debt agreements, and eventually led to credit downgrades.
Stage 3: The margins in this business are very thin and lower credit quality increased
Enron's cost of borrowing to the point where the whole company fell into a liquidity trap.

Governance and Intermediation Failures at Enron

How could Enron’s problems remain undetected for so long? Most of the blame for failing
to recognize Enron’s problems has been assigned to the firm’s auditors, Arthur Andersen,
and to the “sell-side” analysts who work for brokerage, investment banking and research
firms, and sell or make their research available to retail and professional investors.
24
However, we hypothesize that the intermediation problems are deeper than this and
affect each of the key players that provided a link between Enron’s managers and
investors. On the information supply side of the market, this includes top management
and Enron’s audit committee along with Arthur Andersen. On the information demand
side, it includes fund managers and financial regulators along with sell-side analysts. We
consider these parties in turn.

THE CORPORATE FRAUD SCANDALS

Enron: In October of 2001, the Houston-based energy titan announced a $618
million third quarter loss and a reduction of $1.2 billion in shareholder equity. Through
the use of special purpose entities, Enron inflated its reported earnings by shifting debt
off the books and hiding corporate losses. Two months after disclosing that its financial
statements were riddled with errors, Enron filed for bankruptcy protection. In the
aftermath of the scandal, 6,500 Enron employees lost their jobs and pensions while
Enron executives awarded themselves more than $55 million in cash bonuses the day
before the bankruptcy filing.

Summary
Enron’s Directors protest that they cannot be held accountable for misconduct
that was concealed from them. But much that was wrong with Enron was known to the
Board, from high risk accounting practices and inappropriate conflict of interest
transactions, to extensive undisclosed off the- books activity and excessive executive
compensation.
At the hearing, the Subcommittee identified more than a dozen red flags that should
have caused the Enron Board to ask hard questions, examine Enron policies, and
consider changing course. Those red flags were not heeded. In too many instances, by
going along with questionable practices and relying on management and auditor
representations, the Enron Board failed to provide the prudent oversight and checks and
balances that its fiduciary obligations required and a company like Enron needed. By
failing to provide sufficient oversight and restraint to stop management excess, the
Enron Board contributed to the company’s collapse and bears a share of the
responsibility for it.

25
04. CONCLUSION
Few companies that have attempted to bring about lasting strategic change have
done so successfully. To succeed involves learning the lessons derived from the
experience of many companies. These are:
Strategic change can be driven, but only so far. In the end it needs employee
commitment and involvement to be fully successful. Successful organizational change
needs to be driven simultaneously from above and below. Whether the style is directive
or facilitating, the utter and sustained commitment of top management is vital to
success. It takes a very long time to complete the transformation, and even then the
process of continuous improvement is still vital. The change process calls for
simultaneous initiatives on many fronts. The coordination of all this requires a full-time
champion at board level and an adequate supporting structure. The process is essentially
messy – trying to stick to a strict schedule is usually futile. It is important to emphasize
the concrete, the practical and the potential pay-off. This is particularly important when
dealing with culture change, which can so easily be dismissed as woolly or ‘touchy-feely’
stuff. So, a less competitive strategy is easier to implement but may not be as
sustainable. This “balance” must be optimized for a truly effective and successful
strategy.
Thus, Strategy is a complex, multi-dimensional subject that is critically important for any
successful organization. It would seem the need to provide more regimented attention is
more important today than ever before.

26
06. REFERENCES

Internet Data
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rvice.PDF

27
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53702.pdf
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84. http://www.srgb.org/download/Corporate_Capability_short.pdf

(B) BTTB- Bangladesh Telegraph and Telephone Board

1. http://www.primebank.com.bd/infocus/Issue%201.pdf
2. http://www.btcl.gov.bd/home/main/telecom-policy-1998.pdf
3. http://www.undp.org.bd/projects/prodocs/A2I/Quarterly%20Progress%20Report%20(January-March)%202009.pdf
4. http://www.concern-universal.org.bd/doc/OD/Contingency%20Plan%20of%20GRAUS.pdf
5. http://www.cdmp.org.bd/publications/CDMP_News_Letter_06.pdf
6. http://www.cpd.org.bd/pub_attach/op68.pdf
7. http://www.btrc.gov.bd/licensing/guidelines/bwa_guidelines.pdf
8. http://www.mof.gov.bd/en/budget/09_10/speech/bs_09_10_en.pdf
9. http://www.secbd.org/Prospectus-GP.pdf
10. http://www.lcgbangladesh.org/aidgov/WorkShop/2nd%2020PRSP%2020Final%2020(October-2008).pdf
11. http://www.dmb.gov.bd/reports/SOD_rev_30210%20updated%20on%2004.02.10.pdf
12. http://www.mosict.gov.bd/index.php?option=com_docman&task=doc_download&gid=310&Itemid=390
13. http://www.plancomm.gov.bd/Outline%20Participatory%20Perspective%20Plan%20(2010-2021).pdf
14. http://www.plancomm.gov.bd/Responding%20to%20the%20Millennium%20Development%20Challenge%20through
%20private%20sector_s%20involvement%20in%20Bangla.pdf
15. http://come2samepage.com/Innovate360/Sahrear/Sahrear_resume_18feb10_NSN_w_cover_letter.doc
16. http://www.pcworld.bangla.net/IT_news/NovNews08.pdf
17. http://www.srgb.org/download/Corporate_Capability_short.pdf
18. http://www.cdmp.org.bd/publications/CDMP_News_Letter_06.pdf
19. http://www.dhakachamber.com/Monthly%20Review/June%2009/1-23.pdf
20. http://www.btrc.gov.bd/newsandevents/smp_mission_report_and_draft_regulations_%26_instructions.pdf

(C) Pan Pacific Sonargaon Hotel

1. www.panpacific.com/Dhaka/Overview.html
2. http://www.undp.org.bd/library/policypapers/fbcci_vision%20Ifty%20Islam.pdf
3. http://www.dhakachamber.com/Monthly%20Review/October%2009/October%20jpg.pdf
4. http://www.univdhaka.edu/AnnualReport/AnnualReport-86.pdf
5. http://www.bard.gov.bd/policyguideline.pdf
6. http://www.at-capital.com/at/AT%20Capital%20Research%20-%20Bangladesh%20-
%20Growth,%20Investment,%20Opportunity.pdf
7. http://www.jobsproject.org/content/publication/IEOESP%20Final%20Report.pdf
8. http://www.cdmp.org.bd/reports/QPR_Jan-March-QPR_2008.pdf
9. http://www.hcidhaka.org/fortnight/20090731_eng.pdf
10. http://www.bdix.net/sdnbd_org/world_env_day/2001/sdnpweb/issues/IT-computer/ereadiness-BCG.pdf
11. http://unpan1.un.org/intradoc/groups/public/documents/un/unpan021700.pdf
12. http://www.adb.org/Documents/Reports/Consultant/39399-REG/39399-01-REG-TACR.pdf

29
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14. http://epaper.ardemgaz.com/Repository/ArDemocrat/2006/11/14/ADGC20061114Cityall.pdf
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18. http://www.undp.org.bd/publications/Beyond%20Hartals.pdf
19. http://www.pogar.org/publications/other/unpan/UNPAN021748.pdf
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21. http://fletcher.tufts.edu/alumni/pdfdocs/Fletcher_F09.pdf
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23. http://www.jbic.go.jp/en/research/report/research-paper/pdf/rp01_e.pdf
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31. http://www.esmap.org/filez/pubs/bangladeshworkshop23876.pdf
32. http://www.bei-bd.org/downloadreports/view/44/download
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37. http://www.mahlo.com/dyncontent/presspdfs/gb/Kongresszeitung1.pdf
38. http://www.cagbd.org/pdf/newslatter-3-4.pdf

(D) WORLD COM

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12. http://www.ifac.org/MediaCenter/files/EnterpriseGovernance.pdf
13. http://asso.nordnet.fr/adreg/Hitt%20et%20al%20strategic%20leadership.pdf
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16. http://www.connect-world.com/PDFs/white_papers/a_new_mindset_wp_en.pdf
17. http://www.online-pr.com/Holding/Public_Relations_and_Profit_article.pdf
18. http://www.sku.ch/fuehrung.html?file=tl_files/sku/biblio_fuehrung/gp_aam_orgacrisis.pdf
19. http://faculty.chicagobooth.edu/steven.kaplan/research/holmkap2003.pdf

30
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21. http://www.ndu.edu/ICAF/industry/reports/2006/pdf/2006_STRATEGIC_SUPPLY.pdf
22. http://www.law.upenn.edu/cf/faculty/dskeel/workingpapers/Icarus5.pdf
23. http://prmia.org/pdf/Case_Studies/WorldCom_Case_Study_April_2009.pdf
24. http://www.nd.edu/~carecob/Workshops/04-05%20Workshops/Sadka.pdf
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26. http://www.berndvenohr.de/download/lehre/english/08_mergers_acquisitions.pdf
27. http://www.gropenassoc.com/downloads/blog%20downloads/IC_Book_Orig.pdf
28. http://www.usatoday.com/educate/college/business/casestudies/20030128-accountingfraud1.pdf
29. http://highered.mcgraw-hill.com/sites/dl/free/0073511889/363153/Adler10_PRV_ch01.pdf
30. https://www8.imperial.ac.uk/content/dav/ad/workspaces/electricalengineering/InfoJointHonsBusinessCourses0910.do
c
31. http://www.princeton.edu/~hsshin/www/barcelona.pdf
32. https://www.mpiweb.org/CMS/uploadedFiles/Research_and_Whitepapers/GCCOE-Defining%20SMMP.pdf
33. http://www.cgg.gov.in/workingpapers/Guide%20to%20Strategic%20Reviews.pdf
34. http://turnerworld.com/wp-content/uploads/2009/06/Strategy-Part-1-20090323Tdht.pdf
35. http://www.albany.edu/~pm157/research/stakeholders.pdf
36. http://www.hbs.edu/research/pdf/10-074.pdf
37. http://www.creum.umontreal.ca/IMG/pdf/Heath_Norman_final_preproof.pdf
38. http://www.slis.indiana.edu/faculty/hekbia/Ekbia_ManagingNetworkOrgs.pdf
39. http://www.austlii.edu.au/au/journals/GovNeteJl/2007/1.pdf
40. http://media.wiley.com/product_data/excerpt/87/04700909/0470090987.pdf
41. http://www.au.af.mil/au/awc/awcgate/dau/ree_mj06.pdf
42. http://uni-dir.net/mba-books/Kogan-Page-Strategc-Management-2nd-Edition.pdf
43. http://www.smocksterling.com/comm/pdf/SS-C-013.pdf
44. http://researchrepository.murdoch.edu.au/104/2/02Whole.pdf
45. http://soc.kuleuven.be/io/ethics/paper/Paper%20WS4_pdf/Surendra%20Arjoon.pdf
46. http://investment.russell.com/public/pdfs/Consulting/Governance/0909_Nothing_normal_about_risk.pdf
47. http://www.conference-board.org/events/iaf/downloads/MR-IAF-02.pdf
48. http://bora.nhh.no/bitstream/2330/497/1/A86_02.pdf
49. http://dspace.mit.edu/bitstream/handle/1721.1/34728/53343724.pdf?sequence=1
50. http://www.patrickmcdaniel.org/pubs/td-5ugj33.pdf
51. http://www.multiplysafety.co.za/Upload/pdf/EthicsCulturePaper.pdf
52. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.117.9441&rep=rep1&type=pdf
53. http://www.lbl.gov/BLI/BLI_Library/assets/articles/OM/OM_PSDM_Decisions_Without_Blinders.pdf
54. http://www.unglobalcompact.org/docs/issues_doc/Environment/Connecting_the_Dots.pdf
55. http://www.pr-school-london.com/pdf/Riskmanagement4P1.pdf
56. http://www.cgs.computershare.com/news2/Subsidiary%20Governance%20Article%20V2.pdf
57. http://www.slis.indiana.edu/faculty/hekbia/EkbiaKling_PowerKM.pdf
58. http://www.7x24exchange.org/downloads/Spring99NL.pdf
59. http://faculty.haas.berkeley.edu/tetlock/vita/philip%20tetlock/phil%20tetlock/2004_current/2005%20conflicts%20of
%20interest%20and%20auditor%20independencepageproofs.pdf
60. http://www.rocw.raifoundation.org/management/bba/organizationalbehavior/lecture-notes/lecture-16.pdf
61. http://www.imanet.org/pdf/3666.pdf
62. http://www.isaca.se/dynamaster/file_archive/090427/02de3bc2126d55f34ad6236d83b78478/Mirbaha%20--
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64. http://wms-
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65. http://www.blackwellpublishing.com/grant/pdfs/CSA5eC01.pdf

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67. http://vig.pearsoned.co.uk/catalog/uploads/SFEB_C01.pdf
68. http://www.acelimited.com/NR/rdonlyres/2B964DD5-F93E-47C3-BA44-
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69. http://www.oxfordmetrica.com/pdf/RisksThatMatter.pdf
70. http://www.pwc.com/en_GX/gx/tax-management-strategy/pdf/pwc_tax_management_in_companies.pdf
71. http://www.cdl.org/resource-library/pdf/march03nwsltr.pdf
72. http://isites.harvard.edu/fs/docs/icb.topic131566.files/InfoRules_Ch_1_and_7.pdf
73. http://www.thecorporatescandalreader.com/forms/03d%20baird.pdf
74. http://cbe.anu.edu.au/capitalmarkets/papers/GILLIGAN-CAPITAL-MARKETS.pdf
75. http://www.aabri.com/OC09manuscripts/OC09073.pdf
76. http://www.adorno.com/uplds/docs/Article%20-%20Christopher%20Bopst%20-
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77. http://www.learningwhatworks.com/papers/SVRSara.pdf
78. http://www.cca-institute.org/pdf/pohl_eng.pdf
79. http://uir.unisa.ac.za/bitstream/10500/1762/1/dissertation.pdf
80. http://www.kstil.com.ua/files/The_Global_History_of_Corporate_Governance_NBER_01-05.pdf
81. http://www.stern.nyu.edu/~adamodar/pdfiles/papers/acquisitions.pdf
82. http://highered.mcgraw-hill.com/sites/dl/free/0072969431/362616/Sample_Chapter_01.pdf
83. http://www.southerngrowth.com/pubs/pubs_pdfs/pathways_guide.pdf
84. http://www.fcmweb.org/documenti/acca%20corp_gov%20notes.pdf
85. http://www.geneva-partners.com/images/pdf/interview-breeden.pdf
86. http://www3.imperial.ac.uk/pls/portallive/docs/1/3539900.PDF
87. http://www.thomaspowell.co.uk/article_pdfs/Axis.pdf
88. http://www.tomorrowscompany.com/uploads/FOCRvf.pdf
89. http://www.abe.sju.edu/proc2009/kester.pdf
90. http://www.oup.org/files/pubs/msireport2009.pdf
91. http://www.atkearney.nl/global/images/global/pdf/Merger_Endgame_Miniprint_S.pdf
92. http://worldscibooks.com/etextbook/6048/6048_chap01.pdf
93. http://www.hkr.se/upload/E/Working%20papers/wp2002_4.pdf
94. http://www.valuebasedmanagement.net/articles_cima_understanding.pdf
95. http://www.stevecurrall.com/pdf/Currall_OD_LessonsEnron.pdf
96. http://www.taleo.com/products/media/pdf/Bersin-Enterprise%20Compensation%20Solutions.pdf
97. http://www.leadwithhonor.com/pdf/RC3.pps
98. http://www.business.uq.edu.au/download/attachments/6553737/Research-Profile-09.pdf
99. http://college.cengage.com/business/modules/marktngethics.pdf
100.http://www.pennumbra.com/issues/pdfs/156-2/Coffee.pdf
101.http://www.coveylink.com/documents/SOTBookManuscript-Ch1-2.pdf
102.http://www.cbr.cam.ac.uk/publications/TOPFLOOR5.pdf
103.http://www.gallaugher.com/Strategy%20%26%20Technology.pdf
104.http://www.palgrave.com/pdfs/1403904006.pdf
105.http://www.mbaworld.com/blr-archive/opinion/7/index.pdf
106.http://www.ecis2009.it/papers/ecis2009-0476.pdf
107.http://www.cesifo-group.de/DocDL/IfoWorkingPaper-39.pdf
108.http://minx1973.tripod.com/final_PR.pdf
109.http://www.hds.com/pdf/wp_199_data_governance.pdf
110.http://finance.wharton.upenn.edu/weiss/wpapers/07-3.pdf
111.http://www.itt.com/downloads/IOHarchives/IOHFall-2002.pdf
112.http://thefutureofideas.s3.amazonaws.com/lessig_FOI.pdf
113.http://www.smu.edu.sg/research/knowledgehub/pdf/KHub-5.pdf
114.http://www.ecch.com/uploads/ECCHO37.pdf

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 115.http://iis-db.stanford.edu/pubs/22285/Protecting_Individual_Privacy.pdf
116.http://opim.wharton.upenn.edu/risk/downloads/2009WhartonRiskReview.pdf
117.http://www.uni-dir.net/mba-books/mba_in_a_day.pdf
118.http://www.library.hbs.edu/docs/Core%20Collection%20Author%20Oct%202009.pdf
119.http://www1.law.nyu.edu/journals/lawbusiness/issues/uploads/2-3/nyb303.pdf
120.http://web.mit.edu/ssp/Publications/breakthroughs/Breakthroughs04.pdf
121.http://www.law.harvard.edu/faculty/bebchuk/pdfs/Performance-Part2.pdf

(E) ENRON
1. http://www.darden.virginia.edu/batten/pdf/WP0015.pdf
2. http://www.isda.org/whatsnew/pdf/EnronFinal4121.pdf
3. http://www.elcslpl.org/resources/newarrivals/NFOct06.pdf
4. http://www.imanet.org/pdf/1921.pdf
5. http://home.sandiego.edu/~pavett/docs/msgl_503/leader_ethic_behave.pdf
6. http://www.slis.indiana.edu/faculty/hekbia/Ekbia_ManagingNetworkOrgs.pdf
7. http://www.ephemeraweb.org/journal/2-4/2-4bojeandrosile.pdf
8. http://www.bsu.edu/mcobwin/majb/uploads/pdf/vol20num1/coelho.pdf
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10. http://www.econ.iastate.edu/classes/econ353/tesfatsion/enron.pdf
11. http://www.polarisinstitute.org/files/enronguide.pdf
12. http://trojandown.com/enron.pdf
13. http://www.mcafee.cc/Papers/PDF/Enron.pdf
14. http://econ2.econ.iastate.edu/classes/econ353/tesfatsion/enron.pdf
15. http://www-personal.umich.edu/~kathrynd/JEP.FallofEnron.pdf
16. http://picker.uchicago.edu/Enron/Class4.pdf
17. http://fpc.state.gov/documents/organization/8038.pdf
18. http://news.findlaw.com/hdocs/docs/enron/senpsi70802rpt.pdf
19. http://brie.berkeley.edu/publications/WP152.pdf
20. http://wings.buffalo.edu/law/bclc/bclrarticles/8/1/brickey.pdf
21. http://www.isda.org/whatsnew/pdf/EnronFinal4121.pdf
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25. http://www.publiccitizen.org/documents/Blind_Faith.PDF
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27. http://kwrintl.com/PDF/repbank.pdf
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29. http://fpc.state.gov/documents/organization/9267.pdf
30. http://bobsutton.typepad.com/files/enron-ethics.pdf
31. http://www.iimcal.ac.in/community/FinClub/dhan/dhan2/art23-en.pdf
32. http://www.nacdonline.org/members/dmx/dmxtra_0202.pdf
33. http://ceas.cc/2004/168.pdf
34. http://www.reg-markets.org/admin/pdffiles/phpD9.pdf
35. http://www.universityofcalifornia.edu/news/enron/allocationplan0707.pdf

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