The Costs of State-Corporate Crime: The Case of Enron and Arthur Anderson

Rick A. Matthews, Carthage College
William J. Miller, Carthage College

ABSTRACT
This paper examines the nature and extent of the costs of state-corporate crime, with the recent Enron/Arthur Anderson debacle as a case study. The extent of the financial harm created by the Enron/Arthur Anderson crimes is examined at various levels, ranging from the impact on the U.S. stock market, to state retirement systems, to harms suffered by individual employees of Enron and Arthur Anderson who either lost jobs or significant life-savings. Interviews with current and former employees will beused to help better understand the specific ways in which citizens and employees alike were harmed by the actions of Enron, Arthur Anderson, and regulatory agencies like the SEC, which failed to protect them.

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Updated 05/20/2006