Andy Fastow | Former Enron CFO

Andy Fastow

Former Enron CFO

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Houston, TX

Andy Fastow
Biography

Despite today's more regulated and enlightened business environment, we continue to witness "Enron-esque" failures of corporate governance and compliance. Enron's former CFO will make observations about how the ambiguity and complexity of laws and regulations breeds opportunity for problematic decisions and will discuss what questions corporate directors, management, attorneys, fraud examiners and auditors should ask, in order to ensure that their companies not only follow the rules, but uphold the principles behind them.

Mr. Fastow was the Chief Financial Officer of Enron Corp. from 1998 - 2001. In 2004, he pled guilty to two counts of securities fraud, and was sentenced to six years in federal prison. He completed his sentence in 2011, and now lives with his family in Houston, Texas. Mr. Fastow currently consults with Directors, attorneys, and hedge funds on how best to identify potentially critical finance, accounting, compensation, and cultural issues. He is also a Principal of KeenCorp, an artificial intelligence software company.

Mr. Fastow received a BA in Economics and Chinese from Tufts University and an MBA in Finance from the Kellogg Graduate School of Management at Northwestern University. Prior to joining Enron, he was a Senior Director in the Asset Securitization Group at Continental Bank N.A.

Since his release from prison, Mr. Fastow has been a guest lecturer at universities and corporations, and at conferences for management, corporate directors, attorneys, accountants, and certified fraud examiners. Mr. Fastow was recently keynote speaker at the United Nations' Principles of Responsible Management Conference, the FBI's Advanced Financial Crimes Seminar, the Association of Certified Fraud Examiners Annual Conference, the American Accounting Association Annual Conference, and the Financial Times' Outstanding Directors Conference.

Andy Fastow
Featured Video

Current: Speaking Reel

Time 04:54

Why Does Enron Keep Happening?

Enron’s implosion was caused by a Culture problem, not a Compliance problem. Yet, the Human Resources Group at Enron, the people charged with managing culture, thought that everything was fine. Employee surveys showed that Enron’s work environment was great and improving. There were neither objections nor complaints from the employees. Enron was inundated by job applicants. The HR Group won national awards for its employee manual, visions and values statement, and training programs. Yet, in just a four-month span, Enron imploded and declared bankruptcy, destroying $40 billion of shareholder wealth and retirement savings, and resulting in tens of thousands of lost jobs at Enron, Arthur Andersen, and other companies. Corporate disasters keep happening, from Enron, to the financial crisis, to General Electric today, and to hundreds of companies in between. Fastow discusses the common thread of all of these disasters; the phenomenon that HR, Senior Management, and Directors keep missing.

Rules Versus Principles

Join in on a unique conversation about ethics, rules and principals with Andy Fastow, former CFO at Enron. Mr. Fastow was charged with 78 counts of fraud for his central role in creating off-balance sheet entities that disguised the company’s financial condition, and personally made tens of millions in the process. After serving six years in Federal Prison, Mr. Fastow shares his story and invites us to ask questions of him and ourselves as we explore the often grey line of business ethics.

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Andy Fastow

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