1) Revenue recognition/mark-to-market accounting (recognizing the present-value of future contracts as revenue in the current period, abuse of SAB 101 "Revenue Recognition in Financial Statements")
2) Off-balance sheet financing (i.e. 3,000 Special Purpose Entities and SFAS 125/SFAS 140 used to conceal at least $2b of debt, abuse of rules-based GAAP)
3) Corporate governance (tone at the top, management's behavior, pressure from wall-street, executive compensation, resulting SOX legislation, subsequent legal proceedings, etc.)
4) Arthur Andersen as auditor (chain of command issues, failure to halt or limit fraudulent accounting practices, subsequent dissolution of the firm)
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