As the bubble of dot-coms and executive-decadence burst and the truth behind the illusion was revealed, fingers turned in blame toward Wall Street analysts and top-of-the-food-chain executives who, it seems, had conflicts of interest, weren't altogether honest in their activities, who gave meaning to corporate-corpulence, lied to investors and manipulated the market for their own short-term material interests. Many wondered: What went wrong?

A careful examination of why these companies and leaders failed — whether financially, legally or ethically (and in many cases, all three) — yields some valuable lessons. Rather than dismissing this period of business history as "yesterday's news," as some prone to denial are eager to do, look at it instead as an opportunity to learn how to improve the mastery, integrity, and success rate — as you measure success — of your enterprise or group.

The full text of this article reviews five "culture traps" that fostered failure, and five things that high-integrity sustainable enterprises do right.

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