Final answer:
Enron's management concealed debts and losses through fraudulent activities and off-balance-sheet transactions, reflecting a failure in corporate governance.
Step-by-step explanation:
Enron's management hid the company's debts and losses by engaging in fraudulent activities and off-balance-sheet transactions.
They did not uphold transparent and ethical accounting practices; instead, they masked the true financial state of the company, leading to misinformation about Enron's fiscal health. Accurate information was not available in this case, highlighting the failure of corporate governance — institutions responsible for overseeing the actions of top executives as shown in the case of Lehman Brothers.