Difference between revisions of "Enron"
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Revision as of 12:58, 14 November 2008
Enron was an energy company based out of Houston, Texas, though it was founded in Omaha, Nebraska. It was one of the largest energy providers in the United States, and employed over 21,000 people. It was named Fortune Magazine's "America's Most Innovative Company" for six consecutive years. Then everything went downhill in 2001.
Corruption and Demise
The Enron scandal occurred when Blue Chip stock Enron, was revealed to have much more debt than thought. It would appear that top officers misled shareholders, and that some transactions did not appear on the company's financial records. The stock dropped in this period from $90 to mere pennies. It is considered to be one of the largest bankruptcies in history.
The "Enron 3", Ken Lay, Jeffery Skilling, and Andrew Fastow, the top officers of Enron were all convicted for their role in the collapse of Enron. Enron's accounting firm Arthur Andersen was convicted of obstruction of justice for its dealings in the event, and went from being one of the top five accounting firms in the world, to a mere shadow of its original stature. This is because the numerous civil suits against it, lack of credibility, and loss of clients in the Enron collapse. The Houston Astros baseball stadium, Enron Stadium, was changed to Minute Maid Field after the incident. Many documentaries, movies and books about the Enron Scandal have been created, one of the most notable is the movie, Fun with Dick and Jane, with a storyline loosely based around the scandal, even mentioning Enron in the credits.