Difference between revisions of "Enron"
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==Corruption and Demise== | ==Corruption and Demise== | ||
− | The Enron scandal occurred when Enron, a Blue Chip stock, was revealed to have far more debt than realized. Top officers misled shareholders and some transactions did not appear on the company's financial records. The stock dropped from $90 a share to mere pennies. It is considered to be one of the largest bankruptcies in history. | + | The Enron scandal occurred when Enron, a Blue Chip stock, was revealed to have far more debt than realized. Top officers misled shareholders and some transactions did not appear on the company's financial records using "future value accounting."<ref>http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJBMW5XuxQPM&refer=us</ref> The stock dropped from $90 a share to mere pennies. It is considered to be one of the largest bankruptcies in history. |
==Aftermath== | ==Aftermath== |
Revision as of 20:52, 11 July 2010
Enron was an energy company based in Houston, Texas, although 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. The company filed for bankruptcy in 2001 after accounting fraud and corruption was reported.
Corruption and Demise
The Enron scandal occurred when Enron, a Blue Chip stock, was revealed to have far more debt than realized. Top officers misled shareholders and some transactions did not appear on the company's financial records using "future value accounting."[1] The stock dropped from $90 a share to mere pennies. It is considered to be one of the largest bankruptcies in history.