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In: Business and Management

Submitted By playgo2009
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The Enron scandal

• Enron, the 7th largest U.S. Company in 2001, filed for bankruptcy in December 2001.

• Enron investors and retirees were left with worthless stock.

• Enron was charged with securities fraud (fraudulent manipulation of publicly reported financial results, lying to SEC…)

• Enron was a Houston-based natural gas pipeline company formed by merger in 1985.

• By early 2001, Enron had morphed into the 7th largest U.S. Company, and the largest U.S. buyer/seller of natural gas and electricity.

• Enron was heavily involved in energy brokering, electronic energy trading, global commodity and options trading, etc.

• On October 16, 2001, in the first major public sign of trouble, Enron announces a huge third-quarter loss of $618 million.

• On October 22, 2001, the Securities and Exchange Commission (SEC) begins an inquiry into Enron’s accounting practices.

• On December 2, 2001, Enron files for bankruptcy.

The Background

Enron was founded as a pipeline company in Houston in 1985. Enron was a company that was able to profit by providing the delivery of gas to utility companies and businesses at the fair value market price. As the deregulation of electrical power markets arose, Enron with the help of former chairman Kenneth Lay decided to diversify their business portfolio and enter into becoming an energy broker who traded electricity and other commodities. Enron took what would prove be a fatal turn that would ultimately meet their demise by ignoring one of the most important foundations of their business: bringing buyers and sellers together. Instead of Enron bringing them together, they had chosen to enter into a contract with the seller and signed a contract with the buyer, thus profiting on the difference of the selling and buying price of the commodity. Enron was able to keep its books closed, making them the only

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