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Enron

In: Business and Management

Submitted By dbvasquez
Words 820
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The real reason Enron failed
El texto nombra 3 principales causas del hundimiento de la compañía, como todos sabemos que vienen del hecho de las malas prácticas financieras dentro de la compañía.
Primer Error
Jeff Skilling se clave en convencer a Arthur Andersen y a la seguridad gubernamental para poder integrar la técnica financiera del Market to Market (M2M) que serviría para transformar a la compañía en un “banco de energía”, es decir entregar cobertura inmediata cubriendo el riesgo de demanda de gas en un futuro (obtener beneficios HOY, cuando se cierra el contrato por medio de una difusión entre el futuros de corto y largo plazo de los contratos de gas, con una curva de precios de futuros “mágica” inventada por ellos). Esta técnica los llevo a la gloria aumentando considerablemente sus ganancias. El autor aclara que esta técnica es legítima de usar en sistemas de portafolio, pero para el caso de Enron no era legitima, primero porque nunca antes se había realizado en este tipo de industrias, entonces no habían precios para poder poner un precio de mercado (por ende Enron invento los precios) y segundo porque ellos mismos establecieron un patrimonio que debían alcanzar pero ellos mismos inventaron esos flujos. Como el error ya estaba hecho lo único que les quedaba era seguir haciendo lo mismo.
Segundo Error
Continuaron las malas prácticas por lo que se les empezó a entregar bonos a los gerentes si ellos cumplían metas por la colocación de acciones y por el crecimiento de las ganancias lo que incentivó a los colocadores a aumentar considerablemente los bonos entregados. Si bien se aumentó el número de acciones colocadas a nadie le preocupó la calidad de las acciones. El grave error era que se creía que Enron estaba creando valor para los accionistas, pero lo único que se estaba logrando era inflar el valor de sus acciones por medio de malas practicas...

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