Sunday, May 5, 2019
Enron
Enron was an American energy, commodities, and services company. It is based in Houston, Texas, founded in 1985. It is a merge between Houston Natural gas and InterNorth. They employed around 29,000 people as well as they claimed revenues of nearly $101 billion during 2000. Unfortunately they went to bankruptcy in December 3rd of 2001. Before that tragic event they were named "Americas most innovative company" for six years straight. Enron's reported financial condition was a creatively planned accounting fraud. After this event there has been more questioning about accounting throughout every corporate. Also affected the greater business world by causing the dissolution of the Arthur Anderson accounting firm which had been Enron's main auditor for years. It ended it's bankruptcy in November of 2004. It was due to a court approved plan of reorganization.
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4 comments:
It's unfortunate that the collapse of ENRON affected its workforce so much because they were investing in the company because they were informed by the CEO that everything was going well.
It's crazy how as time progresses, the economy becomes more and more intertwined. As Enron's fall "affected the greater business world," many of the firms in the 08 crisis followed a similar trend - except the magnitude of the 08 crisis lead a world wide recession.
This is very interesting on the things that happen before in the bankruptcy and you give me a very clear understanding.
Its devastating how the employees who were encouraged to invest heavily in the company were scammed out of their earning by their unscrupulous CEO
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