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Essay / Research Paper Abstract
This 10 page paper has three parts. The first section reports the history of Enron from 1985, when it was founded, to 1990. The second section reports the history of Enron from 1990. The writer discusses some of the major issues that caused the company's collapse. In the last section, the writer comments on the lessons for managers and executives. Bibliography lists 13 sources.
Page Count:
10 pages (~225 words per page)
File: MM12_PGenrn6.rtf
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InterNorth, a natural gas company in Nebraska (Braquet, 2002). Lay was the CEO of Enron, a position he still held during the collapse of the company (Braquet, 2002). From the
beginning, Lay was very involved in political activities and invested millions in political and lobbying campaigns to deregulate and privatize the energy industry (Braquet, 2002). He was the largest single
investor in President George W. Bushs first election campaign (Braquet, 2002). Initially, Enron operated interstate gas pipelines but within four years of founding Enron, in 1989, Lay was involved in
"trading natural gas commodities to help utility customers reduce the risk of rising costs by locking up long-term prices that they wanted ahead of time" (Braquet, 2002). The company would
buy the gas directly from the producers, at a discount, mark up the price and deliver it to customers, i.e., end users (Braquet, 2002). Basically, the company was acting like
a middle-man. It took only a few years for Enron to become "the largest natural gas merchant provider in North America and the United Kingdom" (Braquet, 2002). In 1990, Jeffrey
Skilling was hired to drive and manage Enrons expansion into other commodity markets, such as steel, coal, Internet broadband and water (Braquet, 2002). The contracts were relatively simple in those
days, compared to how they would become (Braquet, 2002). Skilling focused Enrons core business, that of buying a commodity and selling and delivering it to a customer at a profit
(Braquet, 2002). At the same time, Lay continued his quest to get utilities deregulated. Between its founding in 1985 and 1990, Enron had expanded its operations. The company began
by operating pipelines and Lay diversified into trading natural gas commodities, taking the position of a middle-man. There do not seem to have been any shady operations. During those years,
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