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Essay / Research Paper Abstract
10 pages in length. Scandal, secrecy, misleading information, inaccurate financial reporting – all in a day's work for WorldCom and Enron, two of the worlds most corrupt and bankrupt companies. That employees and investors alike have suffered extraordinary economic losses at the hands of company executives whose own coat pockets were lined quite nicely prior to the breach of wrongdoing speaks to a sector of society that has placed the bottom line far, far before any ethical or social consideration. Bibliography lists 16 sources.
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File: LM1_TLCEnWrl.rtf
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investors alike have suffered extraordinary economic losses at the hands of company executives whose own coat pockets were lined quite nicely prior to the breach of wrongdoing speaks to a
sector of society that has placed the bottom line far, far before any ethical or social consideration. II. ENRON The history of
Enrons empire is nothing if not prolific. After its 1985 debut as the outcome of the merger between Houston Natural Gas and Omaha, Nebraska-based InterNorth, the company entered into
the electricity industry a short nine years later. Shortly thereafter, however, the company reveals that the bankrupt California utility Pacific Gas & Electric Co. (PG&E) owed some $570 million
(Anonymous, 2002). What happened from this point forward was the beginning of the end for Enron. Using "off-the-books partnerships and complicated accounting
to hide losses" (Berger et al, 2002, p. PG), Enron executives worked diligently to hide the truth from employees and investors, who had no idea what was about to occur
until it was wholly upon them. December 2001 marked the first time anyone realized what was happening, inasmuch as Enron officially filed for bankruptcy due to its inability to
hide such tremendous losses any longer. It took a matter of three month for the company to fall from its self-proclaimed assets of nearly ?62bn into utter bankruptcy, with
its share price dropping from approximately $95 to less than $1 (Anonymous #1, 2002). At the crux of the issue is the fact that $3.85 billion in expenses was
hidden from the companys financial statements in 2001 and 2002s first quarter, while still enabling company executives to reap sizable profits despite it all (Schoenberger, 2002). From a social perspective,
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