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Essay / Research Paper Abstract
A 14 page paper that begins with a brief history of Enron prior to the scandal. The paper then goes on to explain what happened, what went wrong, how the company committed fraud. The author comments on the whistle-blower. The key players are identified with the charges against them and the disposition of the cases. The last section discusses the outcomes of this scandal in terms of new regulations and legislation intended to prevent further cases of the same nature. Bibliography lists 15 sources.
Page Count:
14 pages (~225 words per page)
File: MM12_PGenrn04.rtf
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Unformatted sample text from the term paper:
operator to the #1 energy trader in about a decade. It became "the largest buyer and seller of natural gas and electricity in the US" (Law, 2004). The company diversified,
trading other commodities and providing a variety of services, such as "risk management, project financing, and engineering services" (Law, 2004). Enron was on the Fortune 10 corporation list (Holtzman, Venuti,
and Fonfeder, 2003) and it had been named as Fortune Magazines most innovative corporation for six straight years (Leonard, 2001). Enron diversified over the years, the company moved
into fiber optics and decided to trade bandwidth as a commodity just as it was trading gas and electricity (Leonard, 2001). The corporations investments in bandwidth, in fiber optic capacity
and in other telecommunication venues proved to be expensive and disastrous because the telecom sector crashed (Leonard, 2001). Although the company has sold off many of its holdings, it still
owns a number of power plants and different energy projects in the world (Law, 2004). Until very recently, Enron owned 15,000 miles of gas pipelines in North, Central and South
America (Law, 2004). Enron founder Kenneth Lay stepped down from chief executive in February 2000, staying on as chairman (FOX News Network, Timeline, 2004). Jeffrey Skilling took over as CEO
but resigned six months later; Lay returned to the post of CEO (FOX News Network, Timeline, 2004). Skilling was to have transformed the company from the old economy involving the
pipeline to the new economy and his swift and sudden departure left everyone in the industry as well as Wall Street in a state of confusion and surprise (Leonard, 2001).
On October 16, 2001, Enron shocked the world by reporting a "$638 million third-quarter loss and discloses $1.2 billion reduction in stock value" (FOX News Network, Timeline, 2004). That announcement
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