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Essay / Research Paper Abstract
A 3 page paper that discusses specifically ethics issues involved in the Enron collapse. The paper provides sufficient background and identifies the unethical actions of executives. Bibliography lists 7 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PGnrn810.rtf
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Unformatted sample text from the term paper:
citation methods listed below. Citation styles constantly change, and these examples may not contain the most recent updates.?? ENRON AND ETHICS Research compiled for The Paper
Store, , August 2010 properly! Enron was one of the darlings on Wall Street. It
formed through a merger of Houston Natural Gas and InterNorth in 1985. It was initially a gas pipeline operator and a national gas commodities trader. By the late 1990s, Enron
was the largest energy trader in the country. It began diversifying into too many unrelated industries like bandwidth and fiber optics (Leonard, 2001). By Fall of 2001, Enron had crashed.
They reported Third Quarter losses of $638 million and a $1.2 billion loss in the value of Enron stock. The reasons for Enrons fall had to do with illegal
and unethical transactions. In short, they cooked the books. Fastow, who was Chief Financial Officer for the company had set up dozens of partnerships that were dummy companies (Leonard, 2001).
Fastow was identified as the general partner in these ventures (Berenbeim, 2002). This was against the companys own code of ethics (Berenbeim, 2002). The companies borrowed billions of dollars and
invest those billions in Enron (Leonard, 2001). Along the way, these executives pocketed millions themselves. Enron had a code of ethics, just as every other company, but they did
not adhere to it. In fact, the company had updated their code of ethics just about a year earlier. These illegal and unethical accounting practices had been going on for
years. In 2003, Holtzman, Venuti and Fonfeder commented: "Enron managers went to extraordinary lengths to circumvent accounting rules in order to artificially increase earnings through a series of schemes" (p.
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