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Essay / Research Paper Abstract
A 4 page paper that reports the timeline of events at Enron between 1998 and 2001. Major players are identified and discussed in terms of exceeding their limits of authority. The corporate culture is discussed. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PG691193.doc
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Unformatted sample text from the term paper:
scandals of the century. Enron Corporation emerged from a merger of Houston Natural Gas and InterNorth in 1985. In less than a decade Enron became the largest energy trader in
the country. Emboldened by its success, the company began to diversify into unrelated industries such as fiber optics and decided to trade bandwidth as a commodity as it had
traded gas and electricity (Leonard, 2001). The companys investments in various telecommunications sectors proved to be disastrous because they did so just before the telecom sector crashed (Leonard, 2001). Executives
decided to use creative accounting to post continued profits. They set up numerous partnerships and had those partnerships borrow billions of dollars which they invested in Enron (Leonard, 2001). In
short, executives borrowed money and turned around and used that money to purchase assets for Enron (Leonard, 2001). These executives who were involved in the scam earned millions of dollars
for themselves by brokering and administering these deals (Leonard, 2001). SEC analysts became suspicious of the reported gains and then huge losses. Shortly after the SEC investigation was initiated, the
CFO, the treasurer and other high level executives were fired (Leonard, 2001). Kenneth Lay, Enron founder stepped down from the chief executive position in February 2000 (Leonard, 2001). A brief
timeline overview identifies who was involved and what was happening. Andrew Fastow was appointed finance executive in 1997 and shortly created the first partnership to keep high debt off the
companys balance sheet; he was appointed finance chief in 1998. CEO Kenneth Lay steps down in February 2000; Jeffrey Skilling replaced Lay. Skilling had been the head of commodities trading.
In August 2001, Skilling resigned and Lay went back as CEO. In October 2001, Enron reported $638 million loss in the third quarter and shareholder equity was reduced by $1.2
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