The Enron scandal, revealed in October 2001, involved the energy company Enron and the accounting, auditing, and consultancy firm Arthur Andersen. The corporate scandal eventually led to Enron's downfall, resulting in the largest bankruptcy in American history. Arthur Andersen, which was one of the five largest accounting firms in the world, was dissolved. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth.
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- Andrew Fastow, former CFO
- Jeffrey Skilling, former President, CEO and COO
- John J. Ray, III, Chairman
- Kenneth Lay, Founder, former Chairman and CEO
- Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International
- Stephen F. Cooper, Interim CEO and CRO
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- 1985-01-01 00:00:00 (xsd:date)
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- Andrew Fastow, former CFO
- Jeffrey Skilling, former President, CEO and COO
- John J. Ray, III, Chairman
- Kenneth Lay, Founder, former Chairman and CEO
- Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International
- Stephen F. Cooper, Interim CEO and CRO
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- The Enron scandal, revealed in October 2001, involved the energy company Enron and the accounting, auditing, and consultancy firm Arthur Andersen. The corporate scandal eventually led to Enron's downfall, resulting in the largest bankruptcy in American history. Arthur Andersen, which was one of the five largest accounting firms in the world, was dissolved. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, through the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives were able to mislead Enron's board of directors and audit committee of high-risk accounting issues as well as pressure Andersen to ignore the issues. After Enron's stock price hit a high of $90 per share in mid-2000, Skilling resigned in April 2001, citing the decrease in the stock's value (then at around $60 a share). Both internal and external analysis began to reveal the fraud that was being perpetuated by the company. The U.S. Securities and Exchange Commission (SEC) began an investigation, and Dynegy offered to purchase the company at a fire sale price. The deal fell through and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. In the aftermath of the scandal, many executives at Enron were indicted for a variety of charges and were later sentenced to prison. Andersen was found guilty in a state court, but by the time the ruling was overturned at the U.S. Supreme Court, the company had lost the majority of its customers and had shut down. Employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices. In 2002, the Sarbanes-Oxley Act was passed as a result of the first admissions of fraudulent behavior made by Enron. The act expanded criminal penalties for destroying, altering, or fabricating records in federal investigations or for any attempt to defraud shareholders.
- Enron-skandaali on Enron-energiayhtiön ja Arthur Andersenin tilintarkastustoimiston talousskandaali, joka paljastui Yhdysvalloissa vuonna 2001. Enron oli USA:n 7. suurin yritys. Aikanaan konkurssi oli Yhdysvaltojen historian suurin. Se johti Enronin konkurssiin 2. joulukuuta 2001, Andersenin tilintarkastustoiminnan loppumiseen ja rikossyytteisiin yhtiöiden johtoa kohtaan. Skandaalin vuoksi muutettiin tilinpitolakeja useissa maissa. Skandaalissa korostui tilintarkastajien osuus ja tilintarkastajien taloudellisen riippumattomuuden merkitys. Yhdysvaltojen senaattori Olympia J. Snow:n mielestä Enron-skandaali osoitti että korruptio voi horjuttaa luottamusta talousjärjestelmän perusteisiin.
- Enron-skandalen var en finansskandale i USA, avdekket sent i 2001, som involverte energiselskapet Enron og revisjonsfirmaet Arthur Andersen. Etter en rekke avsløringer som rapporterte om uvanlige regnskapsprosedyrer på grensen til bedrageri, som hadde foregått på hele 90-tallet, stod Enron i fare for å gjennomgå historiens største konkurs ved midten av november 2001. Et redningsforsøk av en «hvit ridder», det mindre men lignende energiselskapet Dynegy, var ikke gjennomførbart. Enron gikk konkurs den 2. desember 2001. Da skandalen ble avslørt, falt Enron-aksjen fra over 90 dollar til bare få cent. Dette kom som et stort sjokk på finansverdenen, med tanke på at Enrons aksjer hadde blitt ansett som «blue chip». Enrons fall skjedde etter at det ble avslørt at store deler av fortjenesten og utbyttet var et resultat av forhandlinger med spesialforetak (selskaper som de kontrollerte). Disse transaksjonene gjorde det mulig for Enron å utelate store gjeldsforpliktelser og faktiske tap fra regnskapet. I tillegg førte skandalen til oppløsningen av Arthur Andersen, som på det tidspunktet var et av verdens fem største revisjonsselskaper.
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- Defunct / Asset-less Shell
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- The World's Leading hey Company.
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- "At the beginning of 2001, the Enron Corporation, the world's dominant energy trader, appeared unstoppable. The company's decade-long effort to persuade lawmakers to deregulate electricity markets had succeeded from California to New York. Its ties to the Bush administration assured that its views would be heard in Washington. Its sales, profits and stock were soaring."
- "There are no accounting issues, no trading issues, no reserve issues, no previously unknown problem issues. I think I can honestly say that the company is probably in the strongest and best shape that it has probably ever been in."
- In its accounting work for Enron, Andersen had been sloppy and weak. But that's how Enron had always wanted it. In truth, even as they angrily pointed fingers, the two deserved each other.
- In the Titanic, the captain went down with the ship. And Enron looks to me like the captain first gave himself and his friends a bonus, then lowered himself and the top folks down the lifeboat and then hollered up and said, 'By the way, everything is going to be just fine.'
- Something is rotten with the state of Enron.
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- A. Berenson and R. A. Oppel, Jr. The New York Times, Oct 28, 2001.
- Bethany McLean and Peter Elkind in ''The Smartest Guys in the Room''.
- Kenneth Lay answering an analyst's question on August 14, 2001.
- The New York Times, Sept 9, 2001.
- dbpedia:Byron_Dorgan
- dbpedia:United_States_Senate
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- The Enron scandal, revealed in October 2001, involved the energy company Enron and the accounting, auditing, and consultancy firm Arthur Andersen. The corporate scandal eventually led to Enron's downfall, resulting in the largest bankruptcy in American history. Arthur Andersen, which was one of the five largest accounting firms in the world, was dissolved. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth.
- Enron-skandaali on Enron-energiayhtiön ja Arthur Andersenin tilintarkastustoimiston talousskandaali, joka paljastui Yhdysvalloissa vuonna 2001. Enron oli USA:n 7. suurin yritys. Aikanaan konkurssi oli Yhdysvaltojen historian suurin. Se johti Enronin konkurssiin 2. joulukuuta 2001, Andersenin tilintarkastustoiminnan loppumiseen ja rikossyytteisiin yhtiöiden johtoa kohtaan. Skandaalin vuoksi muutettiin tilinpitolakeja useissa maissa.
- Enron-skandalen var en finansskandale i USA, avdekket sent i 2001, som involverte energiselskapet Enron og revisjonsfirmaet Arthur Andersen. Etter en rekke avsløringer som rapporterte om uvanlige regnskapsprosedyrer på grensen til bedrageri, som hadde foregått på hele 90-tallet, stod Enron i fare for å gjennomgå historiens største konkurs ved midten av november 2001. Et redningsforsøk av en «hvit ridder», det mindre men lignende energiselskapet Dynegy, var ikke gjennomførbart.
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- Enron scandal
- Enron-skandaali
- Enron-skandalen
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