Enron


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Enron

An energy company that perpetrated one of the largest accounting frauds in history. Established in its latest form in 1985 in Omaha, it moved its headquarters to Houston and provided oil, natural gas, electric, water, and bandwidth products. Its share price eventually climbed to $85 because it used what it termed "innovative" techniques, including weather futures, to build its profit. In 2001, however, it was revealed that many of its assets were either overpriced or completely fictional; losses were hidden in offshore subsidies; and most profits were fraudulent. Its share price collapsed to $0.30 and Enron filed for bankruptcy in December 2001. See also: Arthur Andersen, WorldCom, Tyco International.
References in periodicals archive ?
En 1999, para conseguir US$200 millones en garantias de prestamo de la OPIC para el gasoducto de US$600 millones, Enron acordo mitigar el efecto de Ia obra en esos ecosistemas y en las comunidades indigenas.
Of course, the Enron story was not simply about people telling lies and getting due comeuppance.
The Enron debacle doesn't mean capitalism is broken,' say Julian E Barnes, Megan Barnett and Christopher H Schmitt in US News and World Report.
Formal investigations of Enron are now under way, headed by the company's board, the SEC, the Justice Department and Congress.
Enron executives hobnobbed with Presidents, donated huge sums to politicians of both parties, and then won changes in government regulations that favored Enron.
Problem is, his Administration is entangled with Enron from head to toe.
Enron is just the latest and largest in a series of accounting-related crises at public companies, including Waste Management, Lucent Technologies, Sunbeam, Xerox and more.
At issue is Highfields Capital, Harvard's main private investment fund that profited by short-selling its Enron stock just before the energy trading company filed for bankruptcy in December.
Enron, which is based in Houston, Texas, filed for bankruptcy.
He estimated that a company as large as Enron would have more than $300 million in directors and officers coverage.
Last year, Enron Industrial Markets purchased Garden State Paper from Media General, a communications company, for roughly $72 million.
Enron will continue to promote renewable energy at the retail level through Enron Energy Services' Green Power activities," Lay said.