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Dilemma In The Workplace The Enron Corporation. Includes Background On The Company, Key Problems And Issues, Who Was Affected, And Evaluations And Solutions. 3,010 Words. Greatly Detailed.

2933 words - 12 pages

The Enron Corporation- Dilemma in the WorkplaceThe Enron Corporation (Enron) was once one of the world's leading energy companies. In December 2001, Enron filed the largest corporate bankruptcy claim in United States history. The collapse led to investigations of both Enron and Arthur Andersen, an accounting firm employed by Enron. Investigators focused on charges that Enron deliberately concealed its financial problems, misled investors, and failed to pay income taxes.Enron has taken a downward slide since January making their stock worthless today. With corrupt executives and the help of their auditing firm, they have been able to provide investors with false financial information, which gave them a false picture of the company's true state of affairs. The collapse of Enron has made thousands of employees lose their life savings in 401k plans, and company stock holdings. Investors were defrauded out of billions of dollars and everyone is asking the questions, "How did this happen, and can we prevent this from happening again?"Company BackgroundIn 1930, Northern Natural Gas, a Nebraska-based gas pipeline company was founded. By 1950, the company had doubled in size. A decade later, it started processing and transporting natural gas liquids. The company was renamed InterNorth in 1980 and bought Belco Petroleum three years later. InterNorth also helped build the Northern Border Pipeline to link Canadian fields with the United States markets. (, 2002)Houston Natural Gas (HNG) formed in 1925 as a South Texas natural gas distributor. The company started developing oil and gas properties in 1953. It bought Houston Pipe Line Company in 1956 and Valley Gas Production in 1963. HNG sold its original distribution properties to Entex in 1976. In 1984, HNG dealt with a hostile takeover attempt by a competitor and, as a result, brought in a former Exxon executive as Chief Executive Officer (CEO). The executive refocused HNG on natural gas and added Transwestern Pipeline and Florida Gas Transmission. (, 2002)By 1985, HNG operated the only transcontinental gas pipeline. In 1985, InterNorth bought HNG, creating the United States' largest natural gas pipeline system. Once these companies merged, it was renamed to Enron. The headquarters was then moved from Omaha to Houston.In 1992, Enron and three partners acquired control of a 4,100-mile pipeline in Argentina. Enron bought several gas businesses from gas leader Williams in 1993 and began its power marketing business as the global electricity markets began deregulating.In 1997, Enron bought its own electric utility, Portland General Electric (PGE). In 1998, Enron began power trading in Australia and became the first power marketer in Argentina. The company continued to expand by buying power plants near New York City. In addition, Enronacquired more companies globally such as Wessex Water in the United Kingdom and companies in India and China.In 2000, Enron contributed its retail...

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