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Enzon Essay

3637 words - 15 pages

194
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Cernuşca Lucian Aurel Vlaicu University, Arad, Romania, Adresa: str. PiaŃa Sporturilor, nr. 10, bl. 25, apt. 7, 310167 Arad, România, Tel: 0730468534, e-mail: luciancernusca@gmail.com Dima Cristina Managing Editor, www.data.no , Norway, Adresa: Arad, str. MeŃianu, nr. 1, sc.B, apt.2, cod 310090, România, tel: 0721232498; e-mail: cristina@data.no Enron is known as the one of the largest fraud scandals in the United States history. As a result of the investigations, the company was forced to file for bankruptcy in December 2001. In May 2006, Enron's former chief executive, Jeffrey Skilling was sentenced to 24 years in jail while the ex-chairman Kenneth Lay died of heart-attack in July 2006. The article gives an insight about the scandal and why it emerged, discussing the schemes and financial highlights of Enron Corp. as well as its fall. Enron Corporation, bankruptcy, fraud, debt, trial
Enron Corporation - History Enron Corporation represented one of the largest fraud scandals in history. As a result of the fraud investigations, the company was forced to file for bankruptcy in December 2001. Enron was "a provider of products and services related to natural gas, electricity and communications to wholesale and retail costumers" (Chary, 112). Enron Corp. has its roots in Omaha, Nebraska (US). In 1985, Houston Natural Gas merged with InterNorth to form an energy company based in Huston, Texas (US). The company integrated several pipeline systems and hence created the first nationwide natural gas pipeline system. In 1986 Ken Lay, former chief executive officer of Houston Natural Gas, was named chairman and chief executive officer at the young energy company. It's now when the company chose the name Enron Corp. In 1987, after discovering the oil traders in New York have overextended the company's accounts by almost $1 billion, the company works its loss down to $142 million. The loss immediately leads to Enron Corp. developing different services in order to reduce the risk of price swings. A year later, Enron Corp. opened its first overseas office in England. In a gathering known as the "Come to Jesus" meeting, the company's new strategy was revealed to the executives: pursue unregulated markets in addition to its regulated pipeline business. Jeffrey Skilling joined Enron Corp. in 1989 and launch Gas Bank, a program under which buyers of natural gas could lock in long-term supplies at fixed prices. At the same time, the corporation started to offer financing for oil and gas producers. In 1992, Enron Corp. expended to South America by acquiring Transportadora de Gas del Sur. In the same year, the company started to push to extend on the continent. A year later in England Enron's Teesside power plant began operations. It would prove to be one of the first successes for Enron's international strategy. In 1994 the corporation made its first electricity...

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