The Enron Collapse: Creative Accounting, Wrong Economics or Criminal Acts? a Look into the Root Causes of the Largest Bankruptcy in U.S. History by Dirk J. Barreveld
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Overview: The shocking story of the collapse of America’s seventh largest company. Founded in 1985, Enron soon expanded beyond imagination. The company ventured into new territories such as internet trading, using state of the art financial and technical solutions. In the 90’s Enron operated the largest eCommerce business in the world. The company’s revenues soared, from the year 1999 to the year 2000 revenues doubled from $50 billion to $100 billion. The sky seems the limit for Enron. Early 2001 clouds appear on the horizon. Enron’s stock prices erode from $90 to $40 at the end of July 2001. On August 14, CEO Skilling resigns suddenly. Whistleblower Sheron Watkins informs Kenneth Lay about questionable accounting practices. Stocks keep on falling. In October Enron announces a downward adjustment of its results with $1 billion, stocks nosedive to $12. In December Enron has to file for bankruptcy, stock prices drop below one dollar. An energy giant collapsed in the shortest possible time, leaving its employees, shareholders and creditors in the cold. But is Enron an incidental case or the top of an iceberg? Or is it the prelude of a financial meltdown caused by a combination of wrong American and Japanese economic policies?
Genre: Non-Fiction > General
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