Enron, the 7th largest U.S. company in 2001,
filed for bankruptcy in December 2001.
• Enron investors and retirees were left with
worthless stock.
• Enron was charged with securities fraud
(fraudulent manipulation of publicly reported
financial results, lying to SEC,…)
• Enron was a Houston-based natural gas pipeline
comp
1.3. The fall of Arthur Anderson accounting firm
Arthur Anderson was the auditor and consultant of Enron. However it overlooked the corrupt accounting practice of Enron, which was one of the main reasons of the crisis. After the Enronscandal, Andersen lost its major clients and got accused by its negligence in auditing Enron.
1.4. Mid- and long-term impacts on American energy industry
After E
Headquarters Houston, Texas, United States
Key people Kenneth Lay, Founder, former Chairman and CEO Jeffrey Skilling, former President, CEO and COO Andrew Fastow, former CFO Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International Stephen F. Cooper, Interim CEO and CRO John J. Ray, III, Chairman
Revenue $101 billion (in 2000)
Website http://www.enron.com/
1. 엔론의 고도 성장기
① 정부 규제 하에 천연가스 및 전기를 공급하는 소규모 공공재 회사였던 Enron은 1990년대 초반 에너지 산업 규제완화를 틈타 급부상
- 전통적인 송유관 회사를 하면서 얻은 경험을 바탕으로 에너지 중개사업에 새로운 가능성을 발견
- 에너지산업 규제완화 이후 시장변화를 간
인해 막대한 손실을 입었고 이를 감추기 위해 분식회계를 해 왔음이 드러났다. 또한 중미, 남미, 아프리카에서의 계약에 뇌물수수, 정치적인 압력을 가했다는 스캔들이 돌면서 엔론의 주가는 90달러에서 30센트로 떨어졌다. 엔론은 2001년 12월 2일에 파산신청을 하며 거품은 빠지게 되었다.