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Unformatted text preview: Rebecca Meyer Professor Greenan Business 101- J 27 January 2010 Enron- The Major Company Scandal The Enron Corporation, before it went Bankrupt in 2001, was an energy company that was located in Houston, Texas. Formed in 1985, Enron grew into the nation's seventh-biggest company in revenue Enron had roughly 22,000 employers and was one of the world's leading electricity, natural gas, pulp and paper, and communications companies, with claimed revenues of nearly $101 billion in 2000. It was admired on Wall Street but behind closed doors, the company masked financial problems so it could continue to get cash and credit to run its trading business. The company overstated its profits by more than $580 million since 1997. Enron filed for bankruptcy on December 2 nd 2001. They were 500 million dollars in debt The problems began when Enron merged with Houston Natural Gas and InterNorth Due to poor financial reporting, they were able to hide billions in debt from failed deals and...
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- Spring '08
- Business, Kenneth Lay, The Enron Corporation