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lecture 9, soc 149

lecture 9, soc 149 - The end of ENRON what brought them...

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The end of ENRON: what brought them down? Structural factors Economic changes Political issues Greed by executives They pushed too far Problems of keeping up appearances Individuals lost confidence in leaders
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Structural Issue: Dot Com Collapse, California Debacle 2000 and 2001 Dot.com boomcollapses ENRON Broad Band trading comes to huge losses California Electricity Crises Brought on by ENRON’s market manipulations Shortage of power forced state to intervene
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Structural Conditions: Energy prices ENRON business based on ever rising energy prices They declined Deposits ENRONM counted as cash and wanted to spend had to be paid back 4.8 billion in “profits” was actually lost because of bad energy trading Bet on increases; losses instead
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Greed of Executives and Ability Skilling leaves Mastermind of fraud goone Ken Lay not competant Other employees start to question the way of doing business Watkins does a whister blower on accounting issues
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