At a glance
Investigations by the U.S. Department of Justice, the SEC, and a special committee of Enron's own board (the Powers Report, February 2002) described mark-to-market accounting used on thin evidence, special-purpose entities that hid losses, and an auditor, Arthur Andersen LLP, that was destroyed by the obstruction case that followed, even after the Supreme Court later reversed Andersen's conviction in 2005.
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Enron scandal · tagline
Enron's December 2001 bankruptcy exposed off-balance-sheet vehicles and mark-to-market abuse; prosecutions and the 2002 Sarbanes-Oxley Act followed. Enron Corporation, a Houston energy trader that had been a stock-market favorite of the late 1990s, filed for Chapter 11 protection on 2 December 2001.
Enron scandal · Investigations by the U.S
Investigations by the U.S. Department of Justice, the SEC, and a special committee of Enron's own board (the Powers Report, February 2002) described mark-to-market accounting used on thin evidence, special-purpose entities that hid losses, and an auditor, Arthur Andersen LLP, that was destroyed by the obstruction case that followed, even after the Supreme Court later reversed Andersen's conviction in 2005.
Enron scandal · Jeffrey K
Jeffrey K. Skilling was convicted in 2006 in the Southern District of Texas. Kenneth L. Lay was also convicted that year but died before sentencing, and the court vacated his conviction. Andrew S. Fastow, the former CFO, pleaded guilty in 2004. Congress answered with the Sarbanes-Oxley Act, signed 30 July 2002, the statute most often cited as Enron's legal monument.
Enron scandal · paras 1
Enron expanded from a pipeline company into a trader of energy and other contracts. It used mark-to-market accounting, permitted in some contexts, to recognize estimated values of long-term deals as current earnings.
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Jeffrey K. Skilling was convicted in 2006 in the Southern District of Texas. Kenneth L. Lay was also convicted that year but died before sentencing, and the court vacated his conviction. Andrew S. Fastow, the former CFO, pleaded guilty in 2004. Congress answered with the Sarbanes-Oxley Act, signed 30 July 2002, the statute most often cited as Enron's legal monument.
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Where is the longer entry?
Enron expanded from a pipeline company into a trader of energy and other contracts. It used mark-to-market accounting, permitted in some contexts, to recognize estimated values of long-term deals as current earnings.