Enron Scandal

The Enron scandal has far-reaching political and financial implications. BBC News Online reviews the key facts to garter you make sense of developments. In just 15 years, Enron grew from nowhere to be Americas seventh largest company, employing 21,000 staff in more than 40 countries. But the firms success turned out to have tangled an elaborate scam. Enron lied about its profits and stands accused of a range of shady dealings, including concealing debts so they didnt show up in the companys accounts. As the depth of the deception unfolded, investors and creditors retreated, forcing the firm into Chapter 11 bankruptcy in December. More than six months by and by a criminal inquiry was announced, the guilty parties have until now non been brought to justice. The investigators A chorus of outraged investors, employees, pensionholders and politicians are demanding to know soce Enrons failings were not spotted earlier. And the US Justice Department is approxima te to be trying to charge several administrators for fraud and great laundering. Prosecutors have come to a deal with one insider, Michael Kopper, who forget plead guilty and spill the beans about Enrons murky finances. in that location is no date for a trial yet. on that point has already been a far-reaching investigation into the scandal by a bod of congressional committees.

Three key players appeared involuntarily and then refused to turn to in order to avoid incriminating themselves: ? Andrew Fastow: motive knob financial officer, sacked as the scandal unfolded, and asseverate causation of the deceptive accounting practices. ? Kenneth Lay: Enrons former chi ef executive and chairman since 1986 refused! to aver at the last scrap after saying he had been pre-judged. ? David Duncan: Enrons chief auditor at Andersen who rupture key documents relating to the case. It was his job to check Enrons accounts. Three of age(p) executives did testify: ? Joseph Berardino: Andersens chief executive, vigorously defended...If you want to get a spacious essay, order it on our website: OrderEssay.net

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