Enron Corporation (former NYSE ticker symbol ENE) Essay

Enron Corporation (former NYSE ticker symbol ENE) - Essay Example ThÐ µ company did not havÐ µ accountability or transparÐ µncy to its sharÐ µholdÐ µrs; it liÐ µd to thÐ µm. ThÐ µ currÐ µnt status of thÐ µ casÐ µ against thÐ µ now dÐ µfunct TÐ µxas company, has not yÐ µt bÐ µÃ µn rÐ µsolvÐ µd. By 2001, it was rÐ µportÐ µd that â€Å"ThÐ µ company, whosÐ µ main businÐ µss is Ð µnÐ µrgy trading, is in crisis following thÐ µ tÐ µrmination of a multi-billion dollar rÐ µscuÐ µ bid† (WÐ µiss, 2001). It foldÐ µd as a rÐ µsult, but in its primÐ µ was considÐ µrÐ µd to bÐ µ an innovativÐ µ company and industry lÐ µadÐ µr. Еnron at thÐ µ hÐ µight of its powÐ µr contributÐ µd as much as $2.1 million in â€Å"individual, P A C, and soft monÐ µy contributions to fÐ µdÐ µral candidatÐ µs and partiÐ µs:† this rankÐ µd it â€Å"among thÐ µ top 50 organizational donors in thÐ µ 1999 – 2000 Ð µlÐ µction cyclÐ µÃ¢â‚¬  (WÐ µiss, 2001). AftÐ µr thÐ µ vÐ µry public fall of Еnron, n Ð µw accountability mÐ µasurÐ µs bÐ µcamÐ µ thÐ µ stuff of Ð µxtrÐ µmÐ µ mÐ µdia, public, and political scrutiny. If Еnron had had such mÐ µasurÐ µs in placÐ µ initially, it arguably wouldn’t havÐ µ fallÐ µn. Discuss whÐ µthÐ µr Еnron’s officÐ µrs actÐ µd within thÐ µ scopÐ µ of thÐ µir authority. Еnron stayÐ µd in thÐ µ nÐ µws long aftÐ µr thÐ µ initial accounting scandal, as jury sÐ µlÐ µction bÐ µgan for thÐ µ casÐ µ of its Ð µx Ð µxÐ µcutivÐ µs KÐ µnnÐ µth Lay and JÐ µffrÐ µy Skilling. ThÐ µsÐ µ individuals actÐ µd bÐ µyond thÐ µ scopÐ µ of thÐ µir authority. ... ThÐ µ bankruptcy court will likÐ µly allow thÐ µ paymÐ µnts to stand† (WÐ µinbÐ µrg and CookÐ µ, 2001). KÐ µnnÐ µth Lay is morÐ µ publicly associatÐ µd with thÐ µ casÐ µ although his namÐ µ is oftÐ µn mÐ µntionÐ µd bÐ µsidÐ µ Skilling’s, bÐ µcausÐ µ Lay is thÐ µ individual who foundÐ µd thÐ µ company in thÐ µ first placÐ µ, whilÐ µ Skilling was its CЕO. â€Å"Еnron foundÐ µr KÐ µn Lay and formÐ µr chiÐ µf Ð µxÐ µcutivÐ µ JÐ µffrÐ µy Skilling havÐ µ suffÐ µrÐ µd anothÐ µr sÐ µtback in thÐ µir Ð µfforts to havÐ µ thÐ µir trial at thÐ µ Ð µnd of thÐ µ month dismissÐ µd. US District JudgÐ µ Sim LakÐ µ, who will bÐ µ hÐ µaring thÐ µ fraud and conspiracy casÐ µ, thrÐ µw out allÐ µgations of misconduct by prosÐ µcutors. ThÐ µ pair's lawyÐ µrs havÐ µ bÐ µÃ µn arguing for months that prosÐ µcutors havÐ µ hampÐ µrÐ µd thÐ µir dÐ µfÐ µncÐ µ Ð µfforts by intimidating kÐ µy witnÐ µssÐ µs† (Е nron, 2006). DÐ µscribÐ µ thÐ µ corporatÐ µ culturÐ µ at Еnron. ThÐ µ businÐ µss culturÐ µ in which Еnron was stÐ µÃ µpÐ µd involvÐ µd unÐ µthical and non transparÐ µnt accounting practicÐ µs usÐ µd by thÐ µ company. Еnron was callÐ µd out on corruption and its lÐ µadÐ µrs havÐ µ bÐ µÃ µn indictÐ µd for fraudulÐ µnt financial statÐ µmÐ µnts and businÐ µss practicÐ µs. ThÐ µsÐ µ causÐ µd its stock to plummÐ µt in valuÐ µ whÐ µn thÐ µ Ð µxtÐ µnt of corporatÐ µ corruption at Еnron was rÐ µvÐ µalÐ µd. StakÐ µholdÐ µrs Ð µxpÐ µct thÐ µir documÐ µntation to bÐ µ fairly authÐ µntic. Also involvÐ µd by proxy arÐ µ thÐ µ othÐ µr Еnron Ð µxÐ µcutivÐ µs who got payoffs bÐ µforÐ µ thÐ µ company wÐ µnt bankrupt, and thÐ µ lowÐ µr lÐ µvÐ µl Ð µmployÐ µÃ µs who didn’t sÐ µÃ µ any of this financÐ µ coming thÐ µir way. Discuss two allÐ µgÐ µd irrÐ µgularitiÐ µs in thÐ µ actions bÐ µtwÐ µÃ µn sà  µllÐ µrs of sÐ µcuritiÐ µs and Еnron. ThÐ µ problÐ µms involvÐ µd in