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Enron
Enron Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was led by Kenneth Lay and developed in 1985 via a merger between Houston Natural Gas and InterNorth, both relatively small regional companies at the time of the merger. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper industry, pulp and paper company, with claimed revenues of nearly $101 billion during 2000. ''Fortune (magazine), Fortune'' named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting scandals, accounting fraud, known since as the Enron scandal. Enron became synonymous with willful, institutional fraud and systemic Corporate crime, corruptio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron Scandal
The Enron scandal was an accounting scandal sparked by American energy company Enron, Enron Corporation filing for bankruptcy after news of widespread internal fraud became public in October 2001, which led to the dissolution of its accounting firm, Arthur Andersen, previously one of the Big Four auditors, five largest in the world. The Bankruptcy in the United States#Largest bankruptcies, largest bankruptcy reorganization in U.S. history at that time, Enron was cited as the biggest audit failure. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, Lay developed a staff of executives that – by the use of accounting loopholes, the misuse of mark-to-market accounting, special purpose entity, special purpose entities, and poor financial reporting – were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives misl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeffrey Skilling
Jeffrey Keith Skilling (born November 25, 1953) is an American businessman who in 2006 was convicted of federal felony charges relating to the Enron scandal. Skilling, who was CEO of Enron during the company's collapse, was eventually sentenced to 24 years in prison, of which he served 12 after multiple appeals. Skilling was indicted on 35 counts of crimes related to the Enron scandal. In 2006 he was found guilty of conspiracy, insider trading, making false statements, and securities fraud. He was sentenced to 24 years in prison and fined $45 million. The US Supreme Court heard arguments in the appeal of the case in 2010,"High Court Hears ex-Enron CEO Skilling's Appeal" by Mark Sherman, |
Andrew Fastow
Andrew Stuart Fastow (born December 22, 1961) is an American convicted felon and former financier who was the chief financial officer of Enron Corporation, an energy trading company based in Houston, Texas, until he was fired shortly before the company declared bankruptcy. Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities (limited partnerships which Enron controlled) used to conceal Enron's massive losses in their quarterly balance sheets. By unlawfully maintaining personal stakes in these ostensibly independent ghost-entities, he was able to defraud Enron out of tens of millions of dollars. The U.S. Securities and Exchange Commission opened an investigation into his and the company's conduct in 2001. Fastow was sentenced to a six-year prison sentence and ultimately served five years for convictions related to these acts. His wife, Lea Weingarten also worked at Enron, where she was an assistant treasurer; she pleaded guilty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rebecca Mark-Jusbasche
Rebecca P. Mark-Jusbasche (born August 13, 1954, Kirksville, Missouri), known during her international business career as Rebecca Mark, is the former head of Enron International, a subsidiary of Enron. She was also CEO of Azurix Corp., a publicly traded water services company originally developed by Enron International. Mark was promoted to Vice Chairman of Enron in 1998 and was a member of its board of directors. Azurix Corp"Form S-1" Filed with ''Securities and Exchange Commission''. ''Nasdaq.com''. March 15, 1999. She resigned from Enron in August 2000.Clarke, Thomas''International Corporate Governance: A Comparative Approach'' Routledge, 2007. p. 324. Since leaving Enron in 2000, she has been focused on water, energy technology, and agricultural projects. Personal Life Mark was born Rebecca Sue Pulliam in Kirksville, Missouri, and grew up on a pig farm.Hawn, Carleen"The Women of Enron: A Separate Peace" ''Fast Company''. September 2003. She attended William Jewell Colle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Lay
Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was an American businessman and political donor who was the founder, chief executive officer and chairman of Enron. He was heavily involved in Enron scandal, Enron's accounting scandal that unraveled in 2001 into the largest bankruptcy ever to that date. Lay was indicted by a grand jury and was found guilty of 10 counts of securities fraud at trial of Kenneth Lay and Jeffrey Skilling, trial. Lay died in July 2006 while vacationing in his house near Aspen, Colorado, three months before his scheduled sentencing. A preliminary autopsy reported Lay died of a heart attack caused by coronary artery disease. His death resulted in a vacated judgment. Conspiracy theory, Conspiracy theories regarding Lay's death surfaced, alleging that it was faked. Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty". In 2009 a list posted on Portfolio.com ranked Lay as the third-worst American CEO of all time. His actions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynegy
Dynegy Inc. is an electric company based in Houston, Texas. It owns and operates a number of power stations in the U.S., all of which are powered by fossil fuels. Dynegy was acquired by Vistra Corp on April 9, 2018. The company is located at 601 Travis Street in Downtown Houston.Heschmeyer, Mark. "Dynegy Bails on 181,000-SF Houston Office Lease." CoStar Group News. July 11, 2012. Accessed 2012-07-12. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business. The company adopted the name Dynegy in 1998. Dynegy maintained a rivalry with the Houston-bas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prisma Energy International
Prisma Energy International Inc., was a former subsidiary of Enron Corporation, formed in 2003 to own and manage the majority of Enron's overseas assets, formerly known as "Enron International". Prior to its official organization, Prisma was referred to within Enron as "InternationalCo". Enron's original bankruptcy reorganization plan, presented in early 2002, would have created a company broadly similar to Prisma (known under the working name "OpCo Energy"), but including Portland General Electric and the energy trading business, both later divested separately. As one of the final steps in Enron's liquidation, following their 2001 bankruptcy, Prisma was sold to Ashmore Energy International Ltd., a unit of Ashmore Group Plc., in 2006. Prisma was structured as an ' offshore' United States corporation incorporated in the British Overseas Territory of the Cayman Islands, but with its headquarters in Houston, Texas. It served as a holding company for 15 gas and electricity businesses. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandals
Accounting scandals are business scandals that arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities; these can be detected either manually, or by means of deep learning. It involves an employee, account, or corporation itself and is misleading to investors and shareholders. This type of "creative accounting" can amount to fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution. Two types of fraud Misappropriation of assets Misappropriat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1400 Smith Street
__NOTOC__ 1400 Smith Street (formerly Enron Complex) is a tall skyscraper located in downtown Houston, Texas, United States. The building has 50 floors and is the 11th tallest building in the city. Designed by architectural firm Lloyd Jones Brewer and Associates, the building was completed in 1983. The office tower is situated on Houston's six-mile (10 km) pedestrian and retail tunnel system that links many of the city's downtown towers. It was formerly Four Allen Center, a part of the Allen Center complex. The building was the former headquarters of Enron, one of America's largest commodities trading companies during the 1990s and later infamous for its financial scandal in 2001. 1400 Smith Street was originally known as Four Allen Center prior to Enron relocating to Houston in 1985. Before Enron's collapse, the energy giant constructed a second, similar building across the street, connected to 1400 Smith Street by a circular skywalk. In 2006, Brookfield Properties a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
InterNorth
InterNorth Inc. was a large energy company headquartered at the Northern Natural Gas Building in Omaha, Nebraska Omaha ( ) is the List of cities in Nebraska, most populous city in the U.S. state of Nebraska. It is located in the Midwestern United States along the Missouri River, about north of the mouth of the Platte River. The nation's List of United S ..., in the United States, specializing in natural gas pipelines but also a force in the plastics industry, coal and petroleum exploration and production. It was a predecessor to Enron Corporation. InterNorth was founded in 1931 as Northern Natural Gas Company. Over the years, it acquired several other subsidiaries, such as Northern Liquid Fuels Company, Northern Petrochemicals Company, Northern Propane Gas Company, Northern Border Pipeline Company, and People's Natural Gas. In March 1980, Northern Natural Gas reorganized as a holding company, InterNorth. They operated the largest natural gas pipeline in North America (appr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Houston Natural Gas
Houston Natural Gas Corporation (HNG) was a gas utility headquartered in Houston, Texas. The company was acquired by InterNorth Inc. in 1985, with HNG executives taking top positions at InterNorth. Following the transaction, InterNorth was renamed Enron Corporation, and the company headquarters was moved from InterNorth's base in Omaha to the former HNG offices in Houston. The company is notable for former CEO Kenneth Lay who became CEO of the newly formed Enron. History HNG was founded in 1940 as a company to sell the gas produced by the Houston Pipe Line Company, after negotiations with Houston Gas and Fuel fell through. In 1956 HNG acquired the Houston Pipe Line Company and its assets for $36 million. At the time, HPL owned 761 miles of transmission lines crossing the Texas Gulf Coast and had been HNG's principal supplier since its founding. In 1963 HNG acquired the Valley Gas Production Company and its pipelines, with the president, Robert R. Herring, joining the company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Houston
Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of Harris County, Texas, Harris County, as well as the principal city of the Greater Houston metropolitan area, the fifth-most populous metropolitan statistical area in the United States and the List of Texas metropolitan areas, second-most populous in Texas after Dallas–Fort Worth metroplex, Dallas–Fort Worth. With a population of 2,314,157 in 2023, Houston is the List of United States cities by population, fourth-most populous city in the United States after New York City, Los Angeles, and Chicago, and the List of North American cities by population, sixth-most populous city in North America. Houston is the southeast anchor of the greater megaregion known as the Texas Triangle. Comprising a land area of , Houston is the List of United S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
