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Essay on Enron and the Demise of Arthur Anderson
Enron was born in July 1985 when Houston Natural Gas merged with Omaha-based Inter-North. It was an energy company based in Houston, Texas. It employed around 21,000 people and was one of the world’s leading electricity, natural gas and communications companies (Enron Corp., Wikipedia encyclopedia). The company, with revenues of $101 billion in 2000, marketed electricity and natural gas, delivered physical commodities and financial and risk management services to customers around the world, and developed an intelligent network platform to facilitate online business (Enron Corp., Wikipedia encyclopedia).
Enron grew wealthy through its pioneering marketing and promotion of power and communications bandwidth commodities and related derivatives as tradable financial instruments, including exotic items such as weather derivatives. As a result, Enron was named "America's Most Innovative Company" by Fortune magazine for six consecutive years, from 1996 to 2001. It was on the Fortune's "100 Best Companies to Work for in America" list in 2000, and was legendary even among the elite workers of the financial world for the opulence of its offices (Enron Corp., Wikipedia encyclopedia). In just a little over 15 years, Enron grew into one of the US’s largest companies.
But in 2001 Enron went from being America's seventh biggest company to winning the title of biggest bankruptcy in United States corporate history. Enron's success was based on artificially inflated profits, dubious accounting practices, and – some say – fraud that had allowed the company to hide its debts (The Andersen trial at-a-glance, BBC News).
In March 2002, Andersen (previously Arthur Andersen), one of the world's leading audit firms, was indicted by the US Department of Justice (DOJ) on charges of obstructing the course of justice in the Enron case (Lynn Turner). Enron was one of Arthur Andersen's most prestigious clients. DOJ claimed that Andersen shredded many Enron-related documents, while Enron was being probed by the Securities and Exchange Commission (SEC) (Lynn Turner)....
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