The Enron Scandal Essay

The Enron Scandal Essay

Length: 802 words (2.3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

The Enron scandal was mostly all about how these people that was supposed to be the smartest people in the world that made a stock company increase in so much money by lying and stealing money from customers. The company used so many ways to get their stocks up high and try to keep them there. They tried far beyond what they could happen and the company failed and collapsed at the end when Jeff skilling resigned as CEO and president of Enron.
The former CEO of Enron was born on November 25,1953 in the town of pittsburgh pennsylvania. Jeff skilling graduated from harvard and southern methodist university earning his b.s. in applied science and M.B.A which he earned at the university of harvard. Since Enron began he started working there and became chief operating officer of Enron which will soon lead him up to became well known as CEO and president of Enron. When he graduated from harvard he worked for McKinsey in a company that made energy and chemical consulting practices that will soon lead on to him working at Enron which he will be hired by kenneth Lay. Jeff Skilling had a pretty well set up life leading him up to becoming a well known person working for Enron and being the president of that company.
When Kenneth Lay hired Jeff Skilling from McKinsey, he made Jeff chairman and chief executive officer of Enron due to the good qualities he showed at his old company. In the year of 1991 was when Jeff Skilling became chairman of Enron’s gas company which lead slowly to the year of 1997 where he then became the CEO and president of Enron. That was when he pushed for a good investment strategy that will make the Enron company get popular and able to make money at the end if this strategy was able to work. This strategy helpe...


... middle of paper ...


...essful if it was not for him but also Kenneth Lay made the right decision to making Jeff Skilling a part of the staff that will lead to him becoming very successful at the end. Enron was one of the biggest scandal which a bunch of smart people that worked in that company making this company a big hit even though at the end it collapsed and sent employees down with money but no matter what this company made billions and made investors spend lots of money on them because they are the smartest people of the world that were combined to make a great company at the end.



Works Cited

"The Truth About Why Jeff Skilling's Jail Sentence Got Downsized." CNBC.com. N.p., n.d. Web. 07 Apr. 2014.”
“Bio.com. A&E Networks Television, n.d. Web. 07 Apr. 2014.”
"Ex-Enron CEO Jeff Skilling to Leave Prison Early." CBSNews. CBS Interactive, n.d. Web. 07 Apr. 2014.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Enron Scandal Of Enron Corporation Essay

- ... In my opinion, politics played a huge role in Enron, whether it was inside the company or outside the company. First I believe the government should have kept an eye on Enron. They should have question on how a company was able to grow so fast in such a short time. When a company continues to grow year after year and not by a little, but by millions of dollars that should raise questions. While inside the company, if everyone is making money on stock options they usually do not question it. I believe people were aware of what was happening but did not care about the long run, instead they only cared about the present....   [tags: Enron, Kenneth Lay, Jeffrey Skilling, Fraud]

Better Essays
884 words (2.5 pages)

The Scandal Of Enron Corporation Essay examples

- ... In the 1990s, Jeffrey Skilling was hired by Lay to direct the corporation’s endeavor to concentrate on the trading of commodities in the markets that are deregulated. Later that year, Skilling makes one of his first hires, Andrew S Fastow. The next year Richard Causey joins Enron Corporation as the assistant controller, after he resigns from Arthur Andersen. In 1997, Enron names Skilling CEO and President. That same year, Chewco, a partnership, is created by Fastow in order to purchase the pension fund stake of the University of California in yet another combined venture called JEDI, but the partnership failed to meet the requirements needed for it to be held off of the balance sheet of...   [tags: Enron, Arthur Andersen, Jeffrey Skilling]

Better Essays
1450 words (4.1 pages)

Enron And The Enron Scandal Essay

- ... This scandal furthermore altered the corporate world by triggering the disbanding of the Arthur Andersen accounting firm. Enron filed for bankruptcy in late 2001 in New York’s Southern District and it designated Weil, Gotshal & Manges as its bankruptcy counsel. Its bankruptcy came to an end during the November of 2003, pursuant to a plan of restructuring that was approved by the court, after one of the most complicated bankruptcy cases in the history of the United States. The new directors’ board renamed the business to Enron Creditors Recovery Corp., and stressed restructuring and liquidating specific assets and operations of the pre-bankruptcy Enron....   [tags: Enron, Jeffrey Skilling, Kenneth Lay]

Better Essays
791 words (2.3 pages)

Corporate Governance Of The Enron Scandal Essay

- In the Enron scandal there have been many failures and the outcome to this is a practical standpoint which included a moral hazard in the company where managers where elaborating and not managing the companies risks. Take in to account the risks that had not been managed properly to certain extent in the company. Anglo-American system of corporate governance is centered as the ownership of an establishment and it is extensively circulated between the differences in shareholders than the ownership of being focused on the Sarbanes Oxley Act of 2002....   [tags: Management, Corporate governance, Enron]

Better Essays
1036 words (3 pages)

Essay on Enron Scandal Of The Sarbanes Oxley Act

- ... Unfortunately, the executives, board of directors spared themselves from the consequences of the scandal. Andy Fastow was the first to be indicted by the federal government on 78 different accounts of money laundering, insider trading, conspiracy and fraud and agreed to a reduced 10-year sentence in prison for his cooperation to expose what he knows about unethical practices done by Kenneth Lay and Jeffrey Skilling. On May 26, 2006, both executives were convicted of conspiracy and fraud. Later that year though, Ken Lay passes away from a heart attack in Colorado and was never sentence for his role in the Enron scandal....   [tags: Enron, Kenneth Lay, Jeffrey Skilling]

Better Essays
2335 words (6.7 pages)

The Enron Scandal Essay

- The Enron scandal was mostly all about how these people that was supposed to be the smartest people in the world that made a stock company increase in so much money by lying and stealing money from customers. The company used so many ways to get their stocks up high and try to keep them there. They tried far beyond what they could happen and the company failed and collapsed at the end when Jeff skilling resigned as CEO and president of Enron. The former CEO of Enron was born on November 25,1953 in the town of pittsburgh pennsylvania....   [tags: Jeff Skilling, stock, company]

Better Essays
802 words (2.3 pages)

Essay on The Enron Scandal

- The Enron Scandal      Enron was established in 1930 as Northern Natural Gas Company and joined with three other companies to undertake this industry. The four companies eventually began to break apart between 1941 and 1947 as a result of a public stock offering. In 1979, Northern Natural Gas was placed under new management when it was bought by InterNorth Inc. In 1985, Kenneth Lay, CEO of Houston Natural Gas Company devised a transaction for InterNorth to purchase Houston Natural Gas. Lay was named CEO of the new company and changed InterNorth's name to Enron Corporation....   [tags: Accounting Business Stocks Market Essays]

Better Essays
807 words (2.3 pages)

The Enron Scandal Essays

- The Enron Scandal In a front-page article with no less than four by-lines (7/03, "Enron Triggers a Slew of Proposed Fixes But What Will Stick?" by Steve Liesman et al.), The Wall Street Journal reports, "As more than 10 congressional committees pursue inquiries, 32 Enron-related bills have been introduced to address ills ranging from auditor conflicts of interest to the scams of an unregulated derivatives market. The Securities and Exchange Commission pledges to reform accounting rules, get tough on fraud and overhaul auditor oversight....   [tags: Papers]

Better Essays
605 words (1.7 pages)

Essay on Enron Stakeholders

- Enron Stakeholder Assignment Enron was a dream come true for a lot of people, but it was also a nightmare waiting to happen for many more. I am going to examine the collapse of Enron from the management perspective. The three examples of Enron behaving badly that I am going to study are the incidents in Valhalla, the electricity trading in California and the conflict of interest between Andy Fastow and his special purpose entities (SPE). These are just a few cases that led to the failure of the "World's Leading Company." In 1985 Houston Natural Gas merged with InterNorth, of Omaha, Neb., to form Enron and Ken Lay was named chief executive officer....   [tags: Business Scandal Enron Essays]

Better Essays
1628 words (4.7 pages)

Essay on Enron Scandal

- The Enron Scandal One of the most popular business bankruptcies and collapses known to date is that of the Enron Corporation. Enron, once known as "America's Most Innovative Company" by Fortune Magazine six straight years from 1996 to 2001. Enron seemed to be doing very well until the summer of 2001 generating a lot of cash and new businesses, but in October of 2001 Enron was forced to disclose that their accounting practices had been very creative, and failed to follow generally accepted accounting principles....   [tags: Business Crime, ethics]

Better Essays
1811 words (5.2 pages)