Enron bankruptcy - History of Business in the U.S.The Event:
Financial failure of Enron, one of the world’s largest energy
distributors, as a result of fraud perpetrated by its managers
Date: Filed for bankruptcy on December 2, 2001 Place: New York
City Significance: The collapse of Enron, an energy conglomerate
with reported revenues of $100 billion, is one of the largest
bankruptcy and accounting fraud cases in U.S. history. Enron
Corporation began as a traditional natural gas supplier in 1985
in Houston, Texas. In less than two decades, it evolved into the
seventh largest of the Fortune 500 companies in the United
States. What had started as a simple natural gas operation grew
into a e-commerce superpower, which traded in energy commodities
(such as wind, water, and electricity) and eventually in
Internet bandwidth for communication purposes. Between 1998 and
2000, the stock price of Enron experienced unprecedented
increases, making it one of the most profitable corporations on
Wall Street. However, many o