Enron Scandal Term Paper
Paper on Enron Scandal:
Enron is a public US company which was involved in the sphere of energy and it announced its bankruptcy in 2001. Till the bankruptcy the company was called one of the most profitable and successful corporations in the world and it announced the annual profit of more than 100 billion dollars. Enron was supposed to be the most innovative company in the USA and bright future was predicted to the corporation. Before 2001 Enron had more than 22 000 employees in 40 countries of the world and it offered services in energy industry, gas transporting, gas supply, paper industry, sold futures and derivatives. The year 2001 was a sad surprise, because the experts discovered that the actual information about the profit of Enron was falsified with the help of accounting fraud, which is known as Enron scandal. In 2001 Enron announced its bankruptcy and since that time it has become a symbol of the intentional corporate fraud and corruption.
The bankruptcy of Enron and the scandal which caused it is supposed to be biggest one is the world history, because any company with such profit and size had bankrupted before. The main accusation was the false information about the actual financial background of the company and this misinformation cheated the company’s investors. During the investigation of the case the experts discovered numerous financial and offshore schemes. In order to make the successful fraud Enron had established hundreds of false legal entities which were concentrated in the tax heaven. The main reason of the scandal was not the fact that Enron hid its profit, but the fact that it hid its expenditures which were very high.
Enron scandal is the most serious and astonishing financial scandal connected with the bankruptcy of the successful company. The student who is interested in the financial frauds and issues on economics should pay attention to Enron scandal and research the matter in detail. First of all one should say a few words about the establishment and history of the company’s development and then analyze the scandal with frauds scrupulously. One should reveal the schemes and financial operations in order to explain how Enron could make much money and why it bankrupted.
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