Kathryn Ruemmler, one of the federal prosecutors active in the trial of former Enron executives Kenneth Lay and Jeffrey Skilling, told the jury in closing arguments that the defendants lied “over and over and over again” to investors and employees. […]
Enron had banking and finance relationships with some of the largest international firms: Credit Suisse First Boston, Merrill Lynch, and Greenwich NatWest to name a few. All of the firms were interested in continuing their business relationships with Enron, as […]
It was 1998. As the end of the first quarter rolled around, the finance division was scrambling again. If nothing was done, Enron was going to miss its earnings projections. A little extra creativity was needed to close the gap.
Exxon Mobil is taking heat for reporting “record profits” of $8.4 billion for the first quarter of 2006. This was up 7% from the same quarter last year. While this is a record-breaking figure dollar-wise, the media is scarcely reporting […]
Enron had a history of trying to elicit favorable opinions on accounting issues from Arthur Andersen. The executives were aggressive in their reporting of income and expenses, always seeming to find a way to report things in the way that […]
Two existing companies came together to form the company that would later be known as Enron. The original companies were Houston Natural Gas (HNG) and InterNorth. The new company was called HNG/InterNorth, but constant power struggles between the two sides […]
I have recently begun reading the true story of the rise and fall of Enron. The book is Conspiracy of Fools: A True Story by Kurt Eichenwald. It is fascinating so far, so I thought I’d post here about it […]
The board of directors of General Motors Corp is asking for an investigation into newly revealed accounting errors which have delayed the filing of its annual report. The SEC filing of its 10-K will be delayed because of accounting errors […]
Wesley Colwell, the former head of accounting of Enron’s wholesale energy unit testified that in July 2000, he shifted $14 million from reserve accounts to pump up earnings. He also testified that neither Kenneth Lay nor Jeffrey Skilling directly told […]
