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The 2007–2008 financial crisis, or the global financial crisis ( GFC ), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, [1] excessive risk-taking by global financial institutions, [2] a continuous buildup of toxic assets within banks ...
Taiwan,[II][k] officially the Republic of China (ROC),[I][l] is a country[27] in East Asia.[o] It is located at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The territories controlled by the ...
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Enron scandal. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. When news of widespread fraud within the company became public in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and ...
International Monetary Fund Abbreviation IMF Formation 27 December 1945; 78 years ago () Type International financial institution Purpose Promote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties, prevent and assist with recovery from international financial ...
- History
- 2001 Accounting Scandals
- Insider Trading Scandal
- California's Deregulation and Subsequent Energy Crisis
- Products
- Enron Prize For Distinguished Public Service
- Enron's Influence on Politics
- Bibliography
- External Links
Post-merger rise
The company was initially named HNG/InterNorth Inc., even though InterNorth was technically the parent. At the outset, Segnar was CEO but was soon fired by the board of directors to name Lay to the post. Lay moved its headquarters back to Houston and set out to find a new name, spending more than $100,000 in focus groups and consultants in the process. Lippincott & Margulies, the advertising firm responsible for the InterNorth identity five years prior, suggested "Enteron". During a meeting w...
1991–2000
Throughout the 1990s, Enron made a few changes to its business plan that greatly improved the perceived profitability of the company. First, Enron invested heavily in overseas assets, specifically energy. Another major shift was the gradual transition of focus from a producer of energy to a company that acted more like an investment firm and sometimes a hedge fund, making profits off the margins of the products it traded. These products were traded through the Gas Bank concept, now called the...
Misleading financial accounts
In 1990, Enron's chief operating officer Jeffrey Skilling hired Andrew Fastow, who was well acquainted with the burgeoning deregulated energy market that Skilling wanted to exploit. In 1993, Fastow began establishing numerous limited liability special-purpose entities, a common business practice in the energy industry. However, it also allowed Enron to transfer some of its liabilities off its books, allowing it to maintain a robust and generally increasing stock price and thus keep its critic...
In 2001, after a series of revelations involving irregular accounting procedures perpetrated throughout the 1990s involving Enron and its auditor Arthur Andersen that bordered on fraud, Enron filed for the then largest Chapter 11 bankruptcy in history (since surpassed by those of Worldcom during 2002 and Lehman Brothersduring 2008), resulting in $1...
Peak and decline of stock price
In August 2000, Enron's stock price attained its greatest value, closing at $90 on the 23rd.: 244 At this time, Enron executives, who possessed inside information on the hidden losses, began to sell their stock. At the same time, the general public and Enron's investors were told to buy the stock. Executives told the investors that the stock would continue to increase until it attained possibly the $130 to $140 range, while secretly unloading their shares. As executives sold their shares, the...
In October 2000, Daniel Scotto, the most renowned utility analyst on Wall Street, suspended his ratings on all energy companies conducting business in California because of the possibility that the companies would not receive full and adequate compensation for the deferred energy accounts used as the basis for the California Deregulation Plan enact...
Enron traded in more than 30 different products, including oil and LNG transportation, broadband, principal investments, risk management for commodities, shipping / freight, streaming media, and water and wastewater. Products traded on EnronOnline in particular included petrochemicals, plastics, power, pulp and paper, steel, and weather risk manage...
During the mid-1990s, Enron established an endowment for the Enron Prize for Distinguished Public Service, awarded by Rice University's Baker Instituteto "recognize outstanding individuals for their contributions to public service". Recipients were: 1. 1995: Colin Powell. 2. 1997: Mikhail Gorbachev. 3. 1999 (early): Eduard Shevardnadze. 4. 1999 (la...
Robert Bryce, Pipe Dreams: Greed, Ego, and the Death of Enron (PublicAffairs, 2002) ISBN 1-58648-138-X.Lynn Brewer, Matthew Scott Hansen, House of Cards, Confessions of An Enron Executive (Virtualbookworm.com Publishing, 2002) ISBN 1-58939-248-5.Kurt Eichenwald, Conspiracy of Fools: A True Story (Broadway Books, 2005) ISBN 0-7679-1178-4.Peter C. Fusaro, Ross M. Miller, What Went Wrong at Enron: Everyone's Guide to the Largest Bankruptcy in U.S. History (Wiley, 2002), ISBN 0-471-26574-8.Enron emails and phone calls dataset, archived and searchable online with Threads at the Wayback Machine(archived June 5, 2015).1989 Tiananmen Square protests and massacre. / 39.90333°N 116.39167°E / 39.90333; 116.39167. The Tiananmen Square protests, known in China as the June Fourth Incident, [1] [2] [a] were student-led demonstrations held in Tiananmen Square, Beijing, China, lasting from 15 April to 4 June 1989. After weeks of unsuccessful attempts between ...
On 11 March 2011, at 14:46 JST (05:46 UTC), a Mw 9.0–9.1 undersea megathrust earthquake occurred in the Pacific Ocean, 72 km (45 mi) east of the Oshika Peninsula of the Tōhoku region. It lasted approximately six minutes and caused a tsunami. It is sometimes known in Japan as the "Great East Japan Earthquake" (東日本大震災, Higashi ...
