In just 15 years, Enron grew to become the 7th largest US Company, employing 21,000 people in more than 40 countries across the US, UK, Asia. Enron had transformed itself from a local natural gas company into a swashbuckling energy trader. Enron established new methods of trading in energy, using new technologies. It seemed to be one of the shinning American companies, and an example of the successful corporate America. Enron was a much sought after firm to work in and most students considered it the acme of their professional life if they could bag an internship in this budding conglomerate. However, the growth of the company's success had been fuelled by artificially inflated profits, dubious accounting practices, etc. Even if the employees did encounter some trouble with the company, they considered it a matter of pride that they could be part of the Enron work culture. A former employee testified that if a common employee has not earned 1 million dollars in five years he hadn't worked hard enough. Enron was the first company to favor the wage-earner from the profits and the company was considered as the area's number-one employer. In London, the company showered lavish luxuries, training and individual attention on its employees. There were 35 aerobic classes a week and all the towels and shampoo were provided free say an former trader of Enron and the employees enjoyed a free state-of the art gym in the basement, fridges stocked with canned drinks, cab rides back home after 9pm, and a concierge to arrange theatre tickets, car servicing and so on. A company which could afford so many amenities to its employees and still reap substantial profits seemed really dubious. Tags: Enron scandal, Anderson, double accounting
[...] They could risk from fines to imprisonment. The Bribery Enron succeed in creating artificially inflated profits thanks to the creation of limited liability companies regarded as subsidiaries, which are implanted in an “heaven tax system”, in order to obscure the huge amount of Enron debts. Andersen consulting, the company in charge of checking the Enron results, was in the confidence of the elaboration of the fraud. Due to his notoriety, the signature of Andersen Consulting on the counting was a proof of the fiability of Enron assets. [...]
[...] I feel again astonishing to see all the new economical development of this affairs, all the shareholders asked their companies to have deep analysis of the accounts Conclusion The aim of my reports was to points out that the image of power and success that Enron leads since 10 years is nowadays a frivolous memory . we need to pay attention not only of the health appearance of a company but we have to go deeply into the count of the firm. This explains why I reassured myself in studying Finance . I think we need to understand in details the investigations of Enron in order to prevent another collapse like that. [...]
[...] The culture of the company Even if the employees have some troubles with the company, they accept to say that to work for Enron was very grateful, and they were proud to work for it. A former employee testify that if a common employee has not earned 1 million dollars in 5 years he hadn't work enough . Enron was the first company to favor the wage-earner from the profits. The company has been considered as area's number-one employer” . In London the company was the one which offers lavishing luxuries, training and individual attention on its employees The wage-earner insist on the culture enthusiastic of the firm and the usual bitchiness . [...]
[...] And the accounting industry an loss about 30% of their markets. In a political point of view. The business funds which have been invested in political campaign has also an important role in the scandal. Enron has closed links with the White House, because the company has provided millions of dollars to finance M. BUSH's 2000 election campaign. M. Bush was a personal friend of M. Lay, but has been quick to distance himself from any involvement with the firm. [...]
[...] Before concluding, I will submit my point of view with an human, economical and political analysis. 1st point: Presentation of the US Energy giant: Enron A lightning business growth In just 15 years, Enron has built the 7th largest US company, employing staff and settle in more than 40 countries. UK, Asia Enron had transformed itself from a local natural gas company into a swashbuckling energy trader. Enron has established new methods of trading in energy, using new technologies . [...]
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