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Enron And What Went Wrong,The Accounting, The Ceo's, And The Retirement Plans Of Thousands

957 words - 4 pages

EnronImagine having all your money for your retirement plan gone,your money for vacations and grandchildren all gone. You thought it'd neverhappen, but it did, and how your top executives are making off with millionsas your company goes bankrupt. Did executives and accountants destroyEnron?Enron with 21,000 employees and international offices aroundthe globe was the seventh largest company in America. It grew to power byselling gas and electricity to homes and businesses in the U.S. . After buying awater company in England it began its international section. It seemed as ifEnron was going to be huge but they had other interests than just energy. In2000 Enron opened up a new sector of the ...view middle of the document...

In October 2001, the companygave away checks ranging from seven million to sixty-nine thousand, everyexecutive who got a check of only sixty-nine thousand was made sure tohave at least 3-4 checks ranging from six hundred thousand to eight hundredthousand. Also 432 million was given out in equal amounts to the top twothousand executives Kenneth lay the top executive of Enron receives tenmillion in 'bonuses'. It is now believed that all of these fund in which weregiven out were disguised as 'bonuses' and that they are believed to beformer employees (401) k plans. Another scheme of Enron was to havemany partnerships with other companies to pass off their own debt to theother partner of the merger. For example Enron broadband services was inthe grave since trading had never actually taken off. Enron, worried that WallStreet would pass in a report saying that they had failed in the broadbandservices and that they were in debt. So they [Enron] quickly bought part ofLJM2 (the company's competitor in broadband) and passed off some of theirdebt to them. The deal worked according to Enron's report at the end of thequarter and stated...

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