Kenneth Lay

clients. In essence, its national reputation laid on the fast extension of its residential business and its consistently developing income and profit from trading. On the back of this reputation, Skilling was selected chief operating officer by Ken Lay, who then left after changing the entire of Enron to mirror his vision. Enron as a company started out with properly stated moral codes, but later started on getting into the undesirable practises because of its executive managers and their…

Pride Goeth Before Destruction Enron, the quintessential company of the 1990’s, is infamous for its rise and more so for its fall. It’s bankruptcy and dissolution in 2001 was the largest in US corporate history to date when it occurred (Ferrell, Fraedrich, & Ferrell 487). The downfall of the company was brought about by shady accounting practices, a cutthroat company culture, a do-what-it-takes mantra. Ultimately, the prideful and greedy natures of the executives at the helm lead to the…

PCH PLC was recognized as a well-established IT company when it was listed in the CSE in 2010 but suddenly after two years from listing, the whole company was collapsed due to failures/frauds occurred within the company. The focus of this section is to discuss about the corporate governance failures/weaknesses of PCH PLC which affected to arise such failures/frauds within PCH PLC. Throughout this discussion it is expected evaluate the board structure & board balance, Chairman’s role as the CEO,…

MIDDLE EAST TECHNICAL UNIVERSITY FACULTY OF ECONOMIC AND ADMINISTRATIVE SCIENCES DEPARTMENT OF ECONOMICS ECON 433 THE RISE AND THE FALL OF ENRON CORP. BERKEHAN KAYA 1917350 Introduction Enron Corporation was the corporation which had the largest natural gas transmission networks in North America continent. In 2000, the company was on the Fortune 500 list with the seventh seat, but its bankruptcy in December 2001 was even larger. The name of the company, then, displayed whenever the…

Abstract APOC, founded in 1909 as Anglo Persian oil company, was bought by England over more than 51% of its stock when it was about to fail on the initiative of Winston Churcill. It was subsequently privatized by the Thatcher campaign in the 1980s and soon became a major oil and refining company, with interests in clean blacks (such as solar panels) and attention to security procedures. But is all this enough for such a global company? Introduction BP, over time, suffered from a chain of major…

normal channels of authority, but without going public(4)”. Her technique involved providing written memo’s to executives, including current CEO, Ken Lay. Watkin “proposed action steps to getting the company back on the morally righteous path(3)”. Lay however did not take this “opportunity to salvage the company(2)” and ignored the claims made by Watkin. Lay exhibited moral recklessness by succeeding the…

Staring leading actor Matt Damon, the 2012 film Promised Land follows two corporate sales partners Steve Butler and Sue Thomason of a natural gas company who experience life-changing events after arriving in a small town where his cooperation wants to drill underground through a process called fracking into the available resources. This drama film portrays everyday economic issues of how big cooperation’s and townspeople deal with conflicts within their community. Throughout this film, it…

On July 21, 2002, WorldCom, one of the nations leading companies in Telecommunications, filed for bankruptcy and exposed an $11-billion-dollar fraud, making it one of the largest in all time. Spearheading the scandal were six employees, Bernard Ebbers the CEO, Scott Sullivan the CFO, David Myers the accounting controller, Buddy Yates the Accounting Director, and Betty Vinson and Troy Norman the accountants. The scandal went to federal trial, and after six days of jury deliberation, all six of…

The Sarbanes Oxley Act of 2002 which was also called SOX was published by the Congress in 2002 to protect investors’ interest (SOX, 2002). After the enactment of SOX, corporate financial reporting was more strict and normative. However, there were a lot of accounting scandals before 2002. And the Enron scandal attracted the most public attention of all the scandals. Enron was created in 1985 and was one of the largest energy companies around the world. However, in 2001 and 2002 the company was…

West Texas A&M University Bertrand Russell once said, “The good life is one inspired by love and guided by knowledge.” This means that you can be inspired by anything that you love, but you will only get places from your knowledge. West Texas A&M University, West Texas State Normal College, is ranked number 1 Best Online Bachelor's in Public Health / Health Science, and will help me learn and succeed in a future in the medical field. West Texas A&M is a public University located on 2501 4th…