Enron Corporation
"Enron Corporation was an American energy company based in Houston, Texas. Before its bankruptcy in late 2001, Enron employed around 21,000 people (McLean & Elkind, 2003) and was one of the world's leading electricity, natural gas, pulp and paper, and communications companies, with claimed revenues of $111 billion in 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years. It achieved infamy at the end of 2001, when it was revealed that its reported financial condition was sustained mostly by institutionalized, systematic, and creatively planned accounting fraud" (Wikipedia). After the scandal the lawsuit against Enron's directors was settled when the directors paid large amounts of personal money. "In addition, the scandal caused the dissolution of the Arthur Andersen accounting firm, which had effects on the wider business world" (Wikipedia). Enron remains an asset-less shell corporation. The company emerged from bankruptcy in November of 2004 after its involvement in one of the most complex bankruptcy cases in the history of the United States. Since then it has become a well known symbol of willful corporate fraud and corruption. Enron sold Prisma Energy International Inc. which remained its only business, to Ashmore Energy International Ltd. On September 7, 2006. It's likely that Enron will fall apart after the sale.
After the establishment of a brand new corporate headquarters in Omaha, Kenneth Lay was named CEO of the newly merged company. "Enron was originally involved in the transmission and distribution of electricity and gas throughout the United States and the development, construction, and operation of power ...