Enron

3 Pages 780 Words

THE COLLAPSE OF ENRON


In early, 2001, Enron Corporation was named most innovative company in America for the sixth year in a row by Fortune Magazine. Soon enough things had turned and by December 2001, Enron filed for bankruptcy. Enron was the premiere trading company of the world, listed as the world’s greatest energy company and now in 2001 suffered the worst business failure in U.S. history.
The U. S. was devastated by this and it really hurt all of the employees within Enron. Thousands of employees lost their jobs, savings, 401 (K) retirements plans virtually overnight. One retiree was reported to have lost $1.3 billion in savings and shareholders investors lost nearly $70 billion in market value. No one had even the slightest clue that any of this was going to happen, just like that they were out of there jobs with no money. People with families and children had nothing anymore, it was a travesty. The employees who had invested so much of their stock and savings in Enron’s plans suffered the most form this sudden downfall. They had nothing left to show for all of the hard work that had put into the company for so many years.
The were so strong a year earlier in 200, employees were up to 19,000 people they even made $100 billion in revenues a year. Their plan was simply “becoming the world’s greatest company” which was stated by the current CEO and CEO at Enron, Kenneth Lay. When Kenneth states this I don’t think he puts an ethical review on this, considering the fact that he let go of so many people’s jobs and all of their money. He would do anything to get this company to the top, even if it was cheating, stealing, manipulating people. He is a very greedy person and put himself before his employees and the rest of the company. From my point of view that is ridiculous but that’s the kind of people we have in our world today, as long as they are living a good life they aren’t worry about ot...