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Summary of the Enron Scandal

 

summary of the enron scandal 1985 - Houston Natural Gas merges with InterNorth to form Enron.

1989 - Enron begins trading natural gas commodities.

Sep 2000 - Enron CEO Kenneth Lay contributes $290,000 to the presidential campaign of George W Bush.

 

December 2000 - Jeffrey Skilling takes over as chief executive officer. Enron Stock hits 52-week high of $84.87.

Jan 2001 - Enron's Kenneth Lay is made a part George W Bush's transition team.

Jun 2001 - The White House admits that political adviser Karl Rove was involved in administration energy policy meetings. This was at the same time as he was holding stock in energy companies including Enron.

August 2001 - Jeffrey Skilling resigns as Enron's CEO after just six months. Kenneth Lay once again resumes his CEO role.

Oct 2001 - Enron reports a $638 million third-quarter loss and discloses $1.2 billion reduction in the value of shareholders' stake in the company.

Oct 2001 - Enron acknowledges that the Securities and Exchange Commission has begun an inquiry.

Oct 2001 - Enron's CEO Kenneth Lay asks Commerce Secretary Don Evans, to persuade Moody from downgrading Enron's credit rating.

Oct 2001 - Enron announces that the SEC inquiry has been upgraded to a formal investigation.

Nov 2001 - Enron revises financial statements for the previous five years to account for $586 million in losses.

Nov 2001 - Arthur Andersen receives a federal subpoena for Enron documents.

 

Nov 2001 - Enron stock plunges under $1.

Dec 2001 - Enron files for Chapter 11 bankruptcy.

Dec 2001 - Enron lays off 4,000 employees.

The Summary of The Enron Scandal Continued...

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