In just 15 years, Enron grew to become the 7th largest US Company, employing 21,000 people in more than 40 countries across the US, UK, Asia. Enron had transformed itself from a local natural gas company into a swashbuckling energy trader. Enron established new methods of trading in energy, using new technologies. It seemed to be one of the shinning American companies, and an example of the successful corporate America.
Enron was a much sought after firm to work in and most students considered it the acme of their professional life if they could bag an internship in this budding conglomerate. However, the growth of the company's success had been fuelled by artificially inflated profits, dubious accounting practices, etc.
Even if the employees did encounter some trouble with the company, they considered it a matter of pride that they could be part of the Enron work culture. A former employee testified that if a common employee has not earned 1 million dollars in five years he hadn't worked hard enough.
Enron was the first company to favor the wage-earner from the profits and the company was considered as “the area's number-one employer”. In London, the company showered lavish luxuries, training and individual attention on its employees.
“There were 35 aerobic classes a week and all the towels and shampoo were provided free” say an former trader of Enron and the employees enjoyed a free state-of –the art gym in the basement, fridges stocked with canned drinks, cab rides back home after 9pm, and a concierge to arrange theatre tickets, car servicing and so on”. A company which could afford so many amenities to its employees and still reap substantial profits seemed really dubious.
Tags: Enron scandal, Anderson, double accounting
[...] Due to its notoriety, the signature of Andersen was proof of the friability of Enron assets. Owing to these unreal results, financial analysts encouraged people to buy Enron's shares as a good deed; some say that Enron had paid some financial analysts to advice the purchase of their shares. The consequences of Enron's collapse Enron succeeded in distorting its account by prompting the accounting industry to do that, and it provoked many damages for a lot of people. For the company alleged suicide” of Andrew Fastow was the first consequence of this collapse, but by no means the last. [...]
[...] Enron was the first company to favor the wage-earner from the profits and the company was considered as area's number-one employer”. In London, the company showered lavish luxuries, training and individual attention on its employees. “There were 35 aerobic classes a week and all the towels and shampoo were provided free” say an former trader of Enron and the employees enjoyed a free state-of art gym in the basement, fridges stocked with canned drinks, cab rides back home after 9pm, and a concierge to arrange theatre tickets, car servicing and so A company which could afford so many amenities to its employees and still reap substantial profits seemed really dubious. [...]
[...] economical and political analysis I was really astonished to learn that Bush was implicated indirectly in the Enron fraud. The United States, a country that enjoys giving lessons to the other countries, is not a model for this case regarding work ethics and basic courtesy in the professional arena. Conclusion The aim of this report was to point out that the image of power and success that Enron has been leading is nowadays a frivolous memory and we need to pay attention not only to the healthy working of a company economy, but also we need to focus on the figures churned out by the firm. [...]
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