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The Enron case is possibly the most famous example of a company using SPEs to achieve the latter goal. [citation needed] Regulatory reasons: A special-purpose entity can sometimes be set up within an orphan structure to circumvent regulatory restrictions, such as regulations relating to nationality of ownership of specific assets. [citation needed]
The post-Enron rules of the Financial Accounting Standards Board, which require some measure of independence of a special purpose entity from the operating company, and genuine economic substance to the transaction in which the SPE is a party, made it difficult or impossible to structure a synthetic lease SPE, so synthetic leases have ...
Special-purpose entities were created to mask significant liabilities from Enron's financial statements. These entities made Enron seem more profitable than it was, and created a dangerous spiral in which, each quarter, corporate officers would have to perform more and more financial deception to create the illusion of billions of dollars in ...
In the long history of financial frauds, Enron ranks near the top of the list, with the once high-flying energy trading company suddenly unraveling in a web of lies and accounting sleight-of-hand ...
FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles (U.S. GAAP) published on January 17, 2003 by the U.S. Financial Accounting Standards Board (FASB) [1] that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and ...
Examples of financial shenanigans are rich, ripe, and recurring. Learning to spot potential financial black holes -- which we'll help you do in this series -- will help you avoid bad investments ...
Also available on the flashy new Enron site is a selection of clothing items on the company store which include stickers ($5), beanies ($30), T-shirts ($40), puffer vests ($89) and hoodies for ($118).
A financial asset securitization investment trust (FASIT) was a type of special purpose entity used for securitization of any debt and issuance of asset-backed securities, defined under section 1621 of the Small Business Job Protection Act of 1996, [1] and repealed under section 835 of the American Jobs Creation Act of 2004.