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On paper, Enron had a model board of directors comprising predominantly outsiders with significant ownership stakes and a talented audit committee. In its 2000 review of best corporate boards, Chief Executive included Enron among its five best boards.
A new board of directors changed its name to Enron Creditors Recovery Corp., and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron. [3] On September 7, 2006, Enron sold its last remaining subsidiary, Prisma Energy International , to Ashmore Energy International Ltd. (now AEI). [ 4 ]
Enron filed for bankruptcy on Dec. 2, 2001, amid revelations of hidden debt, inflated profits and accounting fraud. The collapse of the energy giant cost thousands of workers their jobs, while ...
Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was an American businessman and political donor who was the founder, chief executive officer and chairman of Enron. He was heavily involved in Enron's accounting scandal that unraveled in 2001 into the largest bankruptcy ever to that date.
Andersen Consulting was once one of the top names in professional services. The firm rebranded to Accenture in 2000, and its parent company went bust following the Enron scandal.
She was also CEO of Azurix Corp., a publicly traded water services company originally developed by Enron International. [1] Mark was promoted to Vice Chairman of Enron in 1998 and was a member of its board of directors. [2] She resigned from Enron in August 2000. [3]
Chief Financial Officer Andrew Fastow and other executives not only misled Enron's board of directors and audit committee on high-risk accounting practices, but also pressured Andersen to ignore the issues. The Enron story demonstrated many common features of failed tone at the top, including inappropriate hostility to critics and a ...
Andrew Stuart Fastow (born December 22, 1961) is an American convicted felon and former financier who was the chief financial officer of Enron Corporation, an energy trading company based in Houston, Texas, until he was fired shortly before the company declared bankruptcy.