Fourteen years ago today Enron Corporation filed for Chapter 11 Bankruptcy, initiating one of the most notorious corporate scandals in U. S. History. In 2000, Enron had revenues of $111 billion dollars, employed well over 20,000 people nationwide and was named one of the world’s most powerful companies. Everything seemed to be going very well for one of the world’s most profitable corporations, but things would soon begin changing dramatically.
Over the course of 2001 stock prices plummeted, costing investors billions of dollars, which in turn caused employees to lose their jobs and entire life savings, leaving them unable to make ends meet. Enron’s CEO Kenneth Lay encouraged employees to purchase shares and assured them the company was on the rebound as he sold all of his shares. Enron CEO Kenneth Lay was later indicted on all charges and faced a maximum of 45 years in prison, while simultaneously facing 120 years in prison in a separate case.
Over the course of one year, Enron went from the most powerful companies in history to a company whose name is synonymous with deceit and corporate fraud in one of the most complex cases in US History. Enron’s financial fallout forever changed legal ramifications in the business world, holding all companies and executives responsible for their actions.
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