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I HAVE NO IDEA WHAT THAT IS ALL ABOUT. SOMEBODY EXPLAIN TO ME WHAT IS GOING WITH ENRON?
Can Someone Explain The Enron Scandal To Me?
- Thread starter JUICESEEKER
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The Enron brass knew the company was going under but still made fake earnings reports to make it look like the company was doing well. This report made investors keep their stocks and employees keep their 401k stock with the company. This 'filtered' a lot of investors' money to them and then they filed for bankruptcy. So basically the investors lost all of their money they had in Enron's stock and employees lost their jobs AND 401k based on lies. I would be pissed.
spongebob
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president bush pencil-whipped the accounting books and falsified top-level documents in order falsly inflate the stock price. he bought low and sold high, and then the company filed ch. 11. common practice for companies seeking protection from creditors. they will emerge as a stronger enron in the future.
It is against the law for Mr. Bush to be involved at any level. And if congress is feeling bad about the people loosing their money, they should all (every member received interest money), all give the money they took to the people who got fucked. GW is not linked to the scandel, and has no responsibility to bail Enron out. If they call him for help, he is not bound by law to help them. If he does, then every mom and pop store in the country would be calling for help. Enron was a single company run by viscous wolves.
On the other hand, he had to help the airline INDUSTRY because the whole INDUSTRY was going under. Enron was like a singe company in the INDUSTRY. Like Delta. Now, if the whole energy INDUSTRY were to be affected, then he would be bound by law to bail them out.
On the other hand, he had to help the airline INDUSTRY because the whole INDUSTRY was going under. Enron was like a singe company in the INDUSTRY. Like Delta. Now, if the whole energy INDUSTRY were to be affected, then he would be bound by law to bail them out.
JUICESEEKER said:
juice, the basics without any politics (if you want all the political crap check some of the other replies)
certain execs, especially Fastow (CFO) set up joint ventures and partnerships with Enron to move bad debt off of Enron's books so their financial statements looked good but they were actually in alot of trouble
spongebob said:
Actually VP Dick Cheney was involved with Enron, not President Bush. Cheney was (is?) on the board of directors of the company.
They falsified financial reports, earnings reports, and told employees that the company was do wonderful, when in fact it was tanking.
At the same time they exec changed the company 401(k) plan to be invested in Enron stock only and did not give their employees the opportunity to diversify.
Pebcak
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