3 a. Formation 3 b. Operations 3 c. The Success 4 d. All that glitters is not gold 4 e. The Fraud 4 3. Products 5 4. Enron Scandal – The Company Fraud 8 f. What Happed? 8 5. Techniques used in the Company Fraud 9 g. Revenue Recognition 9 h. Mark-to-market accounting 9 i. Special Purpose Entities 10 j. Executive Compensation 11 k. Risk
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Imane Malihi Prof. Fred Friend BLW411/511 March 27‚ 2014 The Downfall of Enron Corporation “Ethics and integrity are at the core of sustainable long term success … Without them‚ no strategy can work and‚ as Enron has demonstrated‚ enterprises will fail. That’s despite having some of the ‘smartest’ guys in the room.” by Richard Rudden. As the quotation states‚ ethics and integrity play a key role in the success of any corporation; through these principles‚ companies can ensure their compliance
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in this case: how did Enron lose both its economical and ethical status? This question makes the Enron case interesting to us as business ethicists. Enron ethics means that business ethics is a question of organizational "deep" culture rather than of cultural artifacts like ethics codes‚ ethics officers and the like. BackgroundAt the beginning Enron faced a number of financially difficulty years. In 1988‚ the deregulation of the electrical power market took effect and Enron redefined its business
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Enron: Leadership without Ethics and Practical Execution Enron‚ once one of the largest energy public companies globally‚ achieved a $65 billion asset volume but only took 24 days to go bankrupt. Initially‚ its main service is extracting natural gas and manufacturing energy-using products‚ but the excessively aggressive and benefit-oriented type of operation makes the company create lots of so-called "innovative" investment department and financial products. All these activities played as the
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state of Saxony. 2008: First seizure of MDPV in the United States. 2009: MDPV became illegal in Denmark. 2010: MDPV made a controlled drug in the UK‚ Sweden‚ Germany‚ Australia and Finland. First reports of the widespread retail marketing of ’bath salts’ containing MDPV in the U.S. The US recognizes both Mephedrone (July‚ 2010) and MDPV (December‚ 2010) "a drug and chemical of concern". 2011: MDPV sale and possession are banned in Alabama‚ Arkansas‚ Delaware‚ Florida‚ Georgia‚ Hawaii‚ Idaho
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Bath Salts Since synthetic drugs have become a common theme in the news I wanted to look more into “bath salts” otherwise known as synthetic cathinones. The questions I was pondering were: what exactly do these “bath salts” do‚ how is this latest development in drug abuse affecting the brain and how can you treat someone on these dangerous chemicals? I used Google Scholar to research my topic. http://scholar.google.com/scholar?hl=en&q=Minnesota+Bath+Salts&btnG=&as_sdt=1%2C24&as_sdtp=
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ENRON: A FINANCIAL REPORTING FAILURE? Anthony H. Catanach Jr.1 Associate Professor 610-519-4825 anthony.catanach@villanova.edu and Shelley Rhoades-Catanach Associate Professor Both at Villanova University College of Commerce and Finance Department of Accountancy INTRODUCTION The dramatic collapse of Enron Corporation‚ following a series of disclosures of accounting improprieties‚ has led many to question the soundness of current accounting and financial reporting standards. Within Enron’s reported
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Abstract - The Enron scandal is one of the biggest financial scams ever to take place and its root’s lie in the desire of the senior members of Enron to earn as much for themselves as possible and were assisted in this greatly by the negligence shown by their auditor’s and consultants‚ Arthur Andersen. Most of the debts and tangible assets of Enron were on the balance sheet of partnerships that were run by high-ranking officials within the corporation and these partnerships were recorded as related
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CASE 1.1 Enron Corporation “Think Straight‚ Talk Straight. “ This was the motto of Arthur Edward Andersen. He was the founder of the Arthur & Company‚ which was established to provide accounting‚ auditing and related services. Throughout his professional‚ Arthur E. Andersen career‚ relied on a simple‚ four-word motto to serve as a guiding principle in making important personal and professional decisions: “Think straight‚ Talk straight.” Andersen would prefer fewer clients‚ than having more
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The Baths of Caracalla. The baths of Caracalla were enormous buildings‚ with huge frescoed vaults covering the massive rooms. Constructed which began in 212AD and took approximately five year to complete. The original name of the bath was called the Thermae Antoninanae. (power) The baths of Caracalla was a great accomplishment in Greek history and was shown evidentially threw the benefit for the people‚ novelty and uniqueness and the Architecture. The baths of Caracalla was a great project who
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