Enron Case The internal controls that were ignored when LJM1 was created were one‚ LJM’s books were kept separate from Enron’s. LJM1 ignored some of Enron’s entries in the books that were missing. Outsiders owned less than 3% of the Special Purpose Entities equities. There was an error made by Arthur Andersen to let LJM’s financial statement to remain unconsolidated. If the financial statements had been consolidated‚ some of the errors could have been found. They may have even had some time to correct
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Overview Enron Corporation‚ once the 7th largest company in US and a global leader of electricity and natural gas industries‚ filed for bankruptcy protection in late 2001. It was revealed that the company had been hiding investment losses and created fictitious revenue through several complicated accounting gimmicks. Besides Enron’s senior management who created the whole fiasco‚ many people believed that several other parties‚ such as the Board of Directors and the external auditors should also
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1. Outline of the various attitudes to masculinity in crisis in the three texts: The first text “The demise of Guys” by Phillip Zimbardo and Nikita Duncan claims that young men in our society are falling behind. Academically‚ creatively‚ socially‚ and romantically. They have a lack of motivation‚ according to society‚ which cause girls to overtake their place. Zimbardo and Duncan say that society lacks in giving the right support‚ means‚ and places to these young men to get them to want to stand
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As far as the development and demise of vaudeville‚ there is much to be said. But to truly understand its rise and fall‚ first one must understand what vaudeville is. Vaudeville was a theatrical genre of entertainment that was popular in the United States from the early 1880s until the mid 1930s. Each performance consisted of a series of unrelated acts grouped together on a common bill. Types of acts included classical musicians‚ dancers‚ comedians‚ trained animals‚ magicians‚ impersonators‚ acrobats
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Hitler‚ the Demise of a Demigod The will of a single man was powerful enough to alter the course of the world; that is the story of Adolf Hitler. Hitler inspired his people to hope for the betterment yet he himself fell into more and more despair the passage of time. As the First World War left Germany not only devastated but also humiliated‚ a failure of a painter who also happened to fight in the front lines‚ felt infuriated and betrayed by the surrender‚ took it upon himself to set things right
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The Demise of My Grandmother Knowing My Grandmother Would Die in a Few Days Death can be cruel sometimes. It can replace happiness with grief and sorrow. It could take the life of any person without expecting it. But some‚ especially old people‚ like my paternal grandmother are given an expected date of expiration. You see‚ my grandmother had cancer. She was not ruffled by the news; in fact‚ she was the most calm among those around her. My grandmother was a woman of strong will. Her courage and
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Is it greed or simply ignorance which caused the Enron Scandal? Enron once was known as "America’s Most Innovative Company" and as of today‚ known as one of the most popular business bankruptcies and failures. Enron appeared to be doing really well‚ producing a lot of cash and new businesses‚ in October of 2001 that all changed. Enron reported a $618 million third-quarter loss and declares a $1.01 billion non-recurring charge against its balance sheet. Partially related to "structured finance" operations
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Fall of Enron The History Enron began as a pipeline company in Houston in 1985. It profited by promising to deliver so many cubic feet to a particular utility or business on a particular day at a market price. That change with the deregulation of electrical power markets‚ a change due in part to lobbying from senior Enron officials. Under the direction of former Chairman Kenneth L. Lay‚ Enron expanded into an energy broker‚ trading electricity and other commodities. The Business of Enron Enron
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Enron Scandal In 1985‚ Enron was formed by Kenneth Lay after the merging of Houston Natural Gas and InterNorth. In the 1990s‚ Lay helped to initiate the selling of electricity at market prices. Markets made it easier for Enron to sell energy at higher prices‚ which caused the company to get richer. Enron was the largest merchant of natural gas in 1992. In November 1999‚ the creation of EnronOnline enabled Enron to develop‚ negotiate and manage its trading business. By 2001‚ Enron became a
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What were the business risks enron faced‚ and how did those risks increase the likelihood of material misstatements in enron’s financial statement Enron faces most of the risk ordinarily faced by any energy company‚ including price instability and foreign currency risks. Enron operated in many different areas of the world with different regulatory and political risks. Enron faced business risks such as a complex business model‚ extensive use of derivatives and special purpose entities‚ aggressive
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