This is not a political documentary. It is a crime story. No matter what your politics‚ "Enron: The Smartest Guys in the Room" will make you mad. It tells the story of how Enron rose to become the seventh largest corporation in America with what was essentially a Ponzi scheme‚ and in its last days looted the retirement funds of its employees to buy a little more time. There is a general impression that Enron was a good corporation that went bad. The movie argues that it was a con game almost from
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Nobody Won Abstract When the Arthur Andersen LLP/Enron scandal surfaced in 2001‚ there was much confusion as to whom committed what crime and how many employees were actually involved. After the facts and criminal charges were final‚ the sequence of events makes sense; the union of two companies‚ the rise of the participating executives‚ and finally the end of the money ride. The leaders of both companies used dishonesty to make an abundant amount of
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the largest energy companies in the world‚ Enron Corporation. I will discuss the leadership‚ management‚ and organizational structure of the company and how this failure could have been prevented. Company Overview Enron Corporation was an American energy company in downtown Houston‚ Texas. Enron employed more than 22‚000 workers and was one of the largest companies dealing with electricity‚ natural gas‚ and communications. In the year 2000‚ Enron claimed revenues of over $100 billion. By
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sections on values and corporate responsibility‚ it will also use applicable theories and concepts and will detail Ken Lay’s view of ethics and Enron’s corporate social performance‚ as well as reflect Enron to be socially irresponsible to everyone with any type of financial investment in Enron because of the deception it practiced with employees and investors about its true financial status‚ despite having stated in its company code of ethics that transparency‚ integrity‚ and respect for the law
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Article Review The Sarbanes-Oxley Act of 2002 ARTICLE SYNOPSIS In response to the Enron and WorldCom scandals‚ the Sarbanes-Oxley Act was enacted in July 30‚ 2002. This provides a comprehensive power that modifies the compliance of how companies would need to report their financials to the Securities and Exchange Commission (SEC). The law’s purpose is to solve precise mechanism failures in accounting approaches and requires greater levels of fiduciary responsibilities especially for those
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Enron’s Fall Enron‚ once one of the leading companies in the United States‚ experienced one of the most notorious corporate collapses in recent history. The fact that Enron was‚ indeed‚ corrupt is no question. The question is‚ however‚ who is to be held morally responsible for Enron’s wrong doing. Along with figuring out who is to be morally responsible for Enron’s ethically wrong doings‚ it is essential to explore the systemic‚ corporate‚ and individual issues presented within the Enron case. That
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While watching CNBC on television‚ I viewed a documentary on the energy company Enron. Their practices and ethics‚ or lack thereof are an excellent example of the topics contained in this chapter. Their disregard for ethical behavior and social responsibility‚ ultimately led to the demise of the company and also caused several members of the company in management positions to be brought to justice in the court systems. Enron was a energy company that was seemingly very profitable‚ ethical‚ and successful
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(Ferrell‚ Fraedrich‚ & Ferrell‚ 2011‚ p. 68). An auditor is deemed to have independence when auditing a company’s financial statements. Independence requires integrity and an objective approach to the audit process. The concept of independence allows the auditor to carry out his or her work freely and in an objective manner. This even means independence is needed from individuals that would have an interest in the results published in financial statements of a company. A lack of independence
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Patel The Enron Scandal‚ one of the most controversial events to ever take place in the corporate world. Enron was once one of the top ten corporations in the world‚ but by committing unethical practices and numerous accounting violations‚ Enron became worthless in a matter of months. Enron was a Texas based energy company‚ providing products and services like electricity‚ natural gas‚ communications‚ and pulp and paper. At one point‚ Enron hired a new CEO named Jeffery Skilling
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ABSTRACT Enron‚ once the countries seventh-largest company according to the Fortune 500‚ is a good example of how greed and the desire for success can transform into unethical behavior. Good ethics in business would be to compete fairly and honestly‚ to communicate truthfully and to not cause harm to others. These are things that Enron did not seem to display‚ which led to Enron’s operations file for bankruptcy in 2001. Enron’s scandal has become one of the most talked about forms of unethical
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