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Terms in this set (33)
Where was Enron based?
Who were the CEO, President & COO and CFO?
CEO - Kenneth Lay
President & COO - Jeffrey Skilling
CFO - Andrew Fastow
What were the main products?
- Pulp and paper
- Bandwidth trading
- Weather Risk Management
How did Enron hide liabilities?
limited liability special purpose entities, often offshore
What company considered buying Enron, then backed out after assessing the financial statements?
Dynegy Corporation, which later fired its CEO
Which accounting firm dissolved as a result of the accounting scandal?
Of what crime was Arthur Andersen convicted in 2002?
Obstruction of justice for destroying documents related to the Enron audit
The Enron bankruptcy was the largest in history until it was surpassed by what?
Worldcom in 2002 and Lehman Brothers in 2008
When did Enron file for bankruptcy?
December 2, 2001
What is the name for Enron's questionable valuation method, based on the fair value method?
mark to market
Which Wall Street analyst questioned Enron's accounting practices in a recorded conference call?
When did Enron's stock peak?
August 2000, at over $90
How did Enron ride the tech boom in 1999
EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the United States
Which senator legislated California's energy commodity trading deregulation in 2000?
Phil Gramm, the second largest recipient of campaign contributions from Enron
How did Enron traders intentionally encourage the removal of power from the market during California's energy crisis?
By encouraging suppliers to shut down plants to perform unnecessary maintenance.
Before California's energy deregulation, only one stage 3 blackout had been declared. How many occured after deregulation?
What is the name of the documentary about Enron?
The Smartest Guys in the Room
What bill was passed into law in 2002, largely as a result of Enron-type accounting scandals?
Who was the Enron executive who committed suicide in his black Mercedes-Benz on Jan 25, 2002?
John Cliff Baxter
Enron was the largest corporate contributor to what presidential candidate's first campaign?
George W. Bush
How many employees lost their jobs as a result of the Enron bankruptcy?
What was the value of retirement payouts not received as a result of the bankruptcy?
What was the profession Kenneth Lay's father?
In 1987's Valhalla scandal, what was the name of Louis Borget's and Tom Mastroeni's fictional Lebanese speculator who received large payouts?
M. Yass (and M. Smart)
What was Jeff Skilling's biggest idea for transforming Enron's business?
Converting Enron into an energy financial market, where energy could be traded like stocks. (Enron Online)
What was one of Jeff Skilling's favourite books?
The Selfish Gene
What was the PRC program?
Jeff Skilling's Performance Review Committee, where the lowest ranked 15% of employees were fired each year.
Who was the CEO of EES, who left with 250 million after divorcing his wife to be with a stripper who had his child?
What merger in 1997 broke Enron into the California electricity market?
PGE (Portland General Electric)
What Merrill Lynch analyst was fired after critical remarks about Enron's stock profile?
In 2000, what company did Enron partner with to deliver movies on demand?
Using mark to market accounting, how much future earnings did Enron book for the failed Blockbuster enterprise?
What does LJM stand for?
Lea, Jeffrey, Michael, the names of Andrew Fastow's wife and children, was a company created in 1998 by Enron's CFO, Andrew Fastow, to buy Enron's poorly performing stocks and stakes and bolster Enron's financial statements.
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