- Took 10 years to build, 24 days to collapse. Went bankrupt in weeks. Gigantic scandal.
- Enron was the nations 7th largest corporation
- Enron was a stock market for natural gas
- Recreated the pipeline gas industry
- They built a power plant in India but India couldn't afford to pay for power, and they lost a billion dollars, but enron kept paying workers million dollar bonuses.
- Merge with PGE
- Enron decided to market bandwidth, and sell it. Teamed up with blockbuster to deliver movies on demand
- California was having power black outs, nobody knew why. Enron said they were owed money so they shut down power plants, making the price of power rise, making money for enron. Forest fires in california burned a power plant down and enron was happy
- 20,000 employees lost their jobs and medical insurance
- Average severance pay was $4500
- Top executives were paid bonuses of $50 million
- Employees lost $1.2 billion in retirement funds
- Retirees lost $2 billion in pension funds
- Enron's top executives cashed in $116 million in stock
- 15 guilty pleas, 6 convictions, 1 acquittal, 11 pending cases.
- Three california traders pled guilty to wire fraud
- Four Merrill Lynch executives convicted of fraud in the Nigerian Barge case