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Tyler McBride - Business Ethics - Enron Timeline

By tymcbrid
  • Kenneth Lay is appointed chairman and CEO of Enron

    Kenneth Lay is appointed chairman and CEO of Enron

  • Lay hires Jeffrey Skilling

    Lay hires Jeffrey Skilling

  • Skilling named president and COO of Enron

    Fastow creates a partnership, Chewco, to buy the University of California pension fund's stake in another joint venture. Chewco doesn't meet requirements to be kept off Enron's balance sheet.
  • Fastow named finance chief

    Fastow named finance chief

  • Fastow creates LJM

    The purpose of this partnership is to "buy" poorly performing Enron assets and hedge risky investments, which helps the company hide debt and inflate profits.
  • Enron's stock high of $90.56

    Enron's stock high of $90.56

    Stock price of $90.56

  • Announcement that Jeffrey Skilling will take over as CEO in February

    Skilling will take over in February

  • Skilling resigns for and Lay is CEO again

    Skilling resigned for "personal reasons"
  • Finance exec Sherron Watkins meets privately with Lay

    Finance exec Sherron Watkins meets privately with Lay

    Discusses concerns of murky finance and accounting
  • Lay encourages employees to buy Enron stock

    Lay encourages employees to buy Enron stock

    Lay uses an Internet chat to encourage employees to buy Enron stock, saying that it is "an incredible bargain" and predicts that the value of the company would increase 800 percent or more in the next decade
  • David Duncan discards records according to auditor Andersen

    David Duncan discards records according to auditor Andersen

  • Enron says SEC is looking into their transactions

    Lay said "We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest."

  • Enron says it overstated earnings back to 1997 by $600 million

  • Enron files for Chapter 11 bankruptcy protection

    Enron files for Chapter 11 bankruptcy protection

  • Congressional hearings begin

    Congressional hearings begin

  • The Justice Department opens criminal investigation of Enron

  • Andersen admits employees disposed of documents relating to Enron's audit

    Andersen admits employees disposed of documents relating to Enron's audit

  • Enron blames and fires Andersen

    Enron blames and fires Andersen

  • Lay resigns as chairman and CEO.

    Lay resigns as chairman and CEO.

  • Lay resigns from the board.

    Lay resigns from the board.

  • Former Enron auditor Arthur Andersen LLP indicted

    Indicted for destroying Enron-related documents to thwart investigators

  • David Duncan pleads guilty to obstruction

    David Duncan, Andersen's former top Enron auditor, pleads guilty to obstruction for instructing his staff to destroy documents
  • Andersen convicted.

    Andersen convicted.

  • Jeffrey Richter pleads guilty to conspiracy and lying

    Jeffrey Richter pleads guilty to conspiracy and lying

    Former Enron trader pleads guilty to conspiracy and lying to the FBI for helping manipulate California's electricity market in 2000.
  • Fastow pleads guilty

    Fastow pleads guilty

    Andrew Fastow pleads guilty to two counts of conspiracy and agrees to serve 10 years in prison.
  • Lay surrenders to FBI

    Lay surrenders to FBI

    He was accused of participating in a conspiracy to manipulate Enron's quarterly financial results, making false and misleading public statements about the company's financial performance and omitting facts necessary to make financial statements accurate and fair. He plead innocent.

  • Federal judge schedules the Lay, Skilling and Causey trial

    Scheduled for Jan. 17, 2006.
  • Causey pleads guilty

    Causey pleads guilty

    Causey pleads guilty to securities fraud and agrees to serve seven years in prison in exchange for cooperating with the government.