Enron

Timeline created by reesy307
  • Enron is formed

    Enron is formed
    On this day, Ken Lay forms the Enron Corporation. (No date specified except for 1985)
  • Deregulation

    Deregulation
    Ken Lay helps to deregulate the natural gas industry. (Early 1990's)
  • Rise in stocks

    Rise in stocks
    From 1990 to 1998
    Enron’s stock rose by 311%
  • Largest seller of natural gas

    Largest seller of natural gas
    Enron rise to be the largest seller of natural gas in North America. (No date specified except for 1992)
  • 1999

    1999
    Enron stock rose by 56%, rest of stock market only went up by 20%
  • 2000

    2000
    Enron's stock rose by 87%, rest of market went down by 10%Top executives began to sell their stocks
  • Stock Price & Market Capitalisation

    Stock Price & Market Capitalisation
    Enron’s stock price was $83 and its market capitalisation was $60 billion.
  • Early 2001

    Early 2001
    Enron Is at its peak. Stocks were trading at $80-$90 a share and reported revenues of $50 billion.
  • Bethany McLean

    Bethany McLean
    Bethany McLean in Fortune Magazine questioned how Enron could maintain such a high stock value. She pointed out that analysts and investors did not know how Enron was earning its income. McLean
  • Cracks Appear

    Cracks Appear
    The first real cracks in Enrons public image emerge. Skilling verbally attacked a Wall Street analyst Richard Gruben who questioned Enrons unusual accounting practises during a conference call. Gruben said Enron was the only company that could not prove its earnings. Skilling replied “Well thank you very much, we appreciate that…Asshole.”
  • August 2001

    August 2001
    One analyst stated, “It’s really hard for analysts to determine if Enron is making money or losing money.”
  • Skilling Resigns

    Skilling Resigns
    Skilling resigns as CEO of Enron. Skilling cited personal reasons for leaving.
  • Sherryn Watkins

    Sherryn Watkins
    Sherryn Watkins, Vice President for corporate development, sent an anonymous letter to Ken by warning him about the company’s accounting practises
  • Lay & Watkins meet

    Lay & Watkins meet
    Watkins and Lay meet individually to discuss Enron’s accounting issues.
  • The SEC

    The SEC
    The SEC (Security and Exchange Commission) announces its investigating suspicious deals characterising them as some of the most unusual transactions they’ve ever seen. (No date specified except October 2001)
  • Arthur Andersen

    Arthur Andersen
    Enron’s auditor Arthur Andersen shreds 1 tonne of Enrons files. Enron around this time attempted to re-ensure investors that Enrons financial & accounting manoeuvres had been fully scrutinised by Arthur Andersen.
  • Andy Fastow Replaced

    Andy Fastow Replaced
    Andy Fastow is replaced as Chief Financial Officer
  • Bankruptcy

    Bankruptcy
    Enron declares bankruptcy
  • License Surrendered

    License Surrendered
    Arthur Anderson surrenders its license.
  • Trials

    Trials
    Jeffery Skilling and Ken Lay go on trial.
  • R.I.P Ken

    R.I.P Ken
    Ken Lay dies
  • Skilling Convicted

    Skilling Convicted
    Skilling is convicted of 19 counts of fraud. He was sentenced to 24 years and 4 months imprisonment.