-
On this day, Ken Lay forms the Enron Corporation. (No date specified except for 1985)
-
Ken Lay helps to deregulate the natural gas industry. (Early 1990's)
-
From 1990 to 1998
Enron’s stock rose by 311% -
Enron rise to be the largest seller of natural gas in North America. (No date specified except for 1992)
-
Enron stock rose by 56%, rest of stock market only went up by 20%
-
Enron's stock rose by 87%, rest of market went down by 10%Top executives began to sell their stocks
-
Enron’s stock price was $83 and its market capitalisation was $60 billion.
-
Enron Is at its peak. Stocks were trading at $80-$90 a share and reported revenues of $50 billion.
-
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
-
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.”
-
One analyst stated, “It’s really hard for analysts to determine if Enron is making money or losing money.”
-
Skilling resigns as CEO of Enron. Skilling cited personal reasons for leaving.
-
Sherryn Watkins, Vice President for corporate development, sent an anonymous letter to Ken by warning him about the company’s accounting practises
-
Watkins and Lay meet individually to discuss Enron’s accounting issues.
-
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)
-
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 is replaced as Chief Financial Officer
-
Enron declares bankruptcy
-
Arthur Anderson surrenders its license.
-
Jeffery Skilling and Ken Lay go on trial.
-
Ken Lay dies
-
Skilling is convicted of 19 counts of fraud. He was sentenced to 24 years and 4 months imprisonment.
