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