Enron
The Beginning and Ending of Enron
Enron Corporation was an energy company based in Houston, Texas. Prior to its bankruptcy in late 2001, Enron employed over 20,000 and was one of the world's leading electricity, natural gas, and communications companies, with claimed revenues of $101 billion in 2000. With Fortune Magazine has named Enron as their "America's Most Innovative Company" for six consecutive years. It became even more popular towards the end of 2001 when Enron revealed that it was sustained mostly by institutionalized, systematic, and well-planned accounting fraud. In addition, its European operations filed for bankruptcy on November 30, 2001, and its sought Chapter 11 protection in the U.S. two-days later, on December 2nd. It still exists, operating a handful of key assets and making preparations for the sale or spin off of remaining businesses. Enron emerged from bankruptcy in November of 2004 after one of the biggest and most complex cases in U.S. history. It has since entered the common conscious as a symbol of willful corporate fraud and corruption.
Before there was Enron, there was Northern Gas Company which was founded in 1930 and it was consist of three companies. They are Northern American Power and Light Company, Lone Star Gas Company, and United Lights and Railways Corporation. Between 1941 and 1947, Northern Gas Company stock were offered and bought by different shareholders. By 1979, the company was renovated and replace by a new holdings company InterNorth Inc. In 1985, InterNorth obtained its competitor Houston Natural Gas Company (HNG), which the merge was masterminded by HNG CEO Kenneth Lay. Ken Lay was the obvious choice as the CEO at that particular time due to his credential, ambitions, and expertise in the industry; which excel him as the chairman and executive. Thereafter, the company was promptly renamed InterNorth as Enron Corporation. Enteron was initially the name of the company where its implications of...
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