The Enron Debacle

Paper Summary:

This essay examines the fraud led by Enron's accountants that led to its recent bankruptcy. It studies the huge investigation into this fraud and analyzes some of its findings. It details the uncovering of several suspects that were connected to the biggest fraud in American history. It concludes that revisions must be made in order to prevent future frauds like these.

From the Paper:

"When the mighty giant, Enron, fell, it fell hard and resulted in the largest bankruptcy in American history. Worldwide focus then fell upon all who might have a possible answer for this event. Intense focus fell first upon Enron executives, and then, as the event evolved into what appears to be one of the most massive cases of corporate corruption ever known, others were brought into the spotlight.

"According to a statement published on the Andersen website, the primary corporate auditors of Enron, the organization was founded in 1913, when "Arthur Andersen recruited the brightest students into his classes. Then, he turned them into "thoroughly trained accountants" who were able to go beyond the obvious in their work by using unique methodologies to improve financial performance." It is, perhaps, those "unique methodologies" that took an unexpected turn at some point in the company's long and previously respected history, and then emerged as something uniquely ungoverned, unprincipled, and unconscionable. After the Securities and Exchange Commission began its in-depth investigation of Enron, focus then also fell upon Andersen."

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