The Enron Scandal

Paper Summary:

This paper examines the reasons for the Enron debacle, the ethical issues involved, and how Enron was able to hide its precarious financial position from the public until the very end. It discusses how the meteoric rise and fall of Enron Corporation is a classic example of how market euphoria in times of an extended bull-run, individual greed, conflict of interest, disregard for ethical business, and unrelenting focus on increasing share value can combine to spell disaster.

Outline
Enron's Birth: The Beginning of the End?
Enron's Risky Operations
Ethical Issues
Raptor Oddities
Conclusion

From the Paper:

"During the times when Enron was making huge profits due to highly volatile energy prices, and there was widespread perception about the unlimited potential of online trade and technology innovations such as the broadband, things looked very rosy for the company. In the late 1990s, however, other energy companies such as Dynergy, Duke Energy, and El Paso started to enter the field of energy trading and the competition started to eat into the huge profit margins of Enron. Other factors such as falling energy prices in early 2001, the approaching world-wide recession and the broadband bubble burst began to work against Enron's "dream" run. The company, in the meantime, had embarked on a culture of cutting trading deals that had a momentum of its own that was hard to stop."

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