Corporate Social Responsibility

Paper Summary:

The case study is a close synopsis of the Enron case and its impact on consumers and corporate business practices alike. Prior to its collapse, Enron had been named one of America's top 10 admired corporations. Throughout the 1990s the company experienced tremendous growth and profits exceeding $180 billion, employing more than 30,000 people worldwide. Enron collapsed however and went bankrupt, a process that impacted stakeholders and resulted in numerous congressional investigations. This paper shows how the collapse of Enron wreaked havoc on the accounting industry like no other case in American history and called into question the adequacy of U.S. disclosure practices and the integrity of independent audit processes.

From the Paper:

"The shareholders were very much affected by the Enron scandal. Ken Lay, the chief executive chairman of Enron profited off of shareholders by "pocketing millions of dollars from offloaded shares over the period of a few short years" (Veryard, 2004). Employees and other stakeholders in the company lost a majority of their life savings that had been allocated in Enron shares. People who had built up years of retirement funds found themselves without anything once the scandal broke. The moral injustice of the situation is inexcusable. "

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