The Enron Scandal

Paper Summary:

This paper describes the disastrous Enron accounting scandal and how it brought financial destruction to thousands of investors, as well as the resulting Sarbanes-Oxley Act, an act intended to protect investors by mandating the accuracy and reliability of corporate disclosures to the public. The paper recounts the rise of Enron and its financial ruin brought on by fraudulent investments and accounting practices. The paper further describes the Department of Justice investigation into the scandal, its implications, indictments in the scandal and the many important features of the Sarbanes-Oxley Act.

Outline
Introduction
Enron History
Enron's Fall
Implications of the Enron Scandal
The Sarbanes-Oxley Act
Conclusion

From the Paper:

"Imagine, one day you are gleefully planning for retirement, you've just received your retirement fund statement and your diligent savings has grown nicely over the years. In fact, you envision traveling the country, during your golden years, or perhaps taking that European cruise you've so dreamed about. Yes, you're finally seeing the light at the end of the tunnel, your careful savings is finally about to pay off. However, in the next moment, it's gone! Completely. Gone are your dreams of cross-country sight seeing. Gone are your dreams of cruising the Mediterranean. In place of these dreams is the nightmare of the reality that your retirement savings is now not worth the paper the statement is printed on. That nightmare is the reality many Enron investors had to face."

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