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The Fall of Enron
"The world has enough for everyone's need, but not enough for everyone's greed."
The bankruptcy of Enron Corporation is arguably one of the most pronounced financial crime scandal in the world of Corporate Governance and Financial Reporting.
The fall was a story of man's greed and a faulty regulatory system. Enron was a 'House of Cards' which stood on the prejudices of Greedy Executives, Complicit Auditors, Untruthful Brokers, Conspiring Investment Banks, Ignorant Investors, Unhealthy Press, Unconcerned Government, and an undoubtedly failed system.
The question of "what went wrong?" was a baffling mantra on the lips of everyone that held high hopes in this fallen giant.
Enron was once regarded as the most innovative/admired company in the US and 7th largest US corporation. Unfortunately, as John Olson states, "it took Enron 16 years to go from about $10 billion to $65 billion of assets, and just within 24 days to go bankrupt."
Kenneth Lay, Chairman/CEO
When Kenneth Lay, the Chairman and CEO of Enron founded the company in 1985 through a merger between Houston Natural Gas and InterNorth, Enron specialized in the business of natural gas. The company made consistently high profits, as it was one of the major market dealer in natural gas. Lay wanted more, so he decided to hire a smarter business tycoon, Jeffrey Skilling, who became the President and COO of the corporation.
Jeff decided that Enron could take a further step by becoming a stock market for natural gas. His idea was simple and sophisticated, "let's transform Energy into financial instruments." Boom!!! The idea generated enormous cash flows as investors came trooping in.
Enron widened its horizon by providing Electricity Services (Partnership with Portland General Electric), Broadband Services (Video on demand), and a host of others. The company made large Elephant-project investments which resulted in huge losses. But Jeff was smart enough to cover his tracks by adopting a system called Mark-to-Market accounting.
Jeff Skilling, COO/CEO
"Mark-to-Market accounting", as defined by Investopedia, "is the act of recording the price or value of a security, portfolio or account to reflect its current market value rather than its book value." Where losses were made, Enron could easily build assets and claim the projected profits on the assets instantly in its books. This enabled Andrew Fastow, the Company's CFO, to compute 'hypothetical' profits. Present losses were adjusted by a wave of future profit projections. It was a magic of numbers.
Several off balance sheet transactions took place to enable Enron remove some of its toxic assets from its books. One of them is the LJM Company and several other entities conjured by Andy to help absorb those assets. Andy was a Managing Partner in LJM and at the same time Enron's CFO. He successfully convinced a number of US Investment Banks to buy those assets (though it was a pretended purchase –they were actually giving out loans to Enron and deeming it as buying an asset, so as not to reveal the liability in Enron's books).
Enron consistently declared huge profits even when they were making untold losses. The Executives got huge bonuses for making 'profits'. They were living a lie. Things soon got out of hand. The Big Ship couldn't hold any longer and so began to sink.
Jeff saw this and he quickly sold about $200m of his shares. Ken sold about $300m and Andy sold about $30m in stock. The Life Savings and Retirement Account of innocent investors were lying in Enron's stock which will soon sink in value.
Soon, the SEC started investigating Enron and its 'imaginary' entities. Several discoveries emerged. Enron had losses of over $500m and debts over $600m. Enron sacked Andrew Fastow almost immediately after the investigations began.
Andrew Fastow, CFO
Following the discoveries, Enron's shares started plummeting in value. A Bank Run was imminent. But it was too late for the investors to realize that the situation was an irrecoverable and overly damaged one. Pensions and Life Savings were lost. Enron's shares dropped from an all-time high of $90.56 per share to $0.26 per share.
In August 14, 2001, Jeff resigned as the CEO of Enron. And in less than 4 months of his resignation, Enron filed for Bankruptcy (December 2, 2001).
The fall of Enron was followed by numerous suits filed against the key players that led to its bankruptcy:
Arthur Andersen, Enron's Auditors who shredded all Enron's files were convicted of obstructing justice.
Ken Lay, the Chairman/CEO of Enron died of heart attack after being indicted of insider trading and conspiracy to commit fraud.
Jeff Skilling was sentenced to 24 years in prison and a fine of $45m. Jeff's sentencing was later reduced to 14 years.
Andrew Fastow was indicted of conspiracy to commit fraud. He was sentenced to 10 years in prison and a fine of $23m.
The fall of Enron, among others, brought about the popular Sarbanes-Oxley Act of July 30, 2002 which created tough measures in addressing issues that border on Corporate Governance.
*CFO – Chief Financial Officer
*CEO –Chief Executive Officer
*COO –Chief Operating Officer
Note: Images are culled from gstatic.com and newsok.com
Labels: Articles, Corporate Governance
Adedamola Otun April 6, 2017 at 9:12 AM
Thanks for the comment James Adekola
Jubreal April 8, 2017 at 12:43 AM
Nice article
Thanks for the comment Sangosanya Oluwaseun
Yusuf Muhammed Jamiu April 11, 2017 at 9:05 AM
Good one, I guess this area is coming in May 2017 ICAN MGE question
Adedamola Otun April 11, 2017 at 11:58 AM
Thanks for the comment Yusuf Muhammed Jamiu


A panel of experts appointed by President Obama says the U.S. government should get out of the business of weakening technology used to secure communications.
The recommendation, among the strongest of the many suggested changes laid out by the panel, comes several months after ProPublica, the Guardian, and the New York Times reported that the NSA has successfully worked to undercut encryption. The story was based on a set of documents provided by former NSA contractor Edward Snowden.
Encryption technologies are supposed to render intercepted communications unreadable. But the NSA conducted what one secret memo described as an "aggressive, multipronged effort to break widely used Internet encryption technologies." The agency deliberately weakened international cryptographic standards used by developers around the globe and worked with American and foreign tech companies to introduce backdoors into commercial products.
The White House said President Obama is reviewing the panel's recommendations, which are not binding, and will make a final decision by January.
The panel also recommended that an arm of the NSA whose mission is protecting information rather than spying be separated from the agency. The Information Assurance Directorate is charged with building secure data and communications systems for the government and also works closely with industry and academia.
The review panel submitted its report to Obama on Friday and met with the president today. The White House said Obama would speak publicly in January to disclose the "outcomes of our work" including how he will address the review group's recommendations.
"Over the next several weeks, as we bring to a close the Administration's overall review of signals intelligence, the President will work with his national security team to study the Review Group's report, and to determine which recommendations we should implement," the White House said in a statement.
Formally known as the Review Group on Intelligence and Communications Technologies, the panel was made up of five experts, including former deputy director of the CIA Michael Morrell, former counterterrorism czar Richard Clarke, and longtime Obama confidant and current Harvard Law professor Cass Sunstein.
The report was originally scheduled to be released this coming January. But in a surprise move, Press Secretary Jay Carney announced it would be published today because of "inaccurate and incomplete reports in the press about the report's content." The move also comes one day after a federal judge tore into the administration's defense of one NSA program.
Soon after the revelations about the NSA undermining in encryption, the National Institute of Standards and Technology, a government agency that sets standards for various technologies, issued a statement "strongly" recommending against using one of its encryption standards. Secret documents described in our encryption story revealed the NSA's role in heavily influencing the standard in question. NIST is required by law to consult with the spy agency.
Citing the importance of trust and transparency in the development of encryption standards, NIST also later announced that it is reviewing all of its previous cryptographic recommendations as well as its process for development of future standards.
In a technical appendix report released today, the NSA actually detailed its role in the creation of various widely used encryption standards.


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CCTV cameras and key card access to the rooms are provided in the property for high security.
Feel Good Bangkok Hostel is a 14-minute drive to Siriraj Hospital and 24-hour McDonald is accessible within a 2-minute walk. Chao Phraya Express Boat Pier can be reached within a walking distance.
Thonburi Railway Station and Bangkok Southern Bus Terminal (Sai Tai Mai) are a 10-minute drive from the property, while the nearest airport is Don Mueang International Airport, 21 km from the property or a 30-minute drive through the express way.
Please inform Feel Good Bangkok Hostel in advance of your expected arrival time. You can use the Special Requests box when booking, or contact the property directly with the contact details provided in your confirmation. Guests are required to show a photo identification and credit card upon check-in. Please note that all Special Requests are subject to availability and additional charges may apply. Payment before arrival via bank transfer is required. The property will contact you after you book to provide instructions. Parking is subject to availability due to limited spaces. This property will not accommodate hen, stag or similar parties.
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zurück Spring Sings for the Grouchy Ladybug – Eric Carle
Autor/in: Eric Carle
Illustrator/in: Eric Carle
Spring Sings for the Grouchy Ladybug
Perfect for fans of the New York Times bestseller Hugs and Kisses for The Grouchy Ladybug and 1, 2, 3 with the 10 Little Rubber Ducks!
From the World of Eric Carle comes a brand-new book starring The Grouchy Ladybug, a favorite character for over 40 years.
Spring Sings for The Grouchy Ladybug celebrates the new life that blossoms during spring. The animals are playing outside, the flowers are blooming, and everyone is joyous?even The Grouchy Ladybug!
Eric Carle's signature bright collage illustrations feature leaping frogs, buzzing bees, friendly turtles, singing birds, dancing butterflies, and more springtime scenes that make this is a great gift for Easter!
kostenloser Standardversand in DE Neuerscheinen vsl. bis Februar
Eric Carle was the creator of more than seventy picture books for young readers.
Eric Carle was born in New York, USA. However, when he was just six, he moved with his parents to Germany. In 1952, after graduating from the prestigious Akademie der Bildenden Künste in Stuttgart, he fulfilled his dream of returning to New York.
Eric Carle received many distinguished awards and honours for his work, including, in 2003, the Laura Ingalls Wilder Award for his lifetime contribution to children's literature and illustration.
In 2002, fifty years after Carle's return to the United States, The Eric Carle Museum of Picture Book Art was opened in Amherst, Massachusetts. Here visitors of all ages can enjoy, in addition to Eric Carle's work, original artwork by other distinguished children's book illustrators from around the world.
10-stellige ISBN 006298571X
Verlag HARPERCOLLINS
Erscheinungsdatum 07. Februar 2023
Seitenzahl 32
Warengruppe des Lieferanten Kinder- und Jugendbücher - Sonstiges
Altersempfehlung 04 bis 08
Kinder- und Jugendbücher - Sonstiges

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Man receives genetically-modified pig heart in "first-of-its-kind" transplant
Scientists are hoping the procedure could be a solution to the organ shortage crisis.
In a "first-of-its-kind" surgery, a patient in the US with terminal heart disease has received a transplant of a genetically-modified pig heart.
Three days after the operation conducted by the University of Maryland Medicine, the medical school says the 57-year-old patient David Bennett is "still doing well".
Boris Johnson regularly witnessed "wine-time Fridays" at Downing Street during pandemic - report
According to the medical school, the organ transplant has demonstrated for the first time that a genetically-modified animal heart can function like a human heart without immediate rejection by the body.
Transplanting animal organs into humans is known as xenotransplantation and for many years, pig heart valves have been used successfully for replacing valves in humans.
However, the University of Maryland Medicine says xenotransplantation does carry risks, including the possibility of triggering a dangerous immune response in the patient with a potentially deadly outcome.
Scientists are hoping to solve this issue by removing potentially harmful genes to humans in the animal organs.
The genetically-modified pig heart implanted into Bennett was provided by regenerative medicine company Revivicor.
As part of the modifications, three genes responsible for rapid antibody-mediated rejection of pig organs by humans were "knocked out" in the donor pig, while six human genes responsible for immune acceptance of the pig heart were inserted into the animal genome.
Also, one additional gene in the pig was knocked out to prevent excessive growth of the pig heart tissue.
Downing Street held two parties on night before Prince Philip's funeral – report
On top of this, Bennett was given an experimental anti-rejection drug.
"It was either die or do this transplant. I want to live. I know it's a shot in the dark, but it's my last choice," said the patient one day before the surgery was conducted.
The medical school says Bennett is being carefully monitored over the next days and weeks to determine whether the transplant provides lifesaving benefits.
Scientists are hoping the new procedure could be a solution to the huge shortage of human organs donated for transplants.
"This was a breakthrough surgery and brings us one step closer to solving the organ shortage crisis," said Dr Bartley Griffith who surgically transplanted the pig heart into the patient.
Novak Djokovic facing deportation after visa cancelled for the second time
"There are simply not enough donor human hearts available to meet the long list of potential recipients.
"We are proceeding cautiously, but we are also optimistic that this first-in-the-world surgery will provide an important new option for patients in the future."
Main image via UMMC/Twitter
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The Pascal VOC dataset is a standard benchmark for object class segmentation. Here we provide preprocessed data for use with the PyStruct structured prediction library. It consists of potentials derived from Philipp Krähenbühl's Textonboost implementation, superpixels computed with SLIC and superpixel connectivity graphs.
The LabelMe-12-50k data set contains 50.000 images of centered objects from 12 categories, which have been extracted from LabelMe.
For a description of the data set and for download go here.
The CUV Library is a C++ framework for easy use of Nvidia CUDA functions on matrices. It contains basic matrix operations and convolutions which can be performed both on the CPU or the GPU. The library also contains python binding so that all functionality can be used in python for fast prototyping.
We also provide a tutorial on an a simple MLP that learns MNIST to get you started with CUV.
API Documentation is included, but can also be viewed online.
An open source implementation with NVIDIA CUDA™ that accelerates random forest training and prediction for image labeling by using the massive parallel computing power offered by GPUs.


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— Constitutional Law, Labor Law —
Serrano vs. Gallant Maritime Services G.R. No. 167614 March 24, 2009 Non-impairment of Contract Clause, OFW Employment Contract
For Antonio Serrano, a Filipino seafarer, the last clause in the 5th paragraph of Section 10, Republic Act (R.A.) No. 8042, does not magnify the contributions of OFWs to national development, but exacerbates the hardships borne by them by unduly limiting their entitlement in case of illegal dismissal to their lump-sum salary either for the unexpired portion of their employment contract "or for three months for every year of the unexpired term, whichever is less" (subject clause). Petitioner claims that the last clause violates the OFWs' constitutional rights in that it impairs the terms of their contract, deprives them of equal protection and denies them due process.
Does the 5th paragraph of Section 10, RA 8042 violate the non-impairment of contract clause of the Constitution?
NO. Petitioner's claim that the subject clause unduly interferes with the stipulations in his contract on the term of his employment and the fixed salary package he will receive is not tenable.
The prohibition is aligned with the general principle that laws newly enacted have only a prospective operation, and cannot affect acts or contracts already perfected; however, as to laws already in existence, their provisions are read into contracts and deemed a part thereof. Thus, the non-impairment clause under Section 10, Article II is limited in application to laws about to be enacted that would in any way derogate from existing acts or contracts by enlarging, abridging or in any manner changing the intention of the parties thereto.
As aptly observed by the OSG, the enactment of R.A. No. 8042 in 1995 preceded the execution of the employment contract between petitioner and respondents in 1998. Hence, it cannot be argued that R.A. No. 8042, particularly the subject clause, impaired the employment contract of the parties. Rather, when the parties executed their 1998 employment contract, they were deemed to have incorporated into it all the provisions of R.A. No. 8042.
December 4, 2017 October 31, 2020 pinayjuristConstitutional Law, Labor Lawemployment contract, non-impairment of contract clause, OFWs
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