When people hear the name Enron many think of corporate fraud and corrupt company officers. That very fraud and corruption within the company led to Enron Bankruptcy in 2001.
Formerly Enron Corporation, (now Enron Creditors Recovery Corporation) it was a large company based in Houston, Texas. The company employed some 22,000 people and was a leader in the electricity, paper and natural gas industries before it's bankruptcy.
With revenues of $111 billion in 2000, Enron was named "America's Most Innovative Company" for six years running. However, their innovation was actually planned and systemactic fraud of its account holders.
The Enron Bankruptcy actually set many standards and caused many Americans to see the light when it comes to big business.
One of the largest ever, the Enron Bankruptcy, affected not only the American people but those world wide. Enron's involvement with the Arthur Andersen accounting firm which did business world wide.
The lawsuits that followed against the chief officers of Enron caused huge waves of media news because they settled for some of the largest amounts of money ever in Washington history.
News reached across the country from Washing to Los Angeles and many people began to look closer at what other top executives at their companies were doing.
Due to the Enron Bancruptcy, the company previously known as Enron has worked to pay off debts and liquidate assets according to the law of their bankruptcy settlement. Most of 2007 was dedicated to the name change from Enron Corp. to Enron Creditors Recovery Corporation and the final liquidations of all assets though the company still operates under the name Enron Corp. thanks to a DBA or "doing business as" clause.
The company had a distinguished history though before the fame of the Enron Bankruptcy in 2001.
In 1932 the Northern Natural Gas Company was formed in Nebraska and was reorganized in 1979 and later bought Houston Natural Gas, then changed their name to Enron.
What lead to the Enron Bankruptcy? Originally, Enron was one of the largest electricity and gas distributors in the US. Though it had ventures that did not do as well.
They were rated as one of the best companies to work for and hailed for their innovations and forward thinking for many years.
However, many of their assets were inflated and many more simply did not exist. Products of doctored books an overinflated egos according to some.
In the end the Enron Bankruptcy hailed a change in big business that is for the better.