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Accounting and the Enron Debacle, 2006.
This paper discusses the issue of financial management and looks at the case of Enron.
3,825 words (approx. 15.3 pages), 25 sources, £ 105.95
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Abstract
In this essay, the writer reviews the case of Enron and the financial scandal which rocked the financial management and accounting communities when the company fell. The role that accounting played in the debacle is highlighted and some suggestions for fixing accounting problems are made. Ultimately, in this article it is suggested that an accounting system is only as good as its enforcement.
From the Paper
"In the wake of the Enron financial scandals in 2001 and 2002, one of the world's largest companies declared bankruptcy due to accounting irregularities and the company's accounting firm, the well-known and respected firm of Arthur Andersen, disintegrated following public debates about accountability and transparency in financial management. Ultimately, accounting practices in the U.S. received a large part of the blame for the problem arising in the first place, even with the public acknowledgement of executive corruption and corporate fraud that drove the Enron collapse. The reverberations were felt throughout the world of financial management and accountancy, as the practice and oversight of accounting became a topic of intense interest in the business community and the policy arenas where business is regulated."
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The Enron Debacle and the U.S.Economy, 2002.
This paper discusses that although when Enron collapsed many feared it would plunge the economy into a tailspin; the debacle really had both bad and good effects on the economy.
1,445 words (approx. 5.8 pages), 6 sources, MLA, £ 32.95
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Abstract
This paper explains that the crisis at Enron has had a negative impact on the United States economy but not the total impact that many believed it would have. The author states that, when Enron began to collapse, it started an avalanche or economic panic and activity nationwide, which the U.S. managed to level out; but the lack of confidence remained heavy for more than a year afterwards. The paper concludes that, from the Enron debacles, a blue print for a better check and balance system was developed and now provides a governmental watchdog.
From the Paper
"The key to Enron?s undoing was about stock mistakes. ?The company committed to put $1.2 billion of Enron stock into the Raptors to make them more creditworthy. It did not promise a fixed number of shares -- it promised $1.2 billion worth, regardless of the share price, a seriously dumb move for a company that talks about hedging risks. In return for that commitment, the Raptors gave Enron $1.2 billion of promissory notes. Enron put them on its balance sheet as an asset. When a company adds to its assets and nothing else changes, its net worth rises. Hence, Enron marked up its net worth by $1.2 billion. But, as the stock prices of Rhythms, NewPower and Enron all sank, Enron faced having to fork over a ruinous number of new shares." This was the beginning of the end and the ripple affect on the stock market caused a negative impact on the nation?s economy."
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The Enron Debacle, 2004.
This paper analyzes the way Enron used phantom and ?barely there? companies to enrich a handful of wealthy Enron executives, fellow-travelers, and politicians at the immense expense of its stockholders.
2,550 words (approx. 10.2 pages), 10 sources, MLA, £ 53.95
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Abstract
This paper states that it appears collusion in the deception at the highest levels is part of the factors that allowed Enron to create shell companies while making real personal wealth for its top executives and others. The author points out that two LJM partnerships, LJM and LJM2 Co-Investment LP, were meant to provide Enron with an earnings stream from sale of its assets as well as protection for a decline in value of any of Enron?s investments. The paper stresses that Enron is not by any means the first American business scandal; in the 19th century, lawmakers helped themselves by voting federal subsidies for railroad construction concerning the Union Pacific Railroad and got away with $23 million.
Table of Contents
The Stakeholders
Friends in High Places
Writing the Rules for the ?Shell Game?
The Partnerships Themselves
The Solution
From the Paper
"It was not only banks, however, and not only Merrill Lynch, that was asked to participate in what appears to be Fastow?s scheme. In addition, the Dallas Morning News reported that ?several Wall Street firms said Enron Corp. used the lure of future business to get them to invest in a partnership that led the company into America's largest bankruptcy? (Landers, 2002). Enron former Treasurer, Jeff McMahon, had told Enron?s attorneys that several banks asked him to confirm that the LJM investments would give them an inside track on Enron business, a fact which, in itself, suggests that they really didn?t care if the businesses they were ?investing in? were real, as long as their investment gave them future access to Enron business for their banks. Later, McMahon noted that the promises the banks claimed they had received had not been fulfilled in at least one instance."
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The Enron Debacle, 2001.
This paper examines the fall of Enron and the part that Andersen Consulting played in it.
945 words (approx. 3.8 pages), 6 sources, MLA, £ 23.95
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Abstract
This essay examines the fraud led by Enron's accountants that led to its recent bankruptcy. It studies the huge investigation into this fraud and analyzes some of its findings. It details the uncovering of several suspects that were connected to the biggest fraud in American history. It concludes that revisions must be made in order to prevent future frauds like these.
From the Paper
"When the mighty giant, Enron, fell, it fell hard and resulted in the largest bankruptcy in American history. Worldwide focus then fell upon all who might have a possible answer for this event. Intense focus fell first upon Enron executives, and then, as the event evolved into what appears to be one of the most massive cases of corporate corruption ever known, others were brought into the spotlight.
"According to a statement published on the Andersen website, the primary corporate auditors of Enron, the organization was founded in 1913, when ?Arthur Andersen recruited the brightest students into his classes. Then, he turned them into ?thoroughly trained accountants? who were able to go beyond the obvious in their work by using unique methodologies to improve financial performance.? It is, perhaps, those ?unique methodologies? that took an unexpected turn at some point in the company?s long and previously respected history, and then emerged as something uniquely ungoverned, unprincipled, and unconscionable. After the Securities and Exchange Commission began its in-depth investigation of Enron, focus then also fell upon Andersen."
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The Enron Debacle, 2005.
An examination of Enron, its ultimate failure and its bankruptcy proceedings.
4,500 words (approx. 18.0 pages), 10 sources, £ 123.95
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Abstract
This paper discusses the historical past of Enron, its ultimate failure, and its Chapter 11 bankruptcy filing. Enron's current status as a ward of the bankruptcy courts and its plans for coming out of bankruptcy are also discussed in relation to its future operations and its present and past shareholders. The ethical lapse that Enron seems to have suffered is examined in depth in comparison to the prevalent literature concerning business ethics and ethical training. An action plan designed to correct Enron's ethical failings is included in this research as is a timetable for implementation.
From the Paper
"Enron began without much fanfare as a distinctly staid and reserved company dealing explicitly with natural resources in the natural gas energy industry. Enron imploded with much fanfare as an energy commodities trade more reminiscent of an online stock brokerage than a staid energy company dealing with petroleum by-products. The story of how Enron went from point A to point B and where it needs to go presently is as much fodder for pulp fiction as it is for business school case studies. However, the business world would be hard pressed to find a better example in the annals of business literature to present as the epitome of why ethics not only belongs in the business world, but in business education, as well as in the general education system."
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Deceptive Accounting Practices, 2004.
An insight into the various deceptive accounting practices used in recent scandals.
1,758 words (approx. 7.0 pages), 5 sources, MLA, £ 39.95
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Abstract
This report endeavors to present some insight into the various deceptive accounting practices that were utilized prior to the recent scandals. The focus of the paper homes in on two very recent account situations that made media headlines, namely the recent Enron debacle and the latest bankruptcy by United Airlines. It looks a how the results of both of these situations will continue to influence the way all companies in the United States, and even some international organizations, will view and present their finances to the public and other governing bodies, such as the Securities and Exchange Commission.
Outline
Abstract
Introduction
Arthur Anderson
Enron
United Airlines
Bankruptcy
Conclusion
From the Paper
"An example of the sinister ploy Enron executives used to bilk the nation can be demonstrated by the CalPERS natural gas project of 1997. CalPERS was a company that no longer wanted to work with Enron and so they backed out of a big deal with Enron. Enron executives could not afford to lose the derivative effect CalPERS provided so Enron executives created their own entities to replace CalPERS. Enron literally made up companies that were in effect used as derivatives to reduce losses. ?Known as Chewco, it was a partnership controlled by Enron employees, including Kopper. According to the Powers report, Chewco and similar partnerships were engaged in shuffling assets to cover losses and create illusory profits."
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The Arthur Andersen Debacle, 2002.
An analysis of the well-known accounting firm, Arthur Andersen, providing a brief history and examining the recent failures of the firm.
2,394 words (approx. 9.6 pages), 8 sources, MLA, £ 50.95
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Abstract
This paper explores the accounting malpractices within the Andersen Firm. The paper discusses the functions and duties of the firm and the history of the company. The writer describes recent events including the Enron case and a myriad of other cases, accusing Andersen of misleading investors. The paper also examines whether or not the Author Andersen auditing firm is a trustworthy firm to do business with.
From the Paper
"Anderson contracted with the Enron Corporation to perform its audits and provide the audit opinion. The firm performed this task for over ten years and charged Enron almost $48 million in fees in the year 2000 alone. It is believed that Andersen hid the fact the Enron used questionable accounting practices to hide huge losses that Enron had incurred. Andersen has admitted that employees destroyed evidence that exposed the shotty accounting practices."
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The Arthur Andersen Debacle, 2002.
A discussion of whether or not auditing should be separated from consulting.
2,887 words (approx. 11.5 pages), 11 sources, MLA, £ 59.95
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Abstract
This paper analyzes the accounting firm, Arthur Andersen and describes the role Andersen played in the Enron collapse. The paper uses this case to illustrate the debate of whether or not auditing should be separated from consulting. The writer states that the Andersen debacle has been instrumental in informing the public of the flaws of businesses in a capital market.
From the Paper
"In recent months the standards of the accounting profession have been the subject of great scrutiny. At the forefront of this ongoing debate is the accounting firm of Arthur Andersen. The firm has been found guilty of obstruction of justice in the Enron case on the grounds that the company shredded valuable documents relating to the financial collapse of Enron. The purpose of this paper is to explore whether or not auditing should be separated from consulting."
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The Xerox Debacle, 2006.
An overview of the corporate fraud scam involving Xerox Corp.
2,290 words (approx. 9.2 pages), 4 sources, MLA, £ 48.95
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Abstract
From 1997 to 2000, Xerox used a host of concealed accounting practices to meet or outstrip Wall Street expectations and conceal its true operating performance from investors. This paper examines the history of the Xerox debacle and the outcome, including new lessons learned regarding company management and the role of the SEC.
From the Paper
"Xerox dismissed KPMG and retained Pricewaterhouse Coopers to conduct their accounting procedures. Although the SEC allegations contain various accounting practices, the most concrete involve two. One is the recollection of revenue from multiyear leases on office equipment. Xerox crudely recorded revenue that was not yet received in order to extend and deform operating results. The second practice was setting aside 'cookie jar' reserves to harbor restructuring costs, and then incorrectly adding them back later to earnings."
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The Dieppe Debacle of World War II, 2002.
A look at Canada's role in the Dieppe raid on France in 1942 and its failure.
1,400 words (approx. 5.6 pages), 3 sources, £ 36.95
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Abstract
This paper discusses how the Canadian-led raid on Dieppe, France, in August 1942 is described as the 'largest raid in history'; and is also acknowledged how tactically, it was almost a complete failure. Significantly, the contentious history of this raid resides in its losses of human life, in that it was, without question, a slaughtering of Canadian soldiers who had been launched into an unbeatable raid attempt. So, how do Canadians make sense of this, a great raid, a disastrous raid, a slaughtering of some sacrificial lambs in the name of politics, or a genuine attempt that failed, and from which many valuable lessons were learned about future raiding efforts against the Germans.
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The Enron Scandal, 2004.
A look at the collapse of the Enron Corporation from an accounting perspective.
1,708 words (approx. 6.8 pages), 6 sources, MLA, £ 38.95
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Abstract
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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Arthur Andersen and the Enron Scandal, 2002.
Looks at the accounting firm, Arthur Andersen, and its involvement in the Enron scandal.
1,110 words (approx. 4.4 pages), 6 sources, MLA, £ 26.95
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Abstract
This paper addresses the question about whether accounting firms should act as consultants for the same companies that they audit. It uses the case of the accounting firm, Arthur Andersen, and its complicity in the Enron debacle to explore this question. The paper also addresses several larger issues on business and accounting ethics and looks at the need for reform in the accounting industry as a way of ensuring public confidence in the integrity of the accounting system.
From the Paper
"In late 2001, Arthur Andersen, one of the world's largest accounting firms, found itself plunged into what will likely be remembered as one of this generations greatest business scandals. The scandal involved Enron Corp., one of America's most successful corporations, and the darling of investors, employees, and market analysts alike. Enron was accused of a multitude of ethical breeches, including deliberately misleading shareholders about the company's true financial status. Ultimately, Enron was found guilty of a number of financial misdeeds, went bankrupt, and Anderson?s involvement in the scandal brought the ethics of accounting firms into question."
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Organizational Ethics Issues Resolution, 2008.
A review of the neglect of management integrity capacity with particular reference to the Enron debacle.
1,553 words (approx. 6.2 pages), 3 sources, APA, £ 34.95
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Abstract
The paper discusses how the Enron debacle that occurred in late 2001 illustrated how an ethically unsound business can have devastating and widespread effects on the international business community. The paper continues and reiterates that the reason for the collapse of Enron was an absence of ideation and practice of ethical values. Market failure occurred due to information asymmetries, in which unfairness of the imbalance exceeded simple competitive advantage, while compromising the rights of others. The paper states that six ethical decision-making steps can be applied to the organizational ethics issue of Enron in order to further understand the process involved in solving ethical issues.
Outline:
Issue Clarification
Stakeholder Analysis
Values Identification
Issue Resolution
Addressing Objections
Resolution Implementation
From the Paper
"The collapse of Enron at the end of 2001 resulted in the second largest corporate bankruptcy in American history to date. The fraudulent practices of Enron executives resulted in stakeholder betrayals (Petrick & Scherer, 2003). Stakeholders were deceived by Enron executives, betrayals which contravene any ethical code. This choice among Enron executives to betray stakeholders in order to promote short term financial gain resulted in the destruction of their own personal and business reputations, exposure to the possibility of criminal and civil prosecution, as well as bankruptcy. Stakeholders, including institutional and individual investors, were misinformed regarding the financial stability of Enron due to fraudulent accounting practices, and this resulted in a loss of millions of dollars. Secondary and tertiary stakeholders were also negatively affected by the Enron scandal. For example, Enron executives placed pressure on accounting and law firms to partake in unethical practices in order to accrue short term, temporary gain."
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Enron, 2005.
A discussion on the rise and fall of Enron.
675 words (approx. 2.7 pages), 3 sources, £ 18.95
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Abstract
This paper discusses the corporate scandal and debacle associated with Enron and Arthur Anderson. It explores the topic from the development of Enron to the management culture and how it contributed to the downfall of Enron over the course of the 1990s. The purpose of the paper is to expand on some of the pertinent issues surrounding this case.
From the Paper
"The collapse of Enron can be explained in terms of the functions of management. Planning, leading, organizing, and controlling were all deficient in the Enron situation, as is apparent from the discussion of the management (or lack thereof) techniques employed. The obsession with stock prices and bonuses, earning targets, terrify employees to meet goals, lack of oversight, threatening evaluations, and no training all contributed to a poor management culture that eventually undermined the corporation. 2. Some simple initiatives that might have improved the situation for Enron would have been easy for management to employ. For example, management should have kept a tighter rein on employee activities. A better, more responsible corporate culture should have been devised, and greater transparency should have been devised. 3. Arthur Anderson was so badly affected by the scandal at Enron largely because they had intimated their business practices too ..."
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