Power Failure : The Inside Story of How Enron's Culture of Arrogance and Greed Led to the Biggest Bankruptcy in American History

"Based on the unprecedented slogan of Vice President Shelon Watkins of Enron, POWER FAILURE is an explanation of greed, ambition and arrogance, and internal competition and financial fraud in the 20th century against killing the rise of Enron Enron's greedy culture About the way to raise the biggest bankruptcy inside the story by the author, Schwarz, Mimi Same: Watkins, Xie Enron is a new economic model company "(Welcomed as a power outage in the second half of the 1990s, Lin) Enron is a new economic company, It is regarded as one of the most innovative companies in the world.

The Enron scandal was announced in October 2001 and eventually leads to bankruptcy of American energy company Enron based in Houston, Texas, and indeed Andersen, one of the top five largest partners in auditing and accounting, It broke up. . It is the world. At that time, in addition to being the biggest bankruptcy restructuring in the history of the United States, Enron was regarded as the largest audit failure. Enron was founded in 1985 by Kenneth Lay after the merger of Houston Gas and InterNorth. A few years later, when Jeffrey Skilling was hired, he hid billions of dollars of debt from failed transactions and projects using accounting vulnerabilities, special purpose entities, and poor financial reports We have developed a series of executable executives. Chief Financial Officer Andrew Fastow and other executives not only misunderstood Enron 's Board of Directors and the Audit Committee on high risk accounting practices, but also pressured Arthur Andersen to ignore them.

In addition to being the biggest bankruptcy restructuring in the history of the United States, the Enron scandal is undoubtedly the biggest audit failure. It involved Enron and its auditor Arthur Andersen's fiscal scandal. And it was revealed at the end of 2001. This scandal led to the dissolution of Arthur Andersen, one of the top five accounting firms in the world. After a series of disclosures, including informal accounting procedures throughout the 1990s, Enron applied for bankruptcy protection in December 2001.

Enron scandal, a series of events, resulted in the bankruptcy of Enron, a US energy, commodity and service company, and the dissolution of Arthur Anderson law firm, one of the world's largest auditing and accounting firms. The collapse of Enron over $ 60 billion in assets involves one of the largest bankruptcy filings in the history of the United States and creates many controversies and legislation aimed at improving accounting standards and practices, and the impact of the sustainable financial world It was.