Facts about Enron
Enron had been one of the world's largest energy, commodities and services companies. It marketed electricity and natural gas, delivered energy and other physical commodities, and provided financial and risk management services to customers worldwide. Based in Houston, Texas, Enron was formed in July 1985 by the merger of Houston Natural Gas and InterNorth of Omaha, Nebraska. Initially a natural gas pipeline company, Enron rapidly evolved from delivering energy to brokering energy futures as energy markets were deregulated. The company began marketing electricity in 1994 and entered the European energy market in 1995. In 1999, Enron launched a plan to buy and sell access to high-speed Internet bandwidth, and it launched EnronOnline, a Web-based commodity-trading site, making it an e-commerce company. The company reported revenues of $101 billion in 2000. It has stakes in nearly 30,000 miles of gas pipeline, owns or has access to a 15,000-mile fiber optic network, and has a stake in electricity generating operations around the world.
The collapse of Enron is the largest bankruptcy of a publicly held company in history. It has resulted in thousands of employees losing their retirement savings in 401(k) plans that had been tied to the failed energy company's stock. The reputation of Arthur Andersen, Enron's auditing firm, is damaged after their officials admitted that Enron documents were destroyed. It was indicted for shredding massive amounts of Enron company records. In Washington, Congress and the Justice Department are investigating Enron, whose officials have donated millions of dollars to Republicans and Democrats alike.
Go to the Enron home page to learn more about the firm and its current status:
The Houston Chronicle has a timeline that details the events of the Enron Corporation’s travails:
CNN provides a video timeline:
BBC News BBC Newsprovides a “who’s who” in the Enron case:
Also on the Enron site is a useful list of frequently asked questions (FAQ):
FAQ from Enron: http://www.enron.com/corp/pressroom/chapter11faq.html
Legal Aspects of the Enron matter can be found at E-Law for Enron: