ENRON stands unprecedented as the poster child of blatant corporate fraud

In 2001, Enron, then the seventh largest company in the world and the most innovative company in America, whose stock prices doubled every three years,  imploded. The American energy company based in Houston, Texas went from $100 billion in revenues and $1 billion in profit to bankrupt, leaving thousands out of work and with no pension plans as many had invested these back into the company, at the request of management.
My friend Sherron Watkins, a former VP of Corporate Development at Enron, became the key whistleblower at ENRON, when she alerted then-CEO Ken Lay to accounting irregularities within Enron in August of 2001, warning him that the company “might implode in a wave of accounting scandals.” Incidentally, ENRON had a 64 plus page ethics manual and did implode two months later.
As a result of misappropriated investments, pension funds, stock options, and savings plans, investors loss exceeded $70 billion and the cost to both trustees and employees upwards of $2 billion.
Regards,
Richard
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