In 1985, the Enron Corporation, which is an interstate pipeline company was formed by merging with Houston Natural Gas and Internorth. Just fifteen years Enron has grown into global trading.They were trading natural gas, commodities, electricity and had established their own website EnrononLine.Enron became the seventh largest US company in revenue. Their 401K (which is like a saving retirement plan) held a lot of Enron stock. Over sixty percent of the 401K was made up of Enron stocks. Employees had twenty options to choose from the company so they began to invest and their investments flourished.
Enron had really prospered, growing from nowhere to a staff of 21,000 in more that forty countries. Enron brought in new technology, new methods of trading in energy. In early 2000 Enron held a conference in Houston for a day with Wall Street investors.where financial experts were on hand.Natural gases and other power energies were awed by Enron's on-line capabilities. When Enron's president told them the business was worth $29 million and the stock was at $37 a share they ere amazed.Then in early 2000 Enron announced it was considering a separate public sale for their internet offerings.
Things were going well for Enron, so the public thought-they did not know what was just ahead for the company.
THE COLLAPSE OF ENRON.
On November 29,2001 the Wall Street Journal ran an article"Running On Empty"-Enron Faces Collapse. After the collapse many important names were mentioned in the scandal. Some of whichwere political figures.President Bush was mentioned as was Vice Presidend Cheney.Obviously there have been many shady dealings with Enron.
Some think should be brought before the Congress, and the US Justice Department.It is al;so known that Enron showed a second floor to con anaylsis into thinking business was good. It is also reported that Enron didn't pay federal income tax for five to six years.Some say Enron triggered K-Mart's bankruptcy.