The Enron Scandal Of The United States - 1855 Words

The Enron Scandal is still viewed today as one of the largest corporate bankruptcies in history. The greed that spilled throughout the organization started with gradual disregard for basic accounting principles. Initiated by small discrepancies in the company financial system became extreme financial crimes that left many without jobs and many investors penniless. The Enron scandal led to legislation that tightened restrictions on accounting practices in the U.S. requiring more strict compliance with GAAP. Kenneth Lay founded Enron Corporation in 1985. This new energy company was the result of a merger between the natural gas pipeline companies Houston Natural Gas and InterNorth. Throughout the 1990s the company was viewed as a†¦show more content†¦The internal practices continued in large measure because of improper auditing from accounting firm Arthur Andersen. David B. Duncan, the leading audit partner to Enron, overturned many accounting concerns in the late 1990s such as fake transactions to hide debt and misrepresentation of earnings on financial statements. Enron earned its profits by providing services like wholesale trading and overseeing energy facilities. They adopted the ‘merchant’ model of accounting instead of the ‘agent’ model. Enron was not taking the risk of buying and selling contracts nor were they earning the entire value of these contracts. Enron merely collected a brokerage fee for handling the transaction. However, by using the ‘merchant’ model over the ‘agent’ model, they were able to report the entire value of the contracts they were a part of as earnings. This led to grossly overstated revenues on their balance sheet of over 600 million from 1997 to 2000. To keep up with this bubble of revenue, Enron had to continue to mark up its earnings to outperform past results in order to move their stock price upwards. In 1990, Jeffery Skilling joined Enron and was involved in managem ent. He later became President and COO and by 1997 the only one above him was the founder, Kenneth Lay. Skilling insisted on the trading business using ‘Mark-to-Market’ accounting for their long-term contracts insteadShow MoreRelatedEnron Essay1433 Words   |  6 Pagesthe Causes and Effects of the Enron Accounting Scandals Name: Do Minh Tam Class: MEP 100 Lecture: Karen Bird Date: December 24, 2010 Introduction Background From the 1980s until now, there have been a lot of accounting scandals which were widely announced on by media. The result of this situation is many companies were bankruptcy protection requests, and closing. One of the most widely reported emulation of accounting scandals is Enron Company. Enron Corporation is one of the largestRead MoreJaclyn Givens. Kathy Osburn. Management 101. 5/8/17. The1400 Words   |  6 PagesJaclyn Givens Kathy Osburn Management 101 5/8/17 The Enron Era â€Å"Just as character matters in people, it matters in organizations,† says Justin Schultz, a corporate psychologist in Denver. The Enron scandal had a big exposure in 2001 confirming the big secret to the increase in billions. In July 1985, Enron formed the merger of Houston Natural Gas and Omaha-based Inter North. The Enron corporation was an American energy company based in Houston Texas. The corporation’s catastrophe in 2001 signifiesRead MoreEnron Accounting Scandal1706 Words   |  7 PagesThe Enron Accounting Scandal of 2001 There are many accounting scandals that have occurred throughout United States History. Many scandals occur even without outsiders knowing anything that had occurred. Companies try their best to keep many of the accounting scandals quiet. Everyday, there are political and business fraud happening, and most of it goes unnoticed. No company wants to admit that there was a problem or that people within the company are not trust worthy. However, when executivesRead MoreCorporate Fraud Has Taken The World By Storm For Over The Past Decade1479 Words   |  6 Pagesfraud cases to ever occur was Enron, Bernard Madoff, Lehman Brothers, and Cendant, with Enron being the largest accounting scandal to ever take place. Prior to Enron’s fraud scandal coming to light in 2001, they were the seventh largest company in the United States by revenue, this was the same year Enron filed bankruptcy (da Silveira, 2013, p. 315). In addition to being one of the largest companies, Enron received numerous awards for their positive business role. Enron received the award for beingRead MoreWhat I Learned from Studying the Rise and Fall of Enron693 Words   |  3 Pagesdifferent reasons. Some countries even allow these unethical conducts, such as bribery, as a part of the norm. But for the United States, we have a stricter set of principles in place to try and stop unethical business practices from happening. That doesn’t mean that they don’t happen. Collins discusses a 2009 survey conducted by The Ethics Resource Center on 3,010 employees. Collins states that, â€Å"approximately half of the respondents observed at least one type of major ethical misconduct in the workplaceRead MoreEvents Leading Up to the The Sarbanes-Oxley Act Essay examples1203 Words   |  5 PagesThe Sarbanes-Oxley Act was enacted on July 30, 2002. It was enacted by the 107th United States Congress. It is named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G. Oxley. It is also known as the ‘Public Company Accounting Reform and Investor Protection Act’ in the Senate and ‘Corporate and Auditing Accountability and Responsibility Act’ in the House. The main purpose of this act was to protect investors by improving the accuracy and reliability of corporate disclosuresRead MoreEnron Accounting Scandal1096 Words   |  5 PagesEnron was originally a pipeline company in Houston, Texas in 1985. Enron became a company that was able to profit by providing deliveries of gas to utility companies and businesses. As the deregulation of electric power rose, Enron diversified the business and entered into an energy broker, which traded electricity and ot her types of commodities. Enron employed several highly qualified PHDs in mathematics, physics, and economics. Enron continued to enter into contracts with customers and utilizedRead MoreArthur Andersen And Enron Case Essay983 Words   |  4 Pages 1.What was the case about? (Summary of the Case) The case is about Arthur Andersen s role in accounting fraud at Enron which was one of its major clients. The criminal charges faced by the firm in the Enron case and how the Enron case eventually led to the closure of Arthur Andersen company. The company was convicted in 2002 of one count of obstruction of justice because of its role in Enron’s auditing. After the conviction, the firm could no longer provide public accounting services. On JuneRead MoreEnron Company : The United States History1707 Words   |  7 PagesEnron company was created in 1985 out of Texas. The company was in the business of natural-gas pipelines. Eventually they merged with InterNorth and their business shifted towards other natural gas productions. They began to trade natural gas and electricity, which resulted in their biggest growth driver for their company. Enron was not only top in the country, but in the world they were known for their business’s success. In the year of 2000 they hit number seven on the fortune 500 list. AtRead MoreEnron And The Collapse Of Enron1254 Words   |  6 Pagesto shareholders of Enron. The total debt amounted to over $ 16 billion, which was the largest corporate bankruptcy in American history. Shareholders lost 60 billion dollars within a few days, 4500 employees lost their jobs, and the employees lost billions in pension benefits. I had never heard the name of Enron nor Enron’s scand al until I watched a film, â€Å"Enron: The Smartest Guys in The Room,† but I realized the Enron scandal affected the whole of the business in the United States. What were the causes

Literary Analysis Of Animal Farm - 1614 Words

When reading something new, we at times feel as if this is a story we’ve read before. Memory of past texts can strengthen these feelings as we identify repeating themes and motifs. Symbolism can push a reader deeper into the story by forcing one to see beyond the surface words and to truly understand the writer and their intentions. Understanding the patterns of writers can allow the reader to separate themselves from the text and examine it with a broader perspective. Recognizing these patterns in literary works can enable a reader to understand a dense text that they would ordinarily find troubling. George Orwell’s Animal Farm is an emblematic novel that reflects the events leading to the Russian Revolution, on the surface level.†¦show more content†¦But, we also must address the underlying cause of the whole story-the fuku. The fuku is considered the main cause of all the challenges and trials that Oscar and everyone in his family must face with. This fuku t hrows low self-esteem, anxiety with girls, and complete dorkiness at Oscar. The few women that do enter his life all come with catches and lead him to self-destruction. One could even see his suicide as one of the trials the fuku throws at him that he must overcome, instead of seeing it as an attempt by him to leave the quest early. Lastly, we come to the real reason to go there. Oscar doesn’t want self-confidence for himself. The entire time he is trying to feel love; to be good enough to compel a woman love him and to break this fuku. Driven to Santo Domingo in the end by his failure. Instead of living for himself and succeeding for the pure joy of succeeding, he does it for women. The only quality he had was his love for comics and anime, and he still used that to find that one girl; the one girl that would be into all the dorkiness that he is into. One of the meal scenes that stood out may not have been seen as a meal to others. Ybon and Oscar’s first meeting toget her. Ybon invites Oscar over for a drink and they end up talking for more than six hours. Or more accurately stated, Ybon talked for more than six hours and Oscar listened. Their relationship continues with them going on more dates, and as highlighted by theShow MoreRelatedLiterary Analysis : Animal Farm1050 Words   |  5 PagesLiterary Analysis Mollie In Animal Farm there are many controversial figures who also have interesting connections to the Russian revolution. Mollie is among these controversial members of the mythical animal run society. She has connections to the rich prissy people in Russia that when the revolution took place who immediately looked for an easy way out as soon as they had to do work to earn their due. In Orwell’s Animal Farm Mollie is vain, selfish, and did not care about the revolution leavingRead MoreAnimal Farm Literary Analysis710 Words   |  3 PagesGeorge Orwell, a writer of many novels and other literature, one of his most known is Animal Farm.This book is where Orwell’s political style as well as other techniques he used in his writing were used most. Animal Farm is about farm animals who are being neglected by their owner, and they decides to overthrow him and take control of their farm. However, that is only the the outer layer of the story, looking under the surface, this is an allegory detailing the Russian Revolution. The author wroteRead MoreLiterary Analysis Of Animal Farm By George Orwell1310 Words   |  6 PagesLiterary Analysis of Animal Farm Although they claimed the farm to be a utopia, the pigs secretly were deceiving their fellow animals and turning the farm into a dystopia. In George Orwell s Animal Farm all of the animals are mistreated by Farmer Jones, but they wish to be treated as equals and live in a utopia so they rebel and take over the farm. The animals first write commandments to avoid chaos, but the leader pigs selfishly modify the commandments in their favor. In the end, the farm isRead MoreLiterary Analysis Of Animal Farm By George Orwell1460 Words   |  6 PagesLiterary Analysis of Animal Farm A quote from Wayne Dyer, a late American author and motivational speaker, says that â€Å"[f]reedom means you are unobstructed in living your life as you choose. Anything less is a form of slavery.† This promotes the idea that ultimate freedom to control one’s life is the only way to live. One way to achieve this freedom, if not given, is to stage a revolution against authority. In Animal Farm, a novel by George Orwell, parallels are drawn between his characters and theRead MoreLiterary Analysis Of Animal Farm By George Orwell1405 Words   |  6 PagesLiterary analysis of Animal Farm The rebellion was to escape from people and their cruel ways, but can they escape the death-grip of their own kind? The animals of animal farms are mistreated and have no rights. Mr and Mrs. Jones were the owners of Manor Farm, the human oppressors, and authoritarians of the animals. The animals rebel against the Jones and take over the farm. They create a utopian society for themselves, but the utopia quickly turns into a dystopia when the pigs take control ofRead MoreAnimal Farm And Fahrenheit 451 Literary Analysis811 Words   |  4 PagesNegroes were being discriminated against. Again this theme of â€Å"the struggle for freedom† is shown in the book Animal Farm by George Orwell, and Fahrenheit 451 by Ray Bradbury. In both of these novels the characters struggle to gain their freedom from the restrictions society placed on them. Freedom is only attained when it is fought for as shown in â€Å"I Have a Dream†, Fahrenheit 451, and Animal Farm. In the novel, Fahrenheit 451, Montag struggles for freedom despite societys restrictions. This is demonstratedRead MoreAnimals Take Over in Animal Farm by George Orwell1370 Words   |  6 PagesIn the novel â€Å"Animal Farm† by George Orwell, the animals take over the farm and develop their own independent society. Just as it happened during the Russian Revolution of 1917. George Orwell underlies the tension between the oppressed and the exploiting classes between the condescending ideals and harsh realities of socialism. During the course of the literary piece by George Orwell makes it clear how the animals are mistreated by â€Å"Mr. Jones â€Å", because of this treatment they are receiving; OldRead MoreAnimal Farm Paradox Analysis1013 Words   |  5 PagesPublished Sample Analysis: In this part in Animal Farm, the pigs wish to enact rules that will benefit them at the expense of the other animals on the farm. In one of their rules, a paradox is created whose function is to expose the truth that despite governments claiming to treat everyone equally, they tend to favor certain groups over others. The paradox is created through the statement that some are more equal than others, which is a contradicting statement because if some are more equal thanRead MoreAnimal Farm Film Analysis838 Words   |  4 Pages This essay is a comparative analysis between the film and novel, Animal Farm. Animal Farm was written by George Orwell in 1943 and published on the 17th of August 1945. A motion picture of the novel was later produced on the 29th of December 1954 by director Joy Bachelor. There are many differences and similarities between the novel and film involving the use of characters, symbolism, themes, dialogue and events. Animal farm was a successful novel as the length was 112 pages, therefore the movieRead MoreComparision of The Chrysalids and Animal Farm Essay2185 Words   |  9 PagesChrysalids and Animal Farm, which will be compared and contrasted in the following essay, demonstrating the fact that they both target the general audience and not one particular group of readers. The comparison between both novels will be done via the contrast of specific literary elements such as the plot and the moods of the novels, the point of view of the narration and the style of the author, and also via the themes the authors try to convey to their audience through their literary work. It

Pearl (486 words) Essay Example For Students

Pearl (486 words) Essay PearlIn John Steinbecks The Pearl, a poor yet humble pearl diver by the name of Kinofinds a giant pearl with which he hopes to buy peace and happiness for hisfamily and an education for his son, Coyotito. Instead, he learns that thevaluable Pearl of the World can not buy happiness but only destroy his simple,yet content, life. As soon as Kinos son, Coyotito, is bitten by a deadlyscorpion, Juana, the mother of Coyotito, naturally turns towards the spiritualaspects of life by praying for her sons endangered life. Knowing that the biteis extremely deadly, they take Coyotito to the doctor, be he refuses to assistthe child because of the familys financial status so the family now turns tothe sea to seek their fortune. When Juana set sight on the Pearl of theWorld, she felt as though all her prayers had been answered. News spreadsquickly that Kino has found the immense pearl and as soon as the doctor hears ofthe newfound wealth, he rushes to the aid of Coyotito. After this, the pearlbrings nothing but trouble once the pearl buyers try to cheat him for the pearl. Kino is also attacked for the pearl and in one of the fights, he kills a man. Hethen flees with his family to the city where three men hunt them down. In aneffort to escape, Kino attacks the men but not before they fire a shot into themountains and mortally wound Coyotito. After the sudden death, Kino and Juanahead back to the village where they heave the evil pearl into the ocean and hopethat its burdens are never bestowed on any person again. Throughout ThePearl, Kinos character is indirectly revealed by his actions and thoughts. Inthe beginning of the story, he appears to be a very hardworking man and also aman of good morals. He showed these qualities by simply supporting his familyand working hard everyday diving for pearls. But after finding the Pearl of theWorld, Kino slowly began to change. Without knowing it, Kino was beginning toconsider the pearl more important than his family. He did anything to keep it,even endangering his family. When he was being tracked down, he could havehanded over the pearl to the trackers and saved his family, but instead he justcontinued running and all he has to show for it is Coyotitos death. Becauseof this, Kino would also be considered greedy by the end of the story. The themeof The Pearl teaches us not to let wealth or even fame change who we are or theway we act. No matter what, we are always the same people on the inside and noteven a million dollars should make a difference. In the story, Kino was not thisstrong and he just didnt know when to stop running. If he would have justtaken the first offer he got for the pearl, he would have been a much happierman and he would still have his entire family.

The Electoral College Essays (199 words) - Electoral College

The Electoral College The History of the Electoral College The electoral college was developed by the framers of the constitution. This proved to be more difficult than they anticipated. The founding fathers faced the difficult question of how to elect a president in a nation that: was composed of thirteen large and small states, contained only 4,000,000 people spread up and down the Atlantic seaboard barely connected by transportaion so national campag They were not willing to give the choice of president to the average citizen. Instead, they divised a group of select citizens called electors-the Electoral College-should decide the president. Candidate that received the highest number of votes would become president. The one with the next highest votes would become vice president. In 1800 when Aaron Burr and Thomas Jefferson reviced the same number of electoral votes the system had to be changed. Each elector was now to vote for one person for president and one person for vice president The text of your term paper begins here. The sample footnotes are written in the Modern Language Association (MLA) style. Make sure that you use the footnote and bibliography style preferred by your instructor, and that both types of reference use the same style guidelines. Government Essays