The Enron Scandal
The collapse of the Enron Corporation had a huge impact on various people and institutions. Thousands of Enron employees were left unemployed. Enron had encouraged employees to invest in the company and matched their 401(k) contributions with company stock prior to the final stock plunge. Billions of dollars in stock value were erased. The stock has been delisted from the New York Stock Exchange. The majority of these employees and retirees were left with next to nothing in their accounts. Two of Enron's biggest lenders were J.P. Morgan Chase and Citigroup both recorded hundreds of millions of dollars in Enron-related losses. But banks and regulators said the overall impact was minimal, because no one bank is overinvested in Enron. Even politicians were effected by the collapse of Enron. Several prominent politicians from both parties returned Enron contribution money to the company or contributed it to charity. Others have been asked about their relationships with Enron.
There were a lot of bad decisions that ultimately led to the collapse of Enron, certainly "creative accounting" had a huge impact on the company. But when combined with an overly competitive environment and a system that fed egotism and greed, it made for a very destructive combination. …
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