Nov 2010

On This Deity: 28th November 2001

I’ve another piece over at Dorian’s place.

28th November 2001: The Collapse of Enron.

The collapse of US energy and trading conglomerate, Enron, played out over several months in 2001 but we choose to note its passing today. For it was on November 28th, 2001 that the scale of the deceit and fraud perpetrated by the Enron management became apparent to the world. On the morning of the 28th, even as Linda Lay – wife of Enron’s Chairman, Kenneth – was offloading over a million dollars in company stock, the last ditch attempt to save one of America’s largest corporations was unravelling. A couple of weeks earlier Dynegy, another Houston-based energy company, had met with Ken Lay and offered the ailing Enron a lifeline in the form of a 9 billion dollar buyout. Over the course of the subsequent two weeks however, Dynegy unearthed some rather startling facts in their examination of the company accounts and withdrew their offer, bringing to an end any hope of hiding the crimes of Enron.

read the rest…

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