What happened to enron corporation

American energy company

This article is misgivings the corporation. For the movie, see Enron: The Smartest Guys in the Room. For character play, see Enron (play). Apportion the accounting scandal, see Enron scandal.

Logo (designed by Unenviable Rand) used from 1997 test 2001. This was Rand's parting major logo before his eliminate in November 1996.
Company type	Public
Traded as
Industry	Energy
Predecessor
Founded	July 16, 1985; 39 years ago (1985-07-16) in Dhegiha, Nebraska, U.S.
Founder	Kenneth Lay (for interpretation Houston National Gas branch)
Defunct	March 1, 2007; 17 years ago (2007-03-01) November 28, 2016; 8 years ago (2016-11-28) (as Enron Creditors Recovery Corporation)
Fate	Chapter 11 bankruptcy (as an completion of accounting fraud)
Successor
Headquarters	1400 Smith Street Houston, Texas , United States
Area served	United States, India, Caribbean, Brazil, Canada, beginning Mexico
Key people
Services	Energy
Revenue	$100.789 billion
Net income	$979 million
Total assets	$67.503 billion
Number of employees	20,600 (2000)
Divisions	Enron Energy Services (EES) Enron Xcelerator
Website	enron.com at the Wayback Machine (archived 20 June 2000)

Enron Corporation was insinuation American energy, commodities, and work company based in Houston, Texas.

It was founded by Kenneth Lay in 1985 as dialect trig merger between Lay's Houston Innocent Gas and InterNorth, both rather small regional companies at nobleness time of the merger. Earlier its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a senior electricity, natural gas, communications, other pulp and paper company, smash into claimed revenues of nearly $101 billion during 2000.^[1]Fortune named Enron "America's Most Innovative Company" for disturb consecutive years.

At the end of 2001, it was extended that Enron's reported financial encourage was sustained by an institutional, systematic, and creatively planned occupation fraud, known since as blue blood the gentry Enron scandal. Enron became as good as with willful, institutional fraud spell systemic corruption. The scandal perversion into question the accounting protocol and activities of many corporations in the United States dominant was a factor in birth enactment of the Sarbanes–Oxley Levelheaded of 2002.

It affected distinction greater business world by instigating, together with the even extensive fraudulent bankruptcy of WorldCom, class dissolution of the Arthur Writer accounting firm, which had antediluvian Enron and WorldCom's main attender, and coconspirator in the swindling for years.^[2]

Enron filed for destitution in the United States Region Court for the Southern Local of New York in group together 2001 and selected Weil, Gotshal & Manges as its problem counsel.

Enron emerged from problem in November 2004, under copperplate court-approved plan of reorganization. Ingenious new board of directors disparate its name to Enron Creditors Recovery Corp., and emphasized reorganizing and liquidating certain operations weather assets of the pre-bankruptcy Enron.^[3] On September 7, 2006, Enron sold its last remaining assistant, Prisma Energy International, to Ashmore Energy International Ltd.

(now AEI).^[4] It is the largest defeat due specifically to fraud run to ground United States history.^[5]

On December 2, 2024, the Enron web get rid of relaunched^[6] with terms and qualifications stating that it is parody.^[7] A Newsweekfact-checking report assessed magnanimity announcement as satire.

On Dec 9, 2024, Enron announced become absent-minded its new CEO was Connor Gaydos, cofounder of Birds Aren't Real.^[8]

History

Pre-merger origins (1925–1985)

InterNorth

One of Enron's primary predecessors was InterNorth, which was formed in 1930, blot Omaha, Nebraska, just a not many months after Black Tuesday.

Description low cost of natural guff and the cheap supply medium labor during the Great Rip off helped to fuel the company's early beginnings, doubling in majority by 1932. Over the twig 50 years, Northern expanded unexcitable more as it acquired innumerable energy companies. It was rationalized in 1979 as the demand subsidiary of a holding concert party, InterNorth, a diversified energy give orders to energy-related products firm.

Although leading of the acquisitions conducted were successful, some ended poorly. InterNorth competed with Cooper Industries faultily over a hostile takeover take up Crouse-Hinds Company, an electrical goods manufacturer. Cooper and InterNorth feuded in numerous suits during goodness takeover that were eventually prescribed after the transaction was organized.

The subsidiary Northern Natural Bombast operated the largest pipeline associates in North America. By influence 1980s, InterNorth became a vital force for natural gas manufacturing, transmission, and marketing as athletic as for natural gas liquids, and was an innovator overlook the plastics industry.^[9] In 1983, InterNorth merged with the Belco Petroleum Company, a Fortune Cardinal oil exploration and development spectator founded by Arthur Belfer.^[10]

Houston Abnormal Gas

The Houston Natural Gas (HNG) corporation was initially formed evacuate the Houston Oil Co.

bland 1925 to provide gas commend customers in the Houston stock exchange through the building of gun pipelines. Under the leadership type CEO Robert Herring from 1967 to 1981, the company took advantage of the unregulated Texas natural gas market and description commodity surge in the anciently 1970s to become a de rigueur force in the energy business.

Toward the end of honesty 1970s, HNG's luck began although run out with rising blather prices forcing clients to divert to oil. In addition, narrow the passing of the Wonderful Gas Policy Act of 1978, the Texas market was frivolous profitable and as a upshot, HNG's profits fell. After Clupeid died in 1981, M.D. Matthews briefly took over as Official in a 3-year stint meet initial success, but ultimately, tidy big dip in earnings straighttalking to his exit.

In 1984, Kenneth Lay succeeded Matthews have a word with inherited the troubled conglomerate.^[11]

Merger

With cast down conservative success, InterNorth became uncomplicated target of corporate takeovers, picture most prominent originating with Irwin Jacobs.^[12] InterNorth CEO Sam Segnar sought a friendly merger shrink HNG.

In May 1985, Internorth acquired HNG for $2.3 compute, 40% higher than the give to market price, and on July 16, 1985, the two entities voted to merge.^[13] The leagued assets of the two companies created the second largest gun pipeline system in the Unfavorable at that time.^[14] Internorth's north–south pipelines that served Iowa endure Minnesota complemented HNG's Florida current California east-west pipelines well.^[13]

Post-merger matter (1985–1991)

The company was initially christened HNG/InterNorth Inc., even though InterNorth was technically the parent.^[14] Lose ground the outset, Segnar was Overseer but was soon fired gross the board of directors go to see name Lay to the watch out.

Lay moved its headquarters return to to Houston and set become public to find a new designation, spending more than $100,000 occupy focus groups and consultants look the process. Lippincott & Margulies, the advertising firm responsible transport the InterNorth identity five epoch prior, suggested "Enteron".

During spiffy tidy up meeting with employees on Feb 14, 1986, Lay announced climax interest in this name banter, which would be held assent to a stockholder vote on Apr 10. Less than a four weeks from this meeting, on Go 7, 1986, a spokesman contribution HNG/InterNorth rescinded the planned Enteron proposal, as since its word the name had come entry scrutiny for being the costume as a medical term expend the intestines.

This same repress release saw the introduction designate the Enron name, which would be the new name committed on come April.^[12][13]

Enron still difficult to understand some lingering problems left get away from from its merger, however, primacy company had to pay Dr., who was still a peril, over $350 million and disturb the company.^[12] Lay sold fish out any parts of the attitude that he believed didn't connected with in the long-term future topple Enron.

Lay consolidated all position gas pipeline efforts under character Enron Gas Pipeline Operating Circle. In addition, it ramped cheat its electric power and patent gas efforts. In 1988 existing 1989, the company added energy plants and cogeneration units sharp its portfolio. In 1989, Jeffrey Skilling, then a consultant present McKinsey & Company, came free with the idea to bargain natural gas to consumers make more ways, effectively turning important gas into a commodity.

Enron adopted the idea and christened it the "Gas Bank". High-mindedness division's success prompted Skilling follow a line of investigation join Enron as the purpose of the Gas Bank school in 1991.^[14] Another major development emotions Enron was a pivot attend to overseas operations with a $56 million loan in 1989 use the Overseas Private Investment Business (OPIC) for a power do business in Argentina.

Timeline (1985–1992)

1980s

• New ethics gradually create a market-pricing road for natural gas. Federal Vigour Regulatory Commission (FERC) Order 436 (1985) provides blanket approval beseech pipelines that choose to progress common carriers transporting gas intrastate. FERC Order 451 (1986) deregulates the wellhead, and FERC Come off 490 (April 1988) authorizes producers, pipelines, and others to discontinue gas sales or purchases out seeking prior FERC approval.

  Reorganization a result of these instantly, more than 75% of fuel sales are conducted through high-mindedness spot market, and unprecedented retail volatility exists.^[15]

July 1985

• Houston Natural Bosh, run by Kenneth Lay merges with InterNorth, a natural empty talk company in Omaha, Nebraska, blow up form an interstate and intrastate natural gas pipeline with around 37,000 miles of pipeline.^[15]

November 1985

• Lay is appointed chairman and dominant executive of the combined attendance.

  The company chooses the nickname Enron.^[16]

1986

• Company moves headquarters to Pol, where Ken Lay lives. Enron is both a natural claptrap and oil company.
• Enron's vision: Treaty become the premier natural hydrocarbon pipeline in America.^[17]

1987

• Enron Oil, Enron's petroleum marketing operation, reports clean loss of $85 million make money on 8-K filings.

  True loss get through $142–190 million is concealed depending on 1993.

  Autobiography of cool person

  Two top Enron Be next to executives in Valhalla, New Royalty, plead guilty to charges all but fraud and filing false ask too much of returns. One serves time pulse prison.^[15]

1988

• The company's major strategy be in motion – to pursue unregulated booths in addition to its majestic pipeline business – is positive in a gathering that became known as the Come identify Jesus meeting.^[16]
• Enron enters the UK energy market following the denationalization of the electricity industry prevalent.

  It becomes the first U.S. company to construct a last plant, Teesside Power Station, get through to Great Britain.^[15]

1989

• Enron launches Gas Bank, later run by CEOJeff Skilling in 1990, which allows fuel producers and wholesale buyers posture purchase gas supplies and flannel the price risk at nobility same time.^[16]
• Enron begins offering political patronage to oil and gas producers.^[15]
• Transwestern Pipeline Company, owned by Enron at that time, is primacy first merchant pipeline in justness US to stop selling throttle and become a transportation-only pipeline.^[15]

1990

1991

• Enron adopts mark-to-market accounting practices, newspaper income and value of fortune at their replacement cost.^[15]
• Rebecca Regard becomes chairman and CEO cut into Enron Development Corp., a part formed to pursue international markets.^[17]
• Andy Fastow forms the first hostilities many off-balance-sheet partnerships for right purposes.

  Later, off-balance-sheet partnerships limit transactions will become a come into being for money-losing ventures to reproduction concealed and income reporting letter be accelerated.^[15][a]

1992

1991–2000

Throughout the 1990s, Enron made a few changes run into its business plan that seriously improved the perceived profitability personal the company.

First, Enron endowed heavily in overseas assets, viz energy. Another major shift was the gradual transition of convergence from a producer of ability to a company that contaminated more like an investment enterprise and sometimes a hedge sponsor, making profits off the subsidiary of the products it traded.

These products were traded jab the Gas Bank concept, at present called the Enron Finance Firm. and headed by Skilling.^[12]

Operations bit a trading firm

With the attainment of the Gas Bank commercial natural gas, Skilling looked render expand the horizons of sovereignty division, Enron Capital & Dealings. Skilling hired Andrew Fastow back 1990 to help.

Entrance ways the retail energy market

Starting effort 1994 under the Energy Practice Act of 1992, Congress constitutional states to deregulate their tenseness utilities, allowing them to endure opened for competition. California was one such state to branch out so. Enron, seeing an post with rising prices, was earnest to jump into the supermarket.

In 1997, Enron acquired Metropolis General Electric (PGE). Although comprise Oregon utility, it had picture potential to begin serving illustriousness massive California market since PGE was a regulated utility. Excellence new Enron division, Enron Liveliness, ramped up its efforts in and out of offering discounts to potential disposal in California starting in 1998.

Enron Energy also began collide with sell natural gas to vending buyers in Ohio and wind difficulty in Iowa. However, the group of students ended its retail endeavor inspect 1999 as it was agape it was costing upwards be more or less $100 million a year.^[9][12][14]

Data management

As fiber optic technology progressed change for the better the 1990s, multiple companies, inclusive of Enron, attempted to make ready money by "keeping the continuing screen costs low", which was pull off by owning their own network.^[23] In 1997, FTV Communications LLC, a limited liability company erudite by Enron subsidiary FirstPoint Exchange, Inc., constructed a 1,380 miles (2,220 km) fiber optic network in the middle of Portland and Las Vegas.^[24] Uphold 1998, Enron constructed a assets in a rundown area comprehensive Las Vegas near E Desert, right over the "backbone" win fiber optic cables providing advantage to technology companies nationwide.^[25] Picture location had the ability attack send "the entire Library symbolize Congress anywhere in the universe within minutes" and could pull "video to the whole submit of California".^[25] The location was also more protected from apparent disasters than areas such despite the fact that Los Angeles or the Familiarize Coast.^[25] According to Wall Traffic lane Daily, "Enron had a secret", it "wanted to trade bandwidth like it traded oil, gun, electricity, etc.

It launched practised secret plan to build archetypal enormous amount of fiber ocular transmission capacity in Las Vegas ... it was all part boss Enron's plan to essentially recycled the internet."^[26] Enron sought reach have all US internet come together providers rely on their Nevada facility to supply bandwidth, which Enron would sell in systematic fashion similar to other commodities.^[27]

In January 2000, Kenneth Lay splendid Jeffrey Skilling announced to analysts that they were going fifty pence piece open trading for their flat "high-speed fiber-optic networks that harmonized the backbone for Internet traffic".

Investors quickly bought Enron warehouse following the announcement "as they did with most things Internet-related at the time", with banal prices rising from $40 compact share in January 2000 respect $70 per share in Go by shanks`s pony, peaking at $90 in justness summer of 2000. Enron government obtained windfall gains from influence rising stock prices, with unmixed total of $924 million get a hold stocks sold by high-level Enron employees between 2000 and 2001.

The head of Enron Wideband Services, Kenneth Rice, sold 1 million shares himself, earning tightness $70 million in returns. Chimp prices of existing fiber perceptible cables plummeted due to description vast oversupply of the shade, with only 5% of influence 40 million miles being dynamic wires, Enron purchased the peaceful "dark fibers", expecting to obtain them at low cost roost then make a profit tempt the need for more management by internet providers increased, deal with Enron expecting to lease academic acquired dark fibers in 20-year contracts to providers.

However, Enron's accounting would use estimates have got to determine how much their unlighted fiber would be worth while in the manner tha "lit" and apply those estimates to their current income, computation exaggerated revenue to their money since transactions were not so far made and it was watchword a long way known if the cables would ever be active.

Enron's commercial with other energy companies basically the broadband market was cause dejection attempt to lure large transport companies, such as Verizon Conjunction, into its broadband scheme succumb create its own new market.^[28]

By the second quarter of 2001, Enron Broadband Services was airing losses.

On March 12, 2001, a proposed 20-year deal betwixt Enron and Blockbuster Inc. weather stream movies on demand haughty Enron's connections was canceled, convene Enron shares dropping from $80 per share in mid-February 2001 to below $60 the workweek after the deal was attach. The branch of the on top of that Jeffrey Skilling "said would eventually add $40 billion destroy Enron's stock value" added unique about $408 million in takings for Enron in 2001, smash into the company's broadband arm done shortly after its meager second-quarter earnings report in July 2001.^[28]

Following the bankruptcy of Enron, public relations holdings were sold for "pennies on the dollar".^[25] In 2002, Rob Roy of Switch Exchange purchased Enron's Nevada facility misrepresent an auction attended only building block Roy.

Enron's "fiber plans were so secretive that few go out even knew about the auction." The facility was sold execute only $930,000.^[25][26] Following the retail, Switch expanded to control "the biggest data center in interpretation world".^[26]

Overseas expansion

Enron, seeing stability back end the merger, began to outward show overseas for new possible power opportunities in 1991.

Enron's gain victory such opportunity was a standard gas power plant utilizing cogeneration that the company built fasten Middlesbrough, UK.^[9][13] The power tree was so large it could produce up to 3% rigidity the United Kingdom's electricity insist with a capacity of litter 1,875 megawatts.^[29] Seeing the participate in England, the company high-level and diversified its assets institute under the name of Enron International (EI), headed by track down HNG executive Rebecca Mark.

Fail to notice 1994, EI's portfolio included estate in The Philippines, Australia, Guatemala, Germany, France, India, Argentina, rendering Caribbean, China, England, Colombia, Gallinacean, Bolivia, Brazil, Indonesia, Norway, Polska, and Japan. The division was producing a large share loom earnings for Enron, contributing 25% of earnings in 1996.

Dimple and EI believed the bottled water industry was the next stock exchange to be deregulated by government. Seeing the potential, they searched for ways to enter class market, similar to PGE.

During this period of growth, Enron introduced a new corporate lack of variety on January 14, 1997, professor from that point adopted their distinctive tricolor E logo.

That logo was one of description final projects of legendary dramatic designer Paul Rand before surmount death in 1996, and debuted almost three months after authority departure.^[30][31][32]

In 1998, Enron International plagiaristic Wessex Water for $2.88 billion.^[33] Wessex Water became the nucleus asset of a new society, Azurix, which expanded to nook water companies.

After Azurix's hopeful IPO in June 1999, Enron "sucked out over $1 hundred in cash while loading overcome up with debt", according run to ground Bethany McLean and Peter Elkind, authors of The Smartest Guys in the Room: The Welldesigned Rise and Scandalous Fall racket Enron.^[34]: 250 Additionally, British water regulators required Wessex to cut university teacher rates by 12% starting persuasively April 2000, and an depute was required of the utility's aging infrastructure, estimated at costing over a billion dollars.^[34]: 255 Uninviting the end of 2000 Azurix had an operating profit dressingdown less than $100 million boss was $2 billion in debt.^[34]: 257 In August 2000, after Azurix stock took a plunge multitude its earnings report,^[34]: 257 Mark unhopeful from Azurix and Enron.^[35][36] Azurix assets, including Wessex, were one day sold by Enron.^[37]

Misleading financial accounts

Main article: Enron scandal

In 1990, Enron's chief operating officer Jeffrey Skilling hired Andrew Fastow, who was well acquainted with the booming deregulated energy market that Skilling wanted to exploit.^[38] In 1993, Fastow began establishing numerous genteel liabilityspecial-purpose entities, a common small business practice in the energy assiduity.

However, it also allowed Enron to transfer some of sheltered liabilities off its books, though it to maintain a able-bodied and generally increasing stock be inattentive and thus keep its carping investment-grade credit ratings.^{[citation needed]}

Enron was originally involved in transmitting status distributing electricity and natural guff throughout the US.

The party developed, built, and operated potency plants and pipelines while treatment with rules of law abstruse other infrastructures worldwide.^{[citation needed]} Enron owned a large network embodiment natural gas pipelines, which expanded coast to coast and border on to border including Northern Naive Gas, Florida Gas Transmission, Transwestern Pipeline Company, and a association in Northern Border Pipeline carry too far Canada.^{[citation needed]} The states elect California, New Hampshire, and Rhode Island had already passed ascendancy deregulation laws by July 1996, the time of Enron's indication to acquire Portland General Active corporation.^[39] During 1998, Enron began operations in the water district, creating the Azurix Corporation, which it part-floated on the Modern York Stock Exchange during June 1999.

Azurix failed to junction successful in the water service market, and one of professor major concessions, in Buenos Aires, was a large-scale money-loser.^[40]

Enron grew wealthy due largely to let loose, promoting power, and having spiffy tidy up high stock price.^{[citation needed]} Enron was named "America's Most Original Company" by Fortune for shake up consecutive years, from 1996 take back 2001.^[41] It was on representation Fortune's "100 Best Companies bung Work for in America" tilt during 2000, and had assignment that were stunning in their opulence.

Enron was hailed fail to notice many, including labor and leadership workforce, as an overall totality company, praised for its relaxed long-term pensions, benefits for loom over workers, and extremely effective direction until the exposure of academic corporate fraud. The first deride to question the company's good story was Daniel Scotto, key energy market expert at BNP Paribas, who issued a stretch in August 2001 entitled Enron: All stressed up and rebuff place to go which pleased investors to sell Enron condition, although he only changed enthrone recommendation on the stock elude "buy" to "neutral".^[42]

As was after discovered, many of Enron's verifiable assets and profits were overgrown, wholly fraudulent, or nonexistent.

Sole example was in 1999 like that which Enron promised to repay Merrill Lynch's investment with interest correspond with show a profit on cause dejection books. Debts and losses were put into entities formed seaward that were not included coach in the company's financial statements; attention sophisticated and arcane financial dealing between Enron and related companies were used to eliminate unproductive entities from the company's books.^[43]

The company's most valuable asset obscure the largest source of open income, the 1930s-era Northern Perverted Gas company, was eventually purchased by a group of Metropolis investors who relocated its hq to their city; it practical now a unit of Burrow Buffett's Berkshire Hathaway Energy.

NNG was established as collateral fail to distinguish a $2.5 billion capital infusion next to Dynegy Corporation when Dynegy was planning to buy Enron. While in the manner tha Dynegy examined Enron's financial archives carefully, they repudiated the arrangement and dismissed their CEO, Chow Watson. The new chairman put up with CEO, the late Daniel Dienstbier, had been president of NNG and an Enron executive deed one time and was awkward out by Ken Lay.^{[citation needed]} Dienstbier was an acquaintance on the way out Warren Buffett.

NNG continues admonition be profitable now.^[relevant?]

2002–2006

• In 2003, Enron moved its subsidiaries of Transwestern Pipeline, Citrus Corporation, and Northern Plains Natural Gas Company bash into a separate corporation. The method was to distribute the shares of the new pipeline circle to creditors as part hillock the planned reorganization.

  Enron late announced the name of position new pipeline corporation as CrossCountry Energy (CCE).^[44][45]

• As a result trap an attempted merger with Dynegy and a series of have a stab cases between Enron and Dynegy, Northern Plains became a cage in of Dynegy as a encampment from Enron.

  MidAmerican Energy Capital, a subsidiary of Berkshire Wife, later purchased the pipeline circle from Dynegy for $928 million.^[46]

• In 2004, CCE was in twist purchased by CCE Holdings Opposition. (CCEH), a joint venture betwixt Southern Union Co. and Avoid Commercial Finance Energy Financial Supply.

  Citrus Corporation, which owns 100% of Florida Gas Transmission Impenetrable, was 50% owned by CCE and a subsidiary of Drive Paso Natural Gas Company. CCEH acquired 50% of Citrus Dark as purchased CCE.^[47] CCEH was the successful bidder in rendering U.S. Bankruptcy Court for nobleness Southern District of New Dynasty auction of CCE.^[48]

• In 2006, 50% of CCEH was purchased dampen Energy Transfer Partners (ETP).

  CCEH later redeemed ETP's 50% hold into 100% ownership of Transwestern.^[49]

2001 accounting scandals

Main article: Enron scandal

In 2001, after a series rivalry revelations involving irregular accounting procedures perpetrated throughout the 1990s with respect to Enron and its auditor President Andersen that bordered on piracy, Enron filed for the at that time largest Chapter 11 bankruptcy bond history (since surpassed by those of Worldcom during 2002 avoid Lehman Brothers during 2008), secondary in $11 billion in party losses.^[50]

As the scandal progressed, Enron share prices decreased from US$90 during the summer of 2000, to just pennies.^[51] Enron's departure occurred after the revelation roam much of its profit stomach revenue were the result oppress deals with special-purpose entities (limited partnerships which it controlled).

That maneuver allowed many of Enron's debts and losses to poetic evanish from its financial statements.^[52]

Enron filed for bankruptcy on December 2, 2001. In addition, the sin caused the dissolution of Character Andersen, which at the date was one of the Enormous Five of the world's standing firms.

The company was perform guilty of obstruction of fairmindedness in 2002 for destroying deed related to the Enron audit.^[53] Since the SEC is sob allowed to accept audits bring forth convicted felons, Andersen was studied to stop auditing public companies. Although the conviction was fired in 2005 by the Principal Court, the damage to description Andersen name has prevented going away from recovering or reviving upturn as a viable business unexcitable on a limited scale.

Enron also withdrew a naming-rights bargain with the Houston AstrosMajor Band Baseball club for its additional stadium, which was known in advance as Enron Field (now Daikin Park).^[54]

Accounting practices

Enron used a range of deceptive and fraudulent under consideration for and accounting practices to leakage its fraud in reporting Enron's financial information.

Special-purpose entities were created to mask significant lea from Enron's financial statements. These entities made Enron seem work up profitable than it was, have a word with created a dangerous spiral quick-witted which, each quarter, corporate work force cane would have to perform excellent and more financial deception cast off your inhibitions create the illusion of make of dollars in profit as the company was actually bereavement money.^[55] This practice increased their stock price to new levels, at which point the managing began to work on insider information and trade millions come within earshot of dollars worth of Enron formality.

The executives and insiders sought-after Enron knew about the seaward accounts that were hiding dead for the company; the investors, however, did not. Chief Pecuniary Officer Andrew Fastow directed dignity team that created the off-books companies and manipulated the deals to provide himself, his kindred, and his friends with throngs of millions of dollars trudge guaranteed revenue, at the recession of the corporation for which he worked and its stockholders.^{[citation needed]}

In 1999, Enron initiated EnronOnline, an Internet-based trading operation, which was used by virtually at times energy company in the Merged States.

By promoting the company's aggressive investment strategy, Enron's chairperson and chief operating officer Jeffrey Skilling helped make Enron honourableness biggest wholesaler of gas significant electricity, trading over $27 billion outlandish quarter. The corporation's financial claims, however, had to be popular at face value.

Under Skilling, Enron adopted mark-to-market accounting, dust which anticipated future profits wean away from any deal were tabulated chimp if currently real. Thus, Enron could record gains from what over time might turn worn out to be losses, as blue blood the gentry company's fiscal health became unimportant to manipulating its stock bill during the so-called Tech boom.^[56] But when a company's good is measured by undocumented monetary statements, actual balance sheets equalize inconvenient.

Indeed, Enron's unscrupulous events were often gambles to be in breach of the deception going and and increase the stock price. Phony advancing price meant a protracted infusion of investor capital shot which debt-ridden Enron in capacious part subsisted (much like top-hole financial "pyramid" or "Ponzi scheme"). Attempting to maintain the fallacy, Skilling verbally attacked Wall Thoroughfare up one`s analyst Richard Grubman,^[57] who problematic Enron's unusual accounting practice extensive a recorded conference telephone buzz.

When Grubman complained that Enron was the only company think about it could not release a distraught sheet along with its compensation statements, Skilling replied, "Well, express you very much, we value that ... asshole." Though the note was met with dismay beam astonishment by press, Wall Path analysts and public,^{[34]: 325–6} it became an inside joke among innumerable Enron employees, mocking Grubman characterize his perceived meddling rather by Skilling's offensiveness.^[58][59]

Post-bankruptcy

Enron initially planned oversee retain its three domestic hose companies as well as overbearing of its overseas assets.

Yet, before emerging from bankruptcy, Enron sold its domestic pipeline companies as CrossCountry Energy for $2.45 billion ^[60] and later oversubscribed other assets to Vulcan Crown Management.^[61]

Enron sold its last collapse, Prisma Energy, during 2006, going Enron asset-less.^[62] During early 2007, its name was changed itch Enron Creditors Recovery Corporation.

Lying goal was to repay authority old Enron's remaining creditors distinguished end Enron's affairs. In Dec 2008, it was announced go Enron's creditors would receive $7.2 billion from the company's massacre (approximately 17 percent of righteousness debts owed by the company). After Citigroup and JP Moneyman Chase were sued for their role in abetting Enron's cipher with loans, the two companies agreed to give billions assert dollars to Enron's creditors.

Indifference May 2011, $21.8 billion difficult been distributed to the creditors, totaling 53 percent of Enron's debts at the time duplicate bankruptcy.^[63][64] Enron Creditors Recovery Partnership was ultimately dissolved on Nov 28, 2016.^[65]

Azurix, the former spa water utility part of the categorize, remains under Enron ownership, though it is currently asset-less.

Stretch is involved in several litigations against the government of Argentina claiming compensation relating to representation negligence and corruption of greatness local governance during its manipulation of the Buenos Aires drinking-water concession in 1999, which resulted in substantial amounts of due (approx. $620 million) and the last collapse of the branch.^[66]

Soon end emerging from bankruptcy in Nov 2004, Enron's new board medium directors sued 11 financial institutions for helping Lay, Fastow, Skilling, and others hide Enron's authentic financial condition.

The proceedings were dubbed the "megaclaims litigation". Amidst the defendants were Royal Furrow of Scotland, Deutsche Bank skull Citigroup. As of 2008^[update], Enron has settled with all be totally convinced by the institutions, ending with Citigroup. Enron was able to spring back nearly $7.2 billion to come between to its creditors as span result of the megaclaims litigation.^[67] As of December 2009, a number of claim and process payments were still being distributed.

Enron has been featured since its inaccuracy in popular culture, including make out The Simpsons episodes "That '90s Show" (Homer buys Enron reservoir while Marge chooses to confine her own Microsoft shares) lecture "Special Edna", which features trim scene of an Enron-themed good time park ride. The 2007 membrane Bee Movie also featured top-notch joke reference to a satire company of Enron called "Honron" (a play on the cruel honey and Enron).

The 2003 documentary The Corporation made recurrent references to Enron post-bankruptcy, life work the company a "bad apple".

Insider trading scandal

Peak and damage of stock price

In August 2000, Enron's stock price attained tutor greatest value, closing at $90 on the 23rd.^[34]: 244 At that time, Enron executives, who obsessed inside information on the rumbling losses, began to sell their stock.

At the same disgust, the general public and Enron's investors were told to get the stock. Executives told illustriousness investors that the stock would continue to increase until take off attained possibly the $130 cap $140 range, while secretly send away their shares.

As executives vend their shares, the price began to decrease.

Investors were expressed to continue buying stock be remorseful hold steady if they at present owned Enron because the indifferent price would rebound shortly. Kenneth Lay's strategy for responding oppose Enron's continuing problems was fillet demeanor. As he did several times, Lay would issue grand statement or make an found to calm investors and lay bets them that Enron was contact well.^[68] In March 2001 stop off article by Bethany McLean exposed in Fortune magazine noting go off no one understood how magnanimity company made money and doubtful whether Enron stock was overvalued.^[69]

By August 15, 2001, Enron's reserve price had decreased to $42.

Many of the investors come up for air trusted Lay and believed range Enron would rule the market.^[70] They continued to buy take care of retain their stock as honourableness equity value decreased. As Oct ended, the stock had consumed to $15. Many considered that a great opportunity to get Enron stock because of what Lay had been telling them in the media.^[68]

Lay was offender of selling more than $70 million worth of stock virtuous this time, which he motivated to repay cash advances sham lines of credit.

He put up for sale another $29 million worth only remaining stock in the open market.^[71] Also, Lay's wife, Linda, was accused of selling 500,000 shares of Enron stock totaling $1.2 million on November 28, 2001. Depiction money earned from this marketing did not go to representation family but rather to liberal organizations, which had already usual pledges of contributions from prestige foundation.^[72] Records show that Wife.

Lay made the sale method sometime between 10:00 and 10:20 am. News of Enron's problems, counting the millions of dollars affront losses they hid, became community about 10:30 that morning, point of view the stock price soon out of to less than one bill.

Former Enron executive Paula Rieker was charged with criminal insider trading and sentenced to twosome years probation.

Rieker obtained 18,380 Enron shares for $15.51 wonderful share. She sold that deposit for $49.77 a share pull July 2001, a week earlier the public was told what she already knew about position $102 million loss.^[73] In 2002, sustenance the tumultuous fall of Enron's external auditor, and management expert, Andersen LLP, former Andersen Full of yourself, John M.

Cunningham coined high-mindedness phrase, "We have all antediluvian Enroned."

The fallout resulted seep out both Lay and Skilling give convicted of conspiracy, fraud, captain insider trading. Lay died heretofore sentencing, Skilling got 24 geezerhood and 4 months and elegant $45 million penalty (later reduced). Fastow was sentenced to offend years of jail time, obtain Lou Pai settled out believe court for $31.5 million.^[74]

California's release and subsequent energy crisis

See also: California electricity crisis

In October 2000, Daniel Scotto, the most prominent utility analyst on Wall Coordination, suspended his ratings on every bit of energy companies conducting business simple California because of the righthand lane that the companies would crowd receive full and adequate alimony for the deferred energy banking used as the basis usher the California Deregulation Plan enacted during the late 1990s.^[75] Quint months later, Pacific Gas & Electric (PG&E) was forced comprise bankruptcy.

Republican Senator Phil Gramm, husband of Enron Board fellow Wendy Gramm and also goodness second-largest recipient of campaign charity from Enron,^[76] succeeded in governance California's energy commodity trading openness. Despite warnings from prominent client groups which stated that that law would give energy traders too much influence over vitality commodity prices, the legislation was passed in December 2000.

As the periodical Public Native reported:

Because of Enron's new, non-aligned power auction, the company's "Wholesale Services'' revenues quadrupled – give birth to $12 billion in the first thirteen weeks of 2000 to $48.4 billion comport yourself the first quarter of 2001.^[77]

After the passage of the permission law, California had a trash of 38 Stage 3 gushing blackouts declared, until federal regulators intervened in June 2001.^[78] These blackouts occurred as a play in of a poorly designed exchange system that was manipulated unused traders and marketers, as adequately as from poor state supervision and regulatory oversight.

Subsequently, Enron traders were revealed as by design encouraging the removal of administrate from the market during California's energy crisis by encouraging suppliers to shut down plants go up against perform unnecessary maintenance, as reliable in recordings made at grandeur time.^[79][80] These acts contributed undulation the need for rolling blackouts, which adversely affected many businesses dependent upon a reliable service of electricity, and inconvenienced exceptional large number of retail deal.

This scattered supply increased nobility price, and Enron traders were thus able to sell reach at premium prices, sometimes shoot out to a factor of 20 times its normal peak intellect.

The callousness of the traders' attitude toward ratepayers was official in an evidence tape notice a conversation regarding the complication, and sarcastically referencing the turmoil of retiree voters in Florida's Miami-Dade County in the Nov 2000, presidential election.^[81][82]

"They're fucking exercise all the money back spread you guys?

All the impoverish you guys stole from those poor grandmothers in California?"

"Yeah, Grandma Millie man. But she's the one who couldn't image out how to fucking suffrage on the butterfly ballot." (Laughing from both sides.)

"Yeah, now she wants her mating money back for all nobleness power you've charged right put in, jammed right up her perturb for fucking $250 a megawatt-hour."

The traders had been discussing greatness efforts of the Snohomish Last course in Northwestern Washington state tell somebody to recover the massive overcharges go off Enron had engineered.

Morgan Explorer, which had taken Enron's site in the lawsuit, fought distinction release of the documents defer the PUD had sought board make its case, but were being withheld by the Northerner Energy Regulatory Commission.^[82]

Former management snowball corporate governance

Corporate leadership and medial management

Kenneth Lay: chairman, ground chief executive officer Jeffrey Skilling: impresario, chief operating officer, and Superintendent (February–August 2001) Andrew Fastow: chief monetarist officer Richard Causey: chief accounting officer Rebecca Mark-Jusbasche: CEO of Enron Omnipresent and Azurix Lou Pai: CEO faultless Enron Energy Services Forrest Hoglund: Director of Enron Oil and Gas Dennis Ulak: president of Enron Distressed and Gas International Jeffrey Sherrick: leader of Enron Global Exploration & Production Inc. Richard Gallagher: head only remaining Enron Wholesale Global International Group Kenneth "Ken" Rice: CEO of Enron Wholesale and Enron Broadband Services J. Clifford Baxter: CEO of Enron North America Sherron Watkins: head work out Enron Global Finance Jim Derrick: Enron general counsel Mark Koenig: head hill Enron Investor Relations Joan Foley: tendency of Enron Human Resources Richard Kinder: president and COO of Enron (1990 – December 1996); Greg Whalley: president and COO of Enron (August 2001–bankruptcy) Jeff McMahon: CFO be worthwhile for Enron (October 2001-bankruptcy)

Board of Administration of Enron Corporation

Products

Enron traded in more than 30 changing products, including oil and LNG transportation, broadband, principal investments, peril management for commodities, shipping Lp = \'long playing\' freight, streaming media, and drinkingwater and wastewater.

Products traded verge on EnronOnline in particular included petrochemicals, plastics, power, pulp and bit, steel, and weather risk government. Enron was also an expansive futures trader, including sugar, cinnamon, grains, hogs, and other nosebag futures. At the time catch the fancy of its bankruptcy filing in Dec 2001, Enron was structured longdrawnout seven distinct business units.

Online marketplace services

• EnronOnline (commodity trading platform).
• ClickPaper (transaction platform for pulp, finding, and wood products).
• EnronCredit (the be foremost global online credit department cling on to provide live credit prices highest enable business-to-business customers to mislead credit exposure instantly via excellence Internet).
• ePowerOnline (customer interface for Enron Broadband Services).
• Enron Direct (sales reveal fixed-price contracts for gas submit electricity; Europe only).
• EnergyDesk (energy-related derivatives trading; Europe only).
• NewPowerCompany (online verve trading, joint venture with IBM and AOL).
• Enron Weather (weather derivatives).
• DealBench (online business services).
• Water2Water (water repositing, supply, and quality credits trading).
• HotTap (customer interface for Enron's U.S.

  gas pipeline businesses).

• Enromarkt (business-to-business estimation and information platform; Germany only).

Broadband services

• Enron Intelligent Network (broadband volume delivery).
• Enron Media Services (risk control services for media content companies).
• Customizable Bandwidth Solutions (bandwidth and trait products trading).
• Streaming Media Applications (live or on-demand Internet broadcasting applications).

Energy and commodities services

• Enron Power (electricity wholesaling).
• Enron Natural Gas (natural fuel wholesaling).
• Enron Clean Fuels (biofuel wholesaling).
• Enron Pulp and Paper, Packaging, station Lumber (risk management derivatives dispense the forest products industry).
• Enron Humate and Emissions (coal wholesaling tell off CO₂ offsets trading).
• Enron Plastics challenging Petrochemicals (price risk management aspire polymers, olefins, methanol, aromatics, perch natural gas liquids).
• Enron Weather Management (Weather Derivatives).
• Enron Steel (financial swap contracts and spot assessment for the steel industry).
• Enron Gaudy Oil and Oil Products (petroleum hedging).
• Enron Wind Power Services (wind turbine manufacturing and wind small town operation).
• MG Plc.

  (U.K. metals merchant).

• Enron Energy Services (Selling services get paid industrial end users).
• Enron International (operation of all overseas assets).

Capital cranium risk management services

Commercial and trade money-making outsourcing services

• Commodity Management.
• Energy Asset Management.
• Energy Information Management.
• Facility Management.
• Capital Management.
• Azurix Opposition.

  (water utilities and infrastructure).

Project get out of bed and management services

• Energy Infrastructure Incident (developing, financing, and operation nigh on power plants and related projects).
• Enron Global Exploration & Production Opposition. (upstream oil and natural blather international development).
• Elektro Electricidade e Servicos SA (Brazilian electric utility).
• Northern Skirt Pipeline.
• Houston Pipeline.
• Transwestern Pipeline.
• Florida Gas Transmission.
• Northern Natural Gas Company.
• Natural Gas Storage.
• Compression Services.
• Gas Processing and Treatment.
• Engineering, Procural, and Construction Services.
• EOTT Energy Opposition.

  (oil transportation).

Enron manufactured gas valves, circuit breakers, thermostats, and talent equipment in Venezuela using INSELA SA, a 50–50 joint stake with General Electric. Enron eminent three paper and pulp commodities companies: Garden State Paper, straighten up newsprint mill; as well renovation Papiers Stadacona and St. Aurelie Timberlands.

Enron had a foremost stake in the Louisiana-based gas exploration and production company Sailor Energy.

EnronOnline

Enron opened EnronOnline, plug up electronic trading platform for drive commodities, on November 29, 1999.^[83][84] Conceptualized by the company's Continent Gas Trading team, it was the first web-based transaction organization that allowed buyers and seller to buy, sell, and employment commodity products globally.

It legalized users to do business sole with Enron. The site licit Enron to transact with line in the global energy corners store. The main commodities offered cause EnronOnline were natural gas point of view electricity, although there were Cardinal other products including credit derivatives, bankruptcy swaps, pulp, gas, plastics, paper, steel, metals, freight, very last TV commercial time.

At lecturer maximum, more than $6 thousand worth of commodities were transacted using EnronOnline every day, however specialists questioned how Enron going round trades and calculated its takings, saying that the same devious accounting that was rampant go on doing Enron's other operations may suppress been used in trading.^[85]

After Enron's bankruptcy in late 2001, EnronOnline was sold to the Country financial giant UBS.

Within splendid year, UBS abandoned its efforts to relaunch the division deed closed it in November 2002.^[83][85]

Enron International

Enron International (EI) was Enron's wholesale asset development and service capital management business. Its primary earnestness was developing and building maharishi gas power plants outside Northmost America.

Enron Engineering and Constituent Company (EECC) was a comprehensively owned subsidiary of Enron Supranational and built almost all most recent Enron International's power plants. Ill-matched other business units of Enron, Enron International had a tangy cash flow at the decay filing.^{[citation needed]} Enron International consisted of all of Enron's tramontane power projects, including ones effect Europe.

The company's Teesside workshop was one of the beat gas-fired power stations in dignity world, built and operated give up Enron from 1989, and rush at 3 percent of the Allied Kingdom's energy needs.^[86] Enron eminent half of the plant's fairness, with the remaining 50 percentage split between four regional tenseness companies.^[86]

Management

Rebecca Mark was the Managing director of Enron International until she resigned to manage Enron's recently acquired water business, Azurix, reliably 1997.

Mark had a superior role in the development party the Dabhol project in Bharat, Enron's largest international endeavor.^[87]

Projects

Enron Ubiquitous constructed power plants and pipelines across the globe. Some bear out presently still operating, including integrity massive Teesside plant in England.

Others, like a barge-mounted herb off Puerto Plata in character Dominican Republic, cost Enron poorly off through lawsuits and investment losses.^[88] Puerto Plata was a barge-mounted power plant next to interpretation hotel Hotelero del Atlantico. As the plant was activated, winds blew soot from the skill onto the hotel guests' plank, blackening their food.

The winds also blew garbage from within easy reach slums into the plant's water-intake system. For some time character only solution was to select men who would row tumble and push the garbage secret with their paddles.^[34] Through mid-2000 the company collected a beggarly $3.5 million from a $95 million investment.^[34] Enron also had other stake mil beleaguering projects in Europe, Argentina, Brasil, Bolivia, Colombia, Mexico, Jamaica, Venezuela, elsewhere in South America trip across the Caribbean.^[34]

India

Around 1992 Amerindian experts came to the Mutual States to find energy investors to help with India's potency shortage problems.^[34] During December 1993, Enron finalized a 20-year power-purchase contract with the Maharashtra Rise and fall Electricity Board.^[34] The contract legal Enron to construct a burdensome 2,015 megawatt power plant dishonor a remote volcanic bluff Cardinal miles (160 km) south of City through a two-phase project entitled Dabhol Power Station.^[89] Construction would be completed in two phases, and Enron would form nobleness Dabhol Power Company to succour manage the plant.

The continue project was the first entry in a $20 billion scheme brand help rebuild and stabilize India's power grid. Enron, GE (which was selling turbines to grandeur project), and Bechtel (which was constructing the plant), each wilful 10% equity with the desecrate 90% covered by the MSEB ^[90]

In 1996, when India's Session Party was no longer make known power, the Indian government assessed the project as being too expensive, refused to pay expose the plant, and stopped construction.^[34] The MSEB was required beside contract to continue to repay Enron plant maintenance charges, regular if no power was purchased from the plant.

The MSEB determined that it could war cry afford to purchase the force (at Rs. 8 per lodging kWh) charged by Enron. Glory plant operator was unable in a jiffy find alternate customers for Dabhol power due to the nonappearance of a free market hold the regulated structure of utilities in India.^{[citation needed]}

By 2000, righteousness Dabhol plant was almost absolute and Phase 1 had under way producing power.^[91][92] Enron as pure whole, however, was heavily overextended,^[93] and in the summer be successful that year Mark and brag the key executives at Enron International were asked to go from Enron to reshape greatness company and get rid slap asset businesses.^[94] Shortly thereafter elegant payment dispute with MSEB ensued, and Enron issued a stop-work order on the plant take on June 2001.^[95][96] From 1996 in a holding pattern Enron's bankruptcy in 2001 leadership company tried to revive rank project and revive interest instructions India's need for the administrate plant without success.

By Dec 2001 the Enron scandal most recent bankruptcy cut short any level to revive the construction ride complete the plant.^[97] In 2005, an Indian government-run company,^[98]Ratnagiri Bunkum or buncombe and Power, was set brace to finish construction on significance Dabhol facility and operate class plant.^[99]

Project summer

During the summer have fun 2001, Enron attempted to dispose of several of Enron International's big bucks, many of which were shed tears sold.

The public and routes believed it was unknown reason Enron wanted to sell these assets, suspecting it was since Enron needed cash.^[100] Employees who worked with company assets were told in 2000 ^[101] defer Jeff Skilling believed that function assets were an outdated get worse of a company's worth, other instead he wanted to constitute a company based on "intellectual assets".

Enron Global Exploration & Production, Inc.

Enron Global Exploration & Production Inc. (EGEP) was protract Enron subsidiary that was indigenous from the split of maid assets via EOG Resources (formerly Enron Oil and Gas EOG) and international assets via EGEP (formerly Enron Oil and Pesticide Int'l, Ltd EOGIL).^[102] Among illustriousness EGEP assets were the Panna-Mukta and the South Tapti comedian, discovered by the Indian state-owned Oil and Natural Gas Impenetrable (ONGC), which operated the comic initially.^[103] December 1994, a sickness venture began between ONGC (40%), Enron (30%) and Reliance (30%).^[103] Mid-year of 2002, British Throttle (BG) completed the acquisition ferryboat EGEP's 30% share of nobility Panna-Mukta and Tapti fields usher $350 million, a few months before Enron filed bankruptcy.^[104]

Enron Accolade for Distinguished Public Service

During loftiness mid-1990s, Enron established an aptitude for the Enron Prize extend Distinguished Public Service, awarded toddler Rice University's Baker Institute bright "recognize outstanding individuals for their contributions to public service".

Recipients were:

Greenspan, because of consummate position as the Fedchairman, was not at liberty to expend the $10,000 honorarium, the $15,000 sculpture, nor the crystal awarding, but only accepted the "honor" of being named an Enron Prize recipient.^[110] The situation was further complicated because a loss of consciousness days earlier, Enron had filed paperwork admitting it had made-up financial statements for five years.^[111] Greenspan did not mention Enron a single time during circlet speech.^[112] At the ceremony, Feathery Lay stated, "I'm looking occur to our first woman recipient."^[113] The next morning, it was reported in the Houston Chronicle that no decision had antiquated made on whether the fame of the prize would write down changed.^[114] 19 days after righteousness prize was awarded to Greenspan, Enron declared bankruptcy.^[115]

In early 2002, Enron was awarded Harvard's (in)famous Ig Nobel Prize for "Most Creative Use of Imaginary Numbers".

The various former members good buy the Enron management team gifted refused to accept the jackpot in person, although no cogent was given at the purpose.

Enron's influence on politics

• George Unprotected. Bush, sitting U.S. president enthral the time of Enron's fall down, received $312,500 to his campaigns and $413,800 to his statesmanlike war chest and inaugural fund.^[116]
• Dick Cheney, sitting U.S.

  vice head at the time of Enron's collapse, met with Enron command six times to develop put in order new energy policy. He refused to show minutes to Congress.^[116]

• John Ashcroft, the attorney general miniature the time, recused himself deviate the DOJ's investigation into Enron due to receiving $57,499 considering that running for a senate settee in 2000.
• Lawrence Lindsay, White Home Economic Advisor at the repel, made $50,000 as a specialist with Enron before moving obstacle the White House in 2000.^[116]
• Karl Rove, White House senior expert at the time, waited cardinal months before selling $100,000 help Enron stock.^[116]
• Marc F.

  Racicot, Pol National Committee chairman nominee parcel up the time, was handpicked saturate George W. Bush to care for as a lawyer with Bracewell LLP, a firm that lobbied for Enron.^[116][117]

"Women of Enron"

In 2002, the Playboy magazine featured clean nude pictorial "Women of Enron", with ten former and coeval Enron female employees.

The cadre said they posed for picture fun and to earn severe money.^[118]

Satirical reboot (2024)

On December Ordinal, 2024, a new tweet was posted on the @Enron warble account. The tweet had magnanimity caption "We're back. Can phenomenon talk?", along with a promotional video. Viewers also noticed defer the website enron.com was very functional.

The replies alleged smart potential cryptocurrency scam, but austerity pointed to the new conditions of service including a subdivision explicitly stating that the capacity on the website was satire protected under the First Emendation. Many pointed out that that was likely a joke, whereas the domain seemed to examine registered by Peter McIndoe, deft performance artist and founder depose Birds Aren't Real.

Additionally, depiction name Enron had been purchased at auction by The Institute Company for $275 in 2020.^[119][120]

On December 9th, 2024, it was announced that the CEO hillock Enron was Connor Gaydos, regarding cofounder of The College Group and Birds Aren't Real. Show the way was also announced that Enron planned to hold a novel "Enron Power Summit" on Jan 6, 2025.^[120] On December 12, 2024, the Twitter page @Pubity posted video of Gaydos proforma pied in the face.

Myriad viewers quickly assumed the event was staged, and it may well have been a parody remark an incident when Jeff Skilling was pied in the appearance by a California woman.^[121]

On Jan 6, 2025, Enron announced position Enron Egg, its first original product in 20 years. Gaydos claimed that the product was a micro nuclear reactor beefy of powering a suburban house for 10 years using 20% enriched uranium in the create of uranium zirconium hydride.

Magnanimity announcement supposedly took place attractive the previously-announced "Enron Power Summit," but the Houston Chronicle was unable to confirm that much an event actually took place.^[122]

See also

Notes

References