神马作文网急需安然事件的整个过程英文的.
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急需安然事件的整个过程英文的.
有关于安然事件的起原，经过。企业文化起到的作用。
有关于安然事件的起原，经过。企业文化起到的作用。
All along, Enron was all overshadowed by layers of golden ring: as the world's largest energy trader, Enron in 2000 the total revenue of as much as 101 billion US dollars, listed in the "Fortune" magazine "American 500" 7 ; control of the United States 20 percent of the electricity and natural gas transactions, is the darling of Wall Street sought after competing; Enron stock is all the securities rating agencies are strongly recommended by the blue-chip stocks, shares up more than 70 US dollars and still-rising trend. Until the pre-insolvency, the company operating business global coverage 40 countries and regions, a total of employees 21,000 people, assets of up to 62 billion US dollars; Enron has all along advocated himself as a "global leader in the" business includes wholesale and retail energy, broadband , energy transport and financial transactions, four consecutive years was "the spirit of the United States most innovative companies" title, and the small and close to the Bush administration ...
Enron nightmare
In early 2001, with a reputation for a short-term investment agency boss Jimuqi欧斯open on the profitability model that Enron had suspected. He pointed out that although Enron business looks very glorious, but in fact does not make much money, and no one can explain how Enron was making money. According to his analysis, the profit rate of Enron in 2000 to 5 percent, by early 2001 dropped to below 2 per cent for investors, investment rate of return only about 7 percent.
Qioushi also noted that some documents related to the Enron behind the partnership, these companies have inexplicable Enron and the behind the scenes trading, as Enron CEO Skilling has been thrown out of the hands of Enron stock - and He has repeatedly claimed that Enron stock from the then 70 dollars or so to 126 US dollars. But in accordance with United States law provides that if the board members did not leave the board, it is not thrown out of the hands of a company stock.
Perhaps it is this point for people suspected of Enron, and begin to truly hold Enron's profitability and cash flow. By August middle, people more and more doubts about Enron, which eventually led to the shares fell. August 9, Enron stock from the beginning of the year 80 US dollars about dropped 42 US dollars.
October 16, Enron issued in 2001 second-quarter earnings report, the company announced losses totaled 618 million US dollars, or 1.11 US dollars. At the same time chief financial officer Andrew for the first time disclosed by Tito and partner company to operate improperly, shareholders reduced assets and 1.2 billion US dollars.
October 22, the United States Securities and Exchange Commission targeting Enron and require the company to automatically submit the details of certain transactions. And finally on October 31 began to Enron and its partners to conduct a formal investigation.
November 1, the mortgage company Enron assets, access to J. P Morgan and Salomon Smith Barney's 1 billion US dollars credit line secured, but Merrill Lynch and Standard & Poor's still on Enron again lowered the rating.
November 8, Enron was forced to acknowledge done a false accounts, falsifying people staggering figure: Since 1997, Enron false profits totaled nearly 600 million US dollars.
November 9, Dinuoji company declared its readiness to use 8 billion US dollars acquisition of Enron, and assume 13 billion US dollars in debt.
November 28, the Standard & Poor's debt rating will be lowered to Enron "junk bonds" class.
On December 2, Enron official to the bankruptcy court for bankruptcy protection, listed in the list of assets of bankrupt high 49.8 billion US dollars, becoming the largest in the history of the United States Bankruptcy enterprises. The same day, Enron also to the court proceedings, claiming that the suspension of its merger Dinuoji irregularities, which seeks compensation.
Enron bankruptcy model
The first is being questioned Enron's management, including the board of directors, board of supervisors and senior management staff. They face charges including neglect of duty, falsifying accounts, misleading investors and to seek personal gains, and so on.
In October 16 Enron released second-quarter earnings report before Enron's financial report is that all investors are happy to see. See Enron's financial reports the past: 2000 fourth quarter, "the company natural gas business growth turned up three times, the company's retail energy services business turned or five times"; 2001 first quarter, "quarter revenue growth four times, consecutive 21 earnings growth quarter "... in Enron, measuring the growth of business units is not the percentage, but multiples of that for all investors beam with smiles. By 2001 second quarter, the company suddenly lost, but a loss is still as high as 618 million US dollars!
Then, Enron has been hidden behind the partnership began above the surface. After investigations, most of these partner companies were controlled by senior officials of Enron, Enron's external huge loans are often included in these companies, rather than appear in Enron's assets on the balance sheet. Thus, Enron as high as 13 billion US dollars of its huge debts will not be known for investors, and Enron officials from some of these partner companies to seek personal gains.
更让investors angry is that obviously the senior Enron companies operating in the emerging understanding of the issues, but turn a blind eye to even intends to hide for a long time. CEO Skilling, including many members of the Board on the one hand advocating stock will continue to rise, but on the other hand selling company stock in secret. The company's 14 members of the board of Enron has seven and special relationship, or is working with the Enron transactions, or served on the support of non-profit institutions Enron, the various misdeeds of Enron turning a blind eye.
Enron cooking the books also allow auditing firm Arthur Andersen was faced with the danger of litigation. The world's fifth largest accounting firm Arthur Andersen and the Enron Corporation as a financial audit report, neither Enron audit of false profits, and it has not found its huge debts. This year, in June, Arthur Andersen audit work because of a fraud by the United States Securities and Exchange Commission fined the 7 million US dollars.
Enron is the core business of energy trading and related products, but in Enron, that the sale was called "energy transactions." According to reports, this type of business is built on credit basis, that is, energy suppliers and consumers to Enron as a medium build a contractual obligation in the months or years after discharge their contractual obligations. In such transactions, Enron as a "middleman" can be a very short time enhance performance. As a result of this business to a middleman credits as a foundation, if any Enron scandal, the credit will be greatly affected and will immediately suspend business risk.
In addition, the business model for Enron's cash flow also has a major impact. Most of Enron's business is based on "future market" contract, although the contract signed between the company revenue will be recorded in the financial statements, but not at the contract before Enron can bring any cash. The more signed contracts, book figures and the actual cash income gap between the greater.
Enron reluctant to acknowledge that they are trading companies, and an important reason is to uplift shares. As a trading company, as inherently unstable faced with the risk of trading revenue, it is difficult to get too high in the stock evaluation. The market value of its peak Enron had reached its profits 70 times or even more.
In order to keep its self-proclaimed "world leader" status, the continuous expansion of Enron's business, including not only the traditional natural gas and electricity business, including wind power, hydro, investment, timber, advertising and so on. In 2000, broadband business盛极一时, Enron also invested in broadband services.
Such struggles, Enron finally in October 2001 in the assets and liabilities on the balance sheet pulled up to 618 million US dollars in the collection.
Hard-bankruptcy aftermath
In the Enron bankruptcy case, the worst loss undoubtedly those investors, in particular still have a large number of ordinary investors of Enron stock. According to U.S. law, filed for bankruptcy protection in the following priority of Enron's assets would be paying taxes, also paid a bank loan, the payment of staff salaries, and so on, have already inexpensive companies such as a disruption to investors is certainly lose everything.
Only artificial recoup their losses investment sued. According to U.S. law, the stock market can invest in the financial audit of Arthur Andersen when未尽duties sued if the court ruled found guilty of Arthur Andersen will have to be made for compensation for their losses.
In this incident also affected by Enron's trading partners and the big financial consortium. According to statistics, in the Enron bankruptcy case, Duke (D uk e) Group lost 100 million US dollars, Milunte corporate losses 80 million US dollars, Dinuoji loss of 75 million US dollars. In the consortium, the loss is relatively heavy J. P Morgan and Citigroup. Only J. P Morgan to Enron's unsecured loans up to 500 million US dollars, said the loss of Citigroup and this is also almost. In addition, Enron's creditors also include Deutsche Bank, Japan's three largest banks
Enron nightmare
In early 2001, with a reputation for a short-term investment agency boss Jimuqi欧斯open on the profitability model that Enron had suspected. He pointed out that although Enron business looks very glorious, but in fact does not make much money, and no one can explain how Enron was making money. According to his analysis, the profit rate of Enron in 2000 to 5 percent, by early 2001 dropped to below 2 per cent for investors, investment rate of return only about 7 percent.
Qioushi also noted that some documents related to the Enron behind the partnership, these companies have inexplicable Enron and the behind the scenes trading, as Enron CEO Skilling has been thrown out of the hands of Enron stock - and He has repeatedly claimed that Enron stock from the then 70 dollars or so to 126 US dollars. But in accordance with United States law provides that if the board members did not leave the board, it is not thrown out of the hands of a company stock.
Perhaps it is this point for people suspected of Enron, and begin to truly hold Enron's profitability and cash flow. By August middle, people more and more doubts about Enron, which eventually led to the shares fell. August 9, Enron stock from the beginning of the year 80 US dollars about dropped 42 US dollars.
October 16, Enron issued in 2001 second-quarter earnings report, the company announced losses totaled 618 million US dollars, or 1.11 US dollars. At the same time chief financial officer Andrew for the first time disclosed by Tito and partner company to operate improperly, shareholders reduced assets and 1.2 billion US dollars.
October 22, the United States Securities and Exchange Commission targeting Enron and require the company to automatically submit the details of certain transactions. And finally on October 31 began to Enron and its partners to conduct a formal investigation.
November 1, the mortgage company Enron assets, access to J. P Morgan and Salomon Smith Barney's 1 billion US dollars credit line secured, but Merrill Lynch and Standard & Poor's still on Enron again lowered the rating.
November 8, Enron was forced to acknowledge done a false accounts, falsifying people staggering figure: Since 1997, Enron false profits totaled nearly 600 million US dollars.
November 9, Dinuoji company declared its readiness to use 8 billion US dollars acquisition of Enron, and assume 13 billion US dollars in debt.
November 28, the Standard & Poor's debt rating will be lowered to Enron "junk bonds" class.
On December 2, Enron official to the bankruptcy court for bankruptcy protection, listed in the list of assets of bankrupt high 49.8 billion US dollars, becoming the largest in the history of the United States Bankruptcy enterprises. The same day, Enron also to the court proceedings, claiming that the suspension of its merger Dinuoji irregularities, which seeks compensation.
Enron bankruptcy model
The first is being questioned Enron's management, including the board of directors, board of supervisors and senior management staff. They face charges including neglect of duty, falsifying accounts, misleading investors and to seek personal gains, and so on.
In October 16 Enron released second-quarter earnings report before Enron's financial report is that all investors are happy to see. See Enron's financial reports the past: 2000 fourth quarter, "the company natural gas business growth turned up three times, the company's retail energy services business turned or five times"; 2001 first quarter, "quarter revenue growth four times, consecutive 21 earnings growth quarter "... in Enron, measuring the growth of business units is not the percentage, but multiples of that for all investors beam with smiles. By 2001 second quarter, the company suddenly lost, but a loss is still as high as 618 million US dollars!
Then, Enron has been hidden behind the partnership began above the surface. After investigations, most of these partner companies were controlled by senior officials of Enron, Enron's external huge loans are often included in these companies, rather than appear in Enron's assets on the balance sheet. Thus, Enron as high as 13 billion US dollars of its huge debts will not be known for investors, and Enron officials from some of these partner companies to seek personal gains.
更让investors angry is that obviously the senior Enron companies operating in the emerging understanding of the issues, but turn a blind eye to even intends to hide for a long time. CEO Skilling, including many members of the Board on the one hand advocating stock will continue to rise, but on the other hand selling company stock in secret. The company's 14 members of the board of Enron has seven and special relationship, or is working with the Enron transactions, or served on the support of non-profit institutions Enron, the various misdeeds of Enron turning a blind eye.
Enron cooking the books also allow auditing firm Arthur Andersen was faced with the danger of litigation. The world's fifth largest accounting firm Arthur Andersen and the Enron Corporation as a financial audit report, neither Enron audit of false profits, and it has not found its huge debts. This year, in June, Arthur Andersen audit work because of a fraud by the United States Securities and Exchange Commission fined the 7 million US dollars.
Enron is the core business of energy trading and related products, but in Enron, that the sale was called "energy transactions." According to reports, this type of business is built on credit basis, that is, energy suppliers and consumers to Enron as a medium build a contractual obligation in the months or years after discharge their contractual obligations. In such transactions, Enron as a "middleman" can be a very short time enhance performance. As a result of this business to a middleman credits as a foundation, if any Enron scandal, the credit will be greatly affected and will immediately suspend business risk.
In addition, the business model for Enron's cash flow also has a major impact. Most of Enron's business is based on "future market" contract, although the contract signed between the company revenue will be recorded in the financial statements, but not at the contract before Enron can bring any cash. The more signed contracts, book figures and the actual cash income gap between the greater.
Enron reluctant to acknowledge that they are trading companies, and an important reason is to uplift shares. As a trading company, as inherently unstable faced with the risk of trading revenue, it is difficult to get too high in the stock evaluation. The market value of its peak Enron had reached its profits 70 times or even more.
In order to keep its self-proclaimed "world leader" status, the continuous expansion of Enron's business, including not only the traditional natural gas and electricity business, including wind power, hydro, investment, timber, advertising and so on. In 2000, broadband business盛极一时, Enron also invested in broadband services.
Such struggles, Enron finally in October 2001 in the assets and liabilities on the balance sheet pulled up to 618 million US dollars in the collection.
Hard-bankruptcy aftermath
In the Enron bankruptcy case, the worst loss undoubtedly those investors, in particular still have a large number of ordinary investors of Enron stock. According to U.S. law, filed for bankruptcy protection in the following priority of Enron's assets would be paying taxes, also paid a bank loan, the payment of staff salaries, and so on, have already inexpensive companies such as a disruption to investors is certainly lose everything.
Only artificial recoup their losses investment sued. According to U.S. law, the stock market can invest in the financial audit of Arthur Andersen when未尽duties sued if the court ruled found guilty of Arthur Andersen will have to be made for compensation for their losses.
In this incident also affected by Enron's trading partners and the big financial consortium. According to statistics, in the Enron bankruptcy case, Duke (D uk e) Group lost 100 million US dollars, Milunte corporate losses 80 million US dollars, Dinuoji loss of 75 million US dollars. In the consortium, the loss is relatively heavy J. P Morgan and Citigroup. Only J. P Morgan to Enron's unsecured loans up to 500 million US dollars, said the loss of Citigroup and this is also almost. In addition, Enron's creditors also include Deutsche Bank, Japan's three largest banks