Enron

Cultural  

1. An American corporation based in Houston, Texas, that traded in energy and filed for Chapter 11 bankruptcy in December 2001. Enron's collapse stunned most investors and analysts because Enron, the seventh largest corporation in the United States, had long reported huge earnings. Subsequent investigations revealed that Enron had inflated its earnings by hiding its debt and losses in subsidiary partnerships. Although some of the company's top executives made huge profits as Enron fell apart, many of its employees saw their retirement savings in Enron's 401(k) plan wiped out by the collapse of Enron's share price.

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Enron's collapse raised many questions about the reliability of corporate financial statements and the potentially cozy relationships between accountants and the firms they audit.

Example Sentences

It was created by Congress in 2002 to boost financial oversight in the wake of the Enron and WorldCom accounting scandals.

From The Wall Street Journal

“Enron was a stain on the firm and it put us out of business and that stain was unjustified,” Vorsatz said, referring to the tens of thousands of Arthur Andersen staff and partners he said did “absolutely nothing wrong.”

From The Wall Street Journal

Andersen Global emerged from the now-defunct Arthur Andersen, which was convicted in 2002 for obstructing the U.S. government’s investigation into Enron.

From The Wall Street Journal

During an appearance on the Monetary Matters podcast that was published on Monday, Chanos, who predicted the fall of Enron, called neoclouds like CoreWeave a “commodity business,” and said that as a host of Nvidia’s chips, the company is “not benefitting from” the value that will be produced from running the chips.

From MarketWatch

During an appearance on the Monetary Matters podcast that was published on Monday, Chanos, who predicted the fall of Enron, called neoclouds like CoreWeave a “commodity business,” and said that as a host of Nvidia’s chips, the company is “not benefitting from” the value that will be produced from running the chips.

From MarketWatch