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On This Day In History December 2, 2001 Thumbnail

On This Day In History December 2, 2001


Enron, a name with a history lesson.

ENRON FILES FOR BANKRUPTCY AFTER SCANDAL

December 2, 2001

On this day in history, Enron filed for bankruptcy after one of the largest corporate scandals in history. By using Mark-to- Market accounting and Special Purpose Entities (SPEs), Enron was able to hide financial losses and look more productive. Jeff Skilling, Enron’s CEO would serve 11 years in prison and this scandal lead to creation of the Sarbanes-Oxley Act which mandated practices for financial record keeping.

Source: Investopedia

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