Enron : l’histoire d’un scandale financier symbolique

Étude de cas Comptabilité & finances Finance

Date de publication :

12/03/2007

Langue :

Anglais

Format :

.doc

Nombre de pages :

12 pages

Niveau :

avancé

Consulté :

8 fois

Avis client :

non évalué

Validé par :

le comité Oboulo.com

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Sommaire :

Sommaire

The major corporate accounting scandal
1. Rise and fall of Enron
2. Aggravating factors
That has called corporate governance into question
1. Consequences on Enron's staff
2. Repercussions on corporate governance: an analysis of the SOX

Résumé :

The death of Kenneth Lay last spring and the recent 24 year sentence of Jeffrey Skilling have put an end to the darkest story of modern finance: the enron case. Actually, this firm has turned from a success model into a paradigm of all the problems of finance capitalism. With the giving up of the exploitation natural gas in order to focus on becoming a market maker, enron has increased its reported annual revenues from under $10 billion to $139 billion during times ruled by the dot-com bubble and electricity deregulation. But these results hid another reality: accounting fraud, nepotism, overstatement of profits... The end of enron Corp. was very sudden: division by 350 of the market value, mass redundancies, pension loss... and after that, enron became emblematic of all that went wrong in the financial system. This scandal along with the WorldCom case and others has lead to a complete reform of corporate governance via the promulgation of the Sarbanes-Oxley Act.

In this article we'll try to show how enron's collapse has been a catalyst for a recasting of the financial regulation. First and foremost we'll have on overview of enron's activities and explain what made this disaster possible. Then we'll look at the consequences of the scandal for people as well as for corporate governance.