The Enron Corporation in November 2001, which is one of the world's largest electricity and natural gas traders, announced a $618 million third- quarter loss. Amid a conventional US Securities and Exchange Commission (SEC) investigation, Enron acknowledged to exaggerating its earnings by $567 million since 1997. Disclosure of suspicious accounting methods and losses due to questionable partnerships, the SEC included another large corporation in the investigation, that is the Enron's auditing and consulting firm Arthur Andersen. It was in December 2001, that Enron filed for Chapter 11-bankruptcy protection and announced 4,000 employee layoffs. Unlawful document sniping of Enron documents, Congressional Hearings and a FBI investigation, were the events that soon followed. Parallel to it the biggest bankruptcy in US history was the shocking $1 billion in irreclaimable pension funds. Thousands of working bourgeoisie Americans lost much of their retirement funds while executives was guaranteed retirement security.
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Filename: 701 Ethics Social Responsibility.doc
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