.." (Levy, 2005)
The fraud was primarily comprised of "cooking the books to make it look as if the company's finances were consistently rosy, so that share prices would steadily keep rising." (Levy, 2005) More than 30 individuals have received criminal charges since 2001 connected to their dealing with Enron which incidentally "was just one of several companies revealed to have been practicing this sort of fraud..." (Levy, 2005) it is interesting that most of these companies are known to have provided hefty contributions to "politicians of every stripe, but had particularly strong links to the Republicans and to Bush." (Levy, 2005)
IV. Enron is Biggest Political Scandal in History
Robert Bryce states in the work entitled: "Pipe Dreams: Greed, Ego and the Death of Enron" that the Enron failure "was a mind-boggling event..." And that the failure of Enron "...happened so quickly and with such devastating impact that no one could have predicted it." In fact, Enron, went Chapter 11 and is stated by Bryce to have "...done it with Texas-style, in the biggest and gaudiest way possible -- with superlative aplenty." (2004) According to Bryce the Enron failure "is the biggest political scandal in American history." (2005) Bryce states:
"Teapot Dome, a scandal involving payoffs to the Secretary of the Interior Albert Fall by a couple of greedy oilmen -- was memorable, but involved very few people. The Watergate scandal was bigger and more pernicious than Teapot Dome, but it, too, involved relatively few people: Tricky Dick Nixon, a dozen or two of his henchmen, and a few inept plumbers. But Enron was different. By the time of its bankruptcy, Enron owned -- or perhaps was just renting -- politicians in the White House, Congress, state courts, state legislature and bureaucrats at every level." (Bryce, 2005)
V. Enron Scandal is Biggest Scandal to Ever Hit Wall Street
Bryce (2005) states that the Enron scandal is the biggest "...ever to his Wall Street." (2005) the Enron scandal is stated to have "ensnared every major investment bank in New York, including Merrill Lynch, Citigroup, J.P. Morgan Chase, UBS, and dozens of others." (2005) Not only did these banks lend Enron large sums of money as well as performing investment banking for...
Enron Scandal: Who was Responsible and Why? Background of Enron Scandal and Timeline of Events Key Players in Enron Scandal The Enron Scandal was the biggest accounting fraud in U.S., indeed worldwide, business history. The following paper gives a brief history of the events leading up to the scandal, a timeline for the events surrounding the uncovering of the scandal and the events following the public knowledge of the scandal. Key players in
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From all facts and appearances, those Enron executives gave lip service to ethics, then went on their own way, making as much profit as they could while the company teetered on collapse. One final example from Enron's "Code of Ethics" is titled "Twenty-Twenty Hindsight" which carries its own irony without delving into its points. Lay writes on page 10 that if any employees' security activities or transactions "become the subject
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