Last Thursday (3 May 2007), Queen Elizabeth II of England visited Jamestown, Virginia, as part of America’s 400th anniversary commemoration of this site, England’s first established colony in the New World (1607). The settlers found friendly indigenous people—-misnamed “Indians”—-who welcomed the new opportunities for trade. In 1619, a Dutch trading ship brought 20 persons abducted from Africa in exchange for goods, thus beginning the institution of slavery in North America. In her speech last week, Queen Elizabeth noted that, “[In] those early years in Jamestown . . . three great civilizations came together for the first time—-Western European, Native American, and African . . . .” These three civilizations were also in the process of converging in South and Central America and the Caribbean.[1] Read more…
What is Enron?
Enron is the company that altered international finance forever. The company shook the corporate world. This company became the catalyst for many changes in federal and international law as well as other policies dealing with corporate accounting practices. Inquiries surrounding the rise and fall of Enron emerged because of the shifty techniques used to deceive investors and corporate watchdogs. How did this corporation pull the wool over so many people’s eyes? This essay will briefly describe the rise, fall, and international aftermath of the Enron Corporation.
Before delving into the gruesome details, let us go over the details of the Enron Corporation. In 1985 the Northern Natural Gas Company, became what will be known as the core of the Enron Corporation when the company purchased the smaller Houston Natural Gas Company. With the latest acquisition, Enron was formed. The new formed company originally dealt in the transmission and distribution of gas and electricity in the United States. In later years leading up to ultimate demise, the company dealt with multiple of other companies such as water sector, broadband, plastics, and steel. The company also became one of the world’s largest energy companies. Enron became the seventh largest corporation in the United States which interestingly enough also became the largest business scandal in United States’ history. At its epitome, its profits were $101 billion and employed over 20,000 individuals. The question arises, were these claims actual profits? This is where the accounting practices and techniques used by Enron come into question. Read more…
