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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1626 |
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Its most valuable asset, the 1930s-era Northern Natural Gas, was eventually purchased back by a group of Omaha investors, who moved its headquarters back to Omaha, and is now a unit of Warren Buffett's Mid-American Energy Holdings Corp. After a series of scandals involving irregular accounting procedures bordering on fraud, perpetrated throughout the 1990s, involving Enron and its accounting firm Arthur Andersen, it stood at the verge of undergoing the largest bankruptcy in history by mid-November 2001...
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A rescue attempt by a similar, smaller energy company, Dynegy, was not viable. Enron filed for Bankruptcy on December 2, 2001.
As the scandal was revealed in 2001, Enron shares dropped from over $90 to $0.30. As Enron had been considered a blue chip stock, this was a disastrous event in the financial world...
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General points of the essay
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