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Prismas irregulares yahoo dating


Enron Corporation was an American energycommoditiesand services company based in HoustonTexas. It was founded in as a merger between Houston Natural Gas and InterNorthboth relatively small regional companies.

At the end ofit was revealed that Enron's reported financial condition was sustained by institutionalized, systematic, and creatively planned accounting fraudknown since as the Enron scandal. Enron has since become a well-known example of willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enactment of the Sarbanes—Oxley Act of The scandal also Prismas irregulares yahoo dating the greater business world by causing the dissolution of the Arthur Andersen accounting firm, which had been Enron's main auditor for years.

It ended its bankruptcy during Prismas irregulares yahoo datingpursuant to a court-approved plan of reorganization. The low cost of natural gas and cheap labor supply during the Great Depression helped to fuel the company's early beginnings. The company doubled in size by and was able to bring the first natural gas to Minnesota. Over the next 50 years, Northern expanded even more as it acquired Prismas irregulares yahoo dating energy companies and created new divisions within.

It was reorganized in as the main subsidiary of a holding company "Prismas irregulares yahoo dating," InterNorthwhich was a diversified energy and energy-related products company. Although most of the acquisitions conducted were successful, some ended poorly. InterNorth competed with Cooper Industries over a hostile takeover of Crouse-Hinds Companyan electrical products manufacturer.

InterNorth was ultimately Prismas irregulares yahoo dating as Cooper bought out Crouse-Hinds. Cooper and InterNorth feuded over numerous suits during the course of the takeover that were eventually settled after the transaction was completed.

The subsidiary Northern Natural Gas operated the largest natural gas pipeline company in North America. By the s, InterNorth became a major force for natural gas production, transmission, and marketing as well as for natural gas liquids, and was an innovator in the plastics industry. Under the leadership of CEO Robert Herring from toPrismas irregulares yahoo dating company became a large dominant Prismas irregulares yahoo dating in the energy industry with a large pipeline network as a result from a prosperous period of growth in the early to mids.

This growth was largely a result of the exploitation of the unregulated Texas natural gas market and the commodity surge in the early s.

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Toward the end of the s, HNG's luck began to run out with rising gas prices forcing clients to switch to oil. In addition, with the passing of the Natural Gas Policy Act ofthe Texas market was more difficult to profit Prismas irregulares yahoo dating and as a result, HNG's profits fell.

After Herring's death inM. Matthews briefly took over as CEO in a 3-year stint with initial success, but ultimately, a big dip in earnings led Prismas irregulares yahoo dating his exit. InKenneth Lay succeeded Matthews and inherited the troubled, but large diversified energy conglomerate.

InterNorth, in its conservative success became a target of corporate takeovers, the most prominent being corporate raider Irwin Jacobs. The combined assets of the two companies would create the second largest gas pipeline system at the time in the United States. Lay moved Prismas irregulares yahoo dating headquarters of the new company back to energy capital Houston.

The name was eventually dismissed over its apparent likening to an intestine and shortened Prismas irregulares yahoo dating "Enron. In addition, the company began to ramp Prismas irregulares yahoo dating its Prismas irregulares yahoo dating power and natural gas Prismas irregulares yahoo dating. In andthe company began adding power plants and cogeneration units to its portfolio.

Enron adopted the idea and called it the "Gas Bank. Over the course of the s, Enron made a few changes to its business plan that greatly improved the perceived profitability of the company. First, Enron invested heavily in overseas assets, specifically energy.

Another major shift was the gradual transition of focus from a producer of energy to a company that acted more like an investment firm and sometimes a hedge fundmaking profits off the margins of the products it traded.

Skilling hired Andrew Fastow in to help with this. Starting in under the Energy Policy Act ofCongress allowed states to deregulate their electricity utilities, allowing them to be opened for competition. California was one such state to do so. Enron, seeing an opportunity with rising prices, was eager to jump into the market. Although an Oregon utility, it had potential to "Prismas irregulares yahoo dating" serving the massive California market since PGE was a regulated utility.

The new Enron division, Enron Energy, ramped up its efforts by offering discounts to potential customers in California for switching their electric supplier to Enron from their previous supplier, starting in Enron Energy also began to sell natural gas to customers in Ohio and wind power in Iowa.

As fiber optic technology progressed in the s, multiple companies, including Enron, attempted to make money by "keeping the continuing network costs low", which was done by owning their own network. It launched a secret plan to build an enormous amount of fiber optic transmission capacity in Las Vegas In JanuaryKenneth Lay and Jeffrey Skilling announced to analysts that they were going to open trading for their own "high-speed fiber-optic networks that form the backbone for Internet traffic".

However, Enron's accounting would use estimates to determine how much their dark fiber would be worth when "lit" and apply those estimates to their current income, adding exaggerated revenue Prismas irregulares yahoo dating their accounts since transactions were not yet made and it was not known if the cables would ever be active. Enron's trading with other energy companies within the broadband market was its attempt to lure large telecommunications Prismas irregulares yahoo dating, such as Verizon Communicationsinto its broadband scheme to create its own new market.

By the second quarter ofEnron Broadband Services was reporting losses. On March 12,a proposed year deal between Enron and Blockbuster Inc. Following the bankruptcy of Enron, telecommunications holdings were sold for "pennies on the dollar". Enron's "fiber plans were so secretive that few people even knew about the auction.

Enron, seeing stability after the merger, began to look overseas for new possible energy opportunities in Enron's first such opportunity was a natural gas power plant utilizing cogeneration that the company built in Teesside, UK.

Mark and EI believed the water industry was the next market to be deregulated by authorities and seeing the potential, searched for ways to enter the market, similar to PGE.

InEnron's Chief Operating Officer Jeffrey Skilling hired Andrew Fastowwho was well acquainted with the burgeoning deregulated energy market that Skilling wanted to exploit. Enron was originally involved in transmitting and distributing electricity and natural gas throughout the United States. The company developed, built, and operated power plants and pipelines while dealing with rules of law and other infrastructures worldwide. Azurix failed to become Prismas irregulares yahoo dating in the water utility market, and one of its major concessions, in Buenos Aireswas a large-scale money-loser.

Enron management pursued aggressive retribution against its critics, setting the pattern for dealing with accountants, lawyers, and the financial media. Enron grew wealthy due largely to marketing, promoting power, and its high stock price. Enron was hailed by many, including labor and the workforce, as an overall great company, praised for its large long-term pensions, benefits for its workers and extremely effective management until the exposure of its corporate fraud.

The first analyst to question the company's success story was Daniel Scottoan energy market expert at BNP Paribaswho issued a note in August entitled Enron: All stressed up and no place to gowhich encouraged investors to sell Enron stocks, although he only changed his recommendation on the stock from "buy" to "neutral".

As was later discovered, many of Enron's recorded assets and profits were inflated or even wholly fraudulent and nonexistent. Debts and losses were put into entities formed "offshore" that were not included in the company's financial statementsand other sophisticated and arcane financial transactions between Enron and related companies were used to eliminate unprofitable entities from Prismas irregulares yahoo dating company's books.

The company's most valuable asset and the largest source of honest income, the s-era Northern Natural Gas company, was Prismas irregulares yahoo dating purchased by a group of Omaha investors, who relocated its headquarters back to Omaha; it is now Prismas irregulares yahoo dating unit of Warren Buffett 's Berkshire Hathaway Energy. NNG continues to be profitable now. Duringafter a series of revelations involving irregular accounting procedures bordering on fraud perpetrated throughout the s involving Enron and its accounting Prismas irregulares yahoo dating Arthur AndersenEnron suffered the largest Chapter 11 bankruptcy in history since surpassed by those of Worldcom during and Lehman Brothers during Enron's demise occurred after the revelation that much of its profits and revenue were the result of deals with special purpose entities limited partnerships which it controlled.

This meant that many of Enron's debts and the losses that it suffered were not reported in its financial statements. A rescue attempt by a similar, smaller energy company, Dynegyfailed during late November due to concerns about an unexpected restatement of earnings.

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In addition, the scandal caused the dissolution of Arthur Andersenwhich at the time was one of the "Big Five" - the world's foremost accounting firms. The company was found guilty of obstruction of justice during for destroying documents related to the Enron audit. Although the conviction was dismissed during by the Supreme Courtthe damage to the Andersen name has prevented it from reviving as a viable business even on a limited scale.

Enron also withdrew a naming-rights deal with the Houston Astros Major League Baseball club to have its name associated with their new stadium, which was known formerly as Enron Field now Minute Maid Park.

Enron used a variety of deceptive, bewildering, and fraudulent accounting practices and tactics to cover its fraud in reporting Enron's Prismas irregulares yahoo dating information. Special Purpose Entities were created to mask significant liabilities from Enron's financial statements.

These entities made Enron seem more profitable than it actually was, and created a dangerous spiral in which, each quarter, corporate officers would have to perform more and more financial deception to create the illusion of billions of dollars in profit while the company was actually losing money. The executives and insiders at Enron knew about the offshore accounts that were hiding losses for the company; the investors, however, did not.

Chief Financial Officer Andrew Fastow directed the team which created the off-books companies, and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation for which he worked and its stockholders. DuringEnron initiated EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the United States.

Enron president and chief operating officer Jeffrey Skilling began advocating a novel idea: The corporation's financial claims, however, had to be Prismas irregulares yahoo dating at face value. Under Skilling, Enron adopted mark to market accounting, in which anticipated future profits from any deal were tabulated as if currently real.

Thus, Enron could record gains from what over time might turn out to be losses, as the company's fiscal health became secondary to manipulating its stock price on Wall Street during the so-called Tech boom.

Indeed, Enron's unscrupulous actions were often gambles to keep the deception going and so increase the stock price. An advancing price meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted much like a financial "pyramid" or "Prismas irregulares yahoo dating" Ponzi scheme ".

Attempting to maintain the illusion, Skilling verbally attacked Wall Street Analyst Richard Grubman, [32] who questioned Enron's unusual accounting practice during a recorded conference telephone call. When Grubman complained that Enron was the only company that could not release a balance sheet along with Prismas irregulares yahoo dating earnings statements, Skilling replied, "Well, thank you very much, we appreciate that Enron initially planned to retain its three domestic pipeline companies as well as most of its overseas assets.

Enron sold its last business, Prisma Energyduringleaving Enron asset-less. Its goal is Prismas irregulares yahoo dating repay the old Enron's remaining creditors and end Enron's affairs. Azurixthe former water utility part of the company, remains under Enron ownership, although it is currently asset-less. It is involved in several litigations against the government of Argentina claiming compensation relating to the negligence and corruption of the local governance during its management of the Buenos Aires water concession duringwhich resulted in substantial amounts of debt approx.

Soon after emerging from bankruptcy during NovemberEnron's new board of directors Prismas irregulares yahoo dating 11 financial institutions for helping Lay, Fastow, Skilling and others hide Enron's true financial condition.

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The proceedings were dubbed the "megaclaims litigation". As of [update]Enron has settled with all of the institutions, ending with Citigroup. At the same time, the general public and Enron's investors were told to buy the stock. As executives sold their shares, the price began Prismas irregulares yahoo dating decrease. Investors were told to continue buying stock or hold steady if they already owned Enron because the stock price would rebound in the near future.

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