this is not my homework or anything to do with exams or anything like that. I was just reading about it but don't really understand what happened. Could anyone tell me?
Scoring disabled. You must be logged in to score posts.
Faked all their books so no one knew they were nearly bankrupt so they could sell of the stock they were holding, stole all their employees retirement funds, then went tits up.
did they make new companies up and pass the debt to them? Were the auditors doing extra work for them and so there was a conflict of interest and that why is such a big thing now about professional who work with company should be independent. Also did Jeffrey Keith "Jeff" Skilling keep that money he make when he sold his shares in the business?
Scoring disabled. You must be logged in to score posts.
Exceedingly ingenious methods. They took the concept of creative accounting to it's limits.
I think I've seen that documentary, the analogy I believe was parking cars in other garages. The cars represent debt, and they parked them in a massive web of linked companies. Garages of course, because they are hidden.
They're all doing time in jail now, and Ken Lay is dead.
