Fuel for fire
Adding Enron to a roster of sleazy company moves may be a bit of a cliche at this point, but how can you not?
Its shenanigans (like those of the similarly fallen WorldCom) still set the gold standard for business corruption.
Long story short: The Texas energy company and its auditing/accounting firm Arthur Andersen were driven out of business when it was discovered that creative bookkeeping hid billions in debt and losses.The repercussions went far beyond trouble in the C-suite. The stock went from $90 a share to breaking the buck, losing shareholders an estimated $11 billion. Employees holding company stock were devastated and their pension fund pummeled by more than $2 billion in evaporated funds.