Why Enron Became A Middle Man Company - 1133 Words

With the changing of the economy in the late 1990s, as the old millennium was ending and the new one beginning, one particular company discovered a new way to rise to the top in the trading business. Enron, originally known as a â€Å"natural gas pipeline company [started by Kenneth Lay in 1985], soon became known as an energy-trading corporation that bought and sold gas as well as electricity.† (Fox, 1). With over 20,000 employees and 40 worldwide businesses, The Houston, TX Corporation soon became a prodigy of the times. Originally it made its profit by promising to deliver a particular amount of gas to certain businesses at market price on particular days. (O’Harrow Jr.). Soon, Enron became a middle man company, placing it between buyers and sellers and making money off of the difference between the selling and buying prices. Their books were kept closed to each opposing party, making Enron the only one to know both prices. (O’Harrow Jr.). After entering many complex and intense contracts, the corporation entered into business with Arthur Andersen, an accounting firm who handled Enron’s auditing. (Fox, 6). Enron had complex services and high rising stocks. At the top of the game, Enron was a company worth about $70 billion; its stocks were trading at a rate of $90 a share, and seemed indestructible. Explanation of how Enron worked with the idea of supply and demand (Phoenix) Enron’s muddy details In mid-1999, Enron’s chief CFO, Andrew Fastow, set up two partnershipsShow MoreRelatedThe Pressures Of Running A Successful Business1177 Words   |  5 Pageswho became bankrupt and was forced to shut down his prestigious ninety-year-old auditing company, finding himself in the middle of several scandals, but one in particular befell him for good. From a man of integrity, for over ninety long years, to his infamous conduct which resulted in him being brought to court and indicted by the Securities and Exchange Commissions (SEC) before a grand jury for making bad leadership decisions. In October, 2001, Arthur Andersen, the supervisor of the Enron accountRead MoreEnron : The United States Bankruptcy Code1857 Words   |  8 PagesIn 2001 Enron was famous throughout the business world and was known as an technology powerhouse, and a corporation with absolutely no fear. The unpredicted fall of Enron in 2001 shattered the lives of their employees and the people who believed that their greatness was genuine. It is said the fall of Enron was followed by some revelations on how they may have manipulated their way to the top. Enron was at one time America s seventh largest corporation. Enron fooled the world by portraying toRead MoreAuditing Cases22626 Words   |  91 Pages( Case 61  ® Enron Enrori’s First Few Years hi~ 1985 Enron had assets along the three major stages of the supply chain of nat ural gas: production, transmission, and distribution. Natural gas was produced from deposits found underground. The natural gas was transmitted via pipe lines, or networks, of underground pipes, and sold directly either to industrial customers or to regional gas utilities, which then distributed the gas to smaller businesses and customers. Some companies in the industryRead MoreMiddle West Utilities Company Samuel Insull3282 Words   |  14 PagesMiddle West Utilities Company and Samuel Insull The fraud case of Middle West Utilities Company can almost entirely be contributed to one man: Samuel Insull. At the age of 22, Insull moved to America to work as a secretary to Thomas A. Edison through a recommendation from his employer, E.H. Johnson (Columbia University Press, 2010). The young secretary worked for the inventor for a decade during which time he played a large role in the creation of several of Edison’s early companies including EdisonRead MoreEssay on The Effects Of Power On Responsibility1619 Words   |  7 Pagesethics, personality, and under what conditions the person was raised. In a world where power can be found in many forms and in many places, the use and abuse of power can be seen regularly. Power is not just being the CEO of a fortune five-hundred company, or being an elected political representative, the manager of Taco Bell has power, as well as parents as they raise their children. These are the people who have the most influence on how powe r is used, and if it is used with responsibility. InRead MoreThe Effects of Power on Responsibility Essay1639 Words   |  7 Pagesethics, personality, and under what conditions the person was raised. In a world where power can be found in many forms and in many places, the use and abuse of power can be seen regularly. Power is not just being the CEO of a fortune five-hundred company, or being an elected political representative, the manager of Taco Bell has power, as well as parents as they raise their children. These are the people who have the most influence on how power is used, and if it is used with responsibility. InRead MoreWaste Management33554 Words   |  135 Pagesaccounting fraud and auditor legal liability c a S eS inc lu de d in t hiS Se ction 4 89 99 4.1 Enron Corporation and Andersen, LLP Analyzing the Fall of Two Giants . . . . . . . . . . . 4.2 Comptronix Corporation 4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . Identifying Inherent Risk and Control Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . 111 119 127 137 Assessing the Control Environment and Evaluating Risk of Financial StatementRead MoreGreed Is All Right, By The Way3072 Words   |  13 Pagesact of 1934 prohibits corporate insiders from trading securities based on nonpublic information, unless the information is disclosed to the public before the trade (Ross, 2007, P.147). This leads us to Ivan Boesky, who was considered to be a leading man on Wall Street during what James Stewart called the â€Å"Greed Decade† of the 1980’s, and Boesky’s specialty was insider trading (Stewart, 1991, p. 15). Boesky was an arbitrageur that made over $200 million dollars by betting on corporate mergers andRead MoreChapter 1 Accounting Information Systems and the Accountant14769 Words   |  60 Pagesfamiliar with suspicious activity reporting. 4. Understand how ï ¬ nancial reporting is changing with advances in IT, such as XBRL. 5. Appreciate how IT allows management accountants to use business intelligence to create dashboards and scorecards. 6. Know why auditors provide a variety of assurance services. 7. Be more aware of what is new in the area of accounting information systems. 8. Be familiar with career opportunities that combine accounting and IT knowledge and skills. AIS AT WORK—CONSULTING WORKRead MoreManagement and Rolls Access Code14663 Words   |  59 PagesChapter Use this Learning Outline as you read and study this chapter. Historical Background of Management †¢ Explain why studying management history is important. †¢ Describe some early evidences of management practice. Scientific Management †¢ Describe the important contributions made by Frederick W. Taylor and Frank and Lillian Gilbreth. †¢ Explain how today’s managers use scientific management. General Administrative Theory †¢ Discuss Fayol’s contributions to management theory. †¢ Describe

Essay on The Debate Over Women in the Catholic Church

The Debate Over Women in the Catholic Church The question of the ordination of women to the priesthood has moved to the forefront of theological controversy in recent years, prompting a swamping of books, and religious opinions. This controversial issue stems not only from the renewed interest of the Catholic Church in the nature of its priesthood, but also, and perhaps predominantly, from the efforts of women to achieve a new and deeper understanding of their religion. The question, should women be ordained as ministers in the church immediately implies many questions. What difference could female priests make to the church? Did Jesus allow for women to be priests? What has been the result of many centuries of male priesthood?†¦show more content†¦There is ample evidence in Scripture for womens leadership in the early church. Such leadership became increasingly prohibited as the church became a public institution, as it was not considered proper for women to hold leadership positions in public places. As the world has come to see the equality of women holding leadership positions in the civil public world; so it would be right for them to be church leaders today. This would signal the churchs real belief in the equality of women and men. The Old Testament states on many occasions that women are not allowed to be priests. These statements are based on the fact that men were born first therefore they are automatically capable of doing a better job. The Old Testament tends to hold a very biased opinion in that they did not even state that women participated in church life. The New Testament does, however, give a precedent for the ordination of deaconesses (I Tim. 3:8-11, Rom. 16:1). The Bible states that Aquila and Priscilla, who served under Pauls administration, were deacon and deaconess. It also goes on to explain the importance of the role of women in the church and the fact that they were major contributors to the church community and in the way that the church was run. Why then, in certain parts of the Bible, does it state that women held no importance in the church when obviously they were contributors.Show MoreRelatedPope Paul Vi And John Paul II1095 Words   |  5 PagesThe third and longest chapter of the book dealt with how the documents have been received and implemented in the church over the last forty years. What appears to be evident is there was a lot of confusion in how and what needed to be done to implement the teachings of Vatican II. Gaillardetz quotes John Henry Newman at the beginning of the chapter, â€Å"it is uncommon that a Council not be followed by great confusion.† Gaillardetz shows that the two major proponents for helping to understand the councilRead More Religion Essay1608 Words   |  7 Pagessociety’s culture and the ability to sustain a democratic form; have been evaluated over the years. Other cultures or religions have been proven to exhibit more conduciveness of democracy than others. Persistence of democracy within a religion falls under choice of assumptions, actions and costs toward others. As a religious institution, democracy applies also to cultural perspectives. The American Catholic Church could analyze democracy with ongoing tensions as social competitors of power or resourcesRead MoreEssay on The Debate on Abortion1316 Words   |  6 PagesThe Debate on Abortion Part A Abortion is the premature expulsion of the foetus from the womb. You need to perform an operation to perform this. Abortion is now legal if two doctors agree on either of the following:  · That continuing the pregnancy means that there is a risk to the womans health. Or that of her existing children greater than if the pregnancy was terminated, allowing up to 24 weeks of pregnancy  · Or that continuing the pregnancy would involveRead MoreThe Reformation And How It Shaped Our Western World1226 Words   |  5 Pagesother movements within the Catholic Church that predated 1517, so what made Martin Luther so special. This paper will go in depth on the accounts of the reformation and how it shaped our western world. Some theorists just look at when the Lutheran Augsburg Confession was printed or even the Treaty of Westphalia ending the Thirty Years War or even in the long run until the 18th century with all the options of a person to pick from for their religion from just being a catholic to now a Lutheran, CalvinistRead MoreContraception and the Catholic Church Essay1684 Words   |  7 PagesThe issue of birth control remains one of the most controversial issues within the Catholic Church dividing members at all levels including the clergy. The Roman Catholic Church for the past 2000 years has been a major opponent of artificial birth control (BBC). Pope Pa ul VI made a clear declaration on the use of birth control when he wrote ‘the Encyclical Letter ‘Human Vitae’ on July 25, 1968 which banned Catholics from using contraceptives (Pope VI). These important declarations demonstrate theRead MoreAbortion Ethical Issues Essay1435 Words   |  6 Pagesa human pregnancy, most often performed during the first 28 weeks.† In New Zealand, the legal law for an abortion is up to 14 weeks. Abortion is an ethical issue in the Catholic religion as they teach that human life is created and begins at the moment of conception, they believe it is a sin and immoral. There is a debate over this being an ethical issue as the two opposing viewpoints ‘pro-choice’ and ‘pro-life’ both have completely different stances on abortion. Abortion is considered to be anRead MoreRecurring Issues Of The Roman Catholic Church1228 Words   |  5 PagesRECURRING ISSUE IN THE ROMAN CATHOLIC CHURCH, ORTHODOXY AND PROTESTANTISM The most important recurring issues in the study of the history of Christianity during our time period is sexual abuse amongst the Catholic Clergy and abortion, the killing of a living entity, as it is a sin against God according to biblical doctrine. Many believe that sexual abuse happening in the Catholic Church, is directly related to celibacy. The Churches restriction on priests that directs them to abstain from sexualRead MorePro-Consent Essay989 Words   |  4 PagesThe three main aspects of politics, religion and the women’s right to choose go into the different arguments over the debates of abortion. One of the movements which is pro-life which is against the legalization of abortion. Another main movement is pro-choice which believes that ‘if’ the fetus is a person then the women can’t if the abortion. However, pro-consent believes that the women have a right to choose to consent to the condition of pregnancy or obtain an abortion (McDonagh, 2 3). Pro-consentRead MoreThe Debate On Nature And Nurture1055 Words   |  5 PagesThis is possibly one of the hardest debates to try and describe to someone. On its face, it’s pretty simple, or black and white. It’s an â€Å"either/or† debate. Having had similar debates where nature and nurture were discussed as possible reasons for X, I have always been more comfortable with the idea that it’s not so much a matter of Nature or Nurture, but rather a sliding scale on which Nature and Nurture represent the opposing ends of the scale. The research I’m finding is showing this to be theRead MoreHumanities Questions and Answers1043 Words   |  4 Pages Q1. Take and defend a position in the debate around Webers Protestant Ethic Thesis. According to Max Weber, the Protestant Revolution was a significant ideological development in the history of capitalism, not simply religion. The idea that salvation could be attained by works of the faith alone enabled people to separate their economic, secular life from their private religious life. Contrary to medieval belief, religious vocations were no longer considered superior to economic vocations

That was then this is now Essay Example For Students

That was then this is now Essay As I grow older I find myself and my surroundings changing. Many things about my personality and appearance have altered greatly in the past decade. Ive observed many of these same changes in my family as well as in my friends. Some of my likes and dislikes of certain things are the same as when I was six years old, but not all. From my love of children and every type of critter to my dependency on my parents, my life has changed. From a very young age Ive always loved children. Mom, can I have a little brother and sister to play with? was a favorite question of mine. A little bit later I would learn the answer. I would eventually have both.Other mothers often commented on my motherly instinct when it came to my younger siblings. Ive always liked the feeling of being able to comfort someone smaller than I am. As a child I loved playing dolls and house, always pretending to be the mother. Now I work at a Nursery watching over real children. From my love of children derived my desire t o become a pediatrician. Along with my love of children is my love of animals. A new pet every week was a regular around the Moody House. My friends were always amazed by the array of creatures crawling around my room and shimmying up the curtains. One week Id have eight pet chickens and a guinea pig and the next it was a turtle and bunny rabbit. As I grow older I become a little less interested in having as many pets as possible and a little more content with just the ordinary dog and my pet Iguana. All throughout my life I have depended on my parents. As a young child I searched eagerly in the eyes of my mom and dad for the reassurance I needed whenever I did something new. Holding tightly onto my dads hand as we crossed the street I trusted he would always take me safely across. In the same way I have always trusted they would guide me through life safely. Although I no longer hold their hands when I cross the street I know they are always there. Ive grown into my own person, depending more on myself rather than searching for reassurance through them. I want a lot more space now and it is hard to express that sometimes. Instead of jumping out of bed every morning anxious to create a fantasy world out of blocks with my mom, I slowly drag myself out of bed mumbling about the insanely early hour of the morning. Things are definitely different now that Im not quite so dependent. I still love kids, animals, and depend very much so on my parents, but all three arent quite what they used to be. Instead of playing pretend with my dolls, I work in a nursery. I dont have a zoo in my house, but merely my dog and Iguana. I rely on my parents, but I desire the space and responsibilities that come with age. All in all Id say I like the way things have turned out. Bibliography: