Enron LEGL 2700

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10 Terms

1
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What type of accounting did Enron use?

Mark-to-Market Accounting

2
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What is mark-to-market accounting?

Process of recording PROJECTED future profits as current income

Therefore, inflating earnings

3
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Who was Andy Fastow? What did he do

CFO of Enron who managed SPEs (Special Purpose Entities) like Raptor.

4
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Who is Jeff Skilling?

First CEO of Enron

5
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Who is Ken Lay?

He was the founder of Enron, and became the CEO after Jeff stepped down.

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Who was Sherron Watkins?

Whistleblower of Enron

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Who was Arthur Andersen?

Enron's auditing firm that didn't report accounting fraud.

They also destroyed documents

8
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What country did the failed power plants take place in?

India

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What state did Enron take advantage of?

California

10
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Who was the president during Enron Scandal?

George W. Bush