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Enron: the Rise and Fall of a Houston Empire Essay

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Enron: The rise and fall of a Houston Empire
In 2001 I was a thirteen year old 7th grader at the Freeport Intermediate School in Freeport, Texas. My daily concerns consisted of what time football practice would be over and who I would be taking to the winter dance. I had no idea what corporate finance was or how it even affected me, mine, or families who worked for such companies. I also had no idea what the term bankruptcy meant nor had I even heard of it. But in December of 2001, this all became the talk of the town for us, as well as anyone else within earshot of a TV playing the national news. Enron, the 7th largest corporation in the United States had filed for bankruptcy. Who, what, when, where, why, and how, where questions that were running through peoples mind. I, still too young to understand it all, only embraced the idea that they would be they kept mentioning the name of the Houston Astros new baseball stadium on the TV. Ken Lay, fraud, illegal trading, all this was buzz on the TV but I had no clue what it was all about. All this had led me to finally try and grasp, as a whole, what happened in the days, months, and years leading up to the infamous Enron Scandal.
In The Beginning
“Enron's predecessor was the Northern Natural Gas Company, which was formed in 1932, in Omaha, Nebraska. It was reorganized in 1979 as the main subsidiary of a holding company, InterNorth which was a diversified energy and energy related products company. Internorth was a major business for natural gas production, transmission and marketing as well as for natural gas liquids and was an innovator in the plastics industry. It owned the company Peak Antifreeze and developed EVAL resins for food packaging. In 1985, it bought the smaller and less diversified Houston Natural Gas company”{1} Shortly after the merger and departure of Samuel Segar, the original CEO of the company, Kenneth Lay took over as the next CEO of the newly name merger, Enron, an moved operations and...

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