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The Enron debacle created what one public official reported was a “crisis of confidence” on the part of the public in the accounting profession. List the parties who you are believe are most responsible for that crisis. Briefly justify each of your choices.
The parties that who are most responsible for that crisis are among three people. The first is Kenneth Lay. In 1986, InterNorth changed its name to Enron. Kenneth Lay, the former chairman of Houston Natural Gas, emerged as the top executive of the newly-created firm was chose. Lay quickly adopted the aggressive growth strategy that had long dominated the management policies of InterNorth and its predecessor. Lay’s position as the chief executive of Enron, the nation’s seventh-largest firm gave him direct access to key political and government officials. In 2001, Lay served on the “transition team” responsible for helping usher in the administration of President George W. Bush. Lay revealed that his ultimate go was for Enron to become “the world’s greatest company.”
The second one is Jeffrey Skilling. When Kenneth Lay becomes a top executive of Enron, Lay hired Jeffrey Skilling to serve as one of his top subordinate. During the 1990s, Skilling developed and implemented a plan to transform Enron from a conventional natural gas supplier into an energy-trading company that serves as an intermediary between produces of energy products, principally natural and electricity, and users of those commodities. In early 2001, Skilling assume that Lay’s position as Enron; chief executive officer (CEO), although Lay retained the name of chairman of the board. In June 2001, Skilling was singled out as “the No. 1 CEO in the entire country,” while Enron was hailed as “America’s most innovative company.”
Lastly, the people that most responsible for that crisis is Andrew Fastow. He is Enron’s chief financial officer (CFO) was recognized for his efforts in helping to create the financial structure for one of the nation’s largest and most complex company.
The New Economy business model that Enron pioneered for the previously staid energy industries caused Kenneth Lay, Jeffrey Skilling, and Andrew Fastow to be recognized as skillful entrepreneurs and to gain superstar status in the business world unfortunately, lay failed to achieve his goal of creating the world’s greatest company. In a matter of month during 2001, Enron quickly unraveled.