Its modus operandi was to enter into one contract with an energy seller and a different contract with an energy buyer, and then make money on the difference between the selling price and the buying price. What happened?Īfter the deregulation of electrical power markets in the southern United States in the 1980s, Enron became an energy broker trading electricity and other commodities. This article reviews the root causes of the Enron scandal and outlines some of the biggest lessons learned. Enron’s bankruptcy that day ruined many lives, led to the demise of one of the world’s largest accounting firms, and triggered the most significant changes in the accounting profession in 100 years. ![]() On December 2, 2001, Enron Inc., a high-flying energy-trading company based in Houston, Texas, collapsed amid one of the largest cases of accounting fraud in history. ![]() “ The collapse of Enron was devastating to tens of thousands of people and shook the public’s confidence in corporate America.” 1
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