Can Energy Markets Be Trusted? The Effect of the Rise and Fall of Enron on Energy Markets - excerpts from a forthcoming book on the involvement of US energy markets and energy regulators in the collapse of ENRON
Article from: OGEL 3 (2003), in Electricity Law and Regulation
When Enron, the seventh largest company in the Fortune 500 in 2001, collapsed virtually overnight, destroying billions of dollars of shareholder value, trust in capital markets fell, too. The steady, toxic drip-feed of revelations of corrupt accounting, executive greed, devious financing, and inept or absent regulatory policing exposed a web of conflict of interests permeating the corporate boardroom, Wall Street, and legislative halls. Trust in business executives, and the financial and accounting communities plummeted. A 2002 poll showed only 16 per cent of Americans trusted ...