Nhn vin Enron ri khi cng ty vi bn tay trng.

Khng ai ng Enron, mt tp on nng lng hng mnh lun c tn trong danh sch cc cng ty pht trin nht nc M, li sp nhanh nh vy. Ton b cu chuyn v kt cc bi thm ca Enron khng bao gi n vi c gi do nhiu ti liu lin quan n v ph sn khng l ny b thiu hy. Tuy nhin, bo gii M c gng a ra vi nt khi qut. c thnh lp t nm 1985 trn c s sp nhp hai cng ty Houston Natural Gas v Internorth of Omaha, ci tn Enteron (rut) xut pht t tng cho rng l b phn khng th thiu trong qu trnh tiu ha. Nh nhng quy nh mi v t do ha th trng nng lng M trong thp nin 90, h lt xc t mt hng lm n m nht thnh tp on c th thay i s cn bng trong lnh vc kinh doanh nng lng. Lut chnh sch nng lng nm 1992 buc cc cng ty nh phi m ca ng truyn ti in cho h thng phn phi ca Enron. Ngoi ra, Enron kim rt nhiu tin t vic mua bn trn th trng nng lng. Trn thc t, h ch l nhng nh bun sp xp hp ng gia ngi mua v bn ri ly tin hoa hng. Trong tay Enron, th trng nng lng ngang hng vi mt s u c ti chnh. Hng ny xy dng nhng nh my tr gi hng triu USD khp th gii nhng ch s hu chng khi gi nng lng ln ngi, khi gp kh khn th bn ngay lp tc. Nh hot ng ti chnh thun li, Enron vn sang cc mt hng nh giy, nc, nha, kim loi v phng tin vin thng. Nm 2000, Enron l mt trong 7 cng ty M c doanh s hn 100 t USD, li nhun ln ti 10 t USD. H thng thng tin i chng, in hnh l tp ch Fortune, lunnh bng Enron l cng ty c nhiu tim nng nht vi s vn kinh doanh 63 t USD. Con ng lc li Gii chuyn gia cho rng, sai lm ca cng ty ny chnh l ph thuc qu nhiu vo cc giao dch ti chnh. Vo thng 8/2001, Gim c iu hnh Jeffrey Skilling t chc v l do c nhn. Enron cng b l 618 triu USD trong qu III nhng thc t ln ti 1,2 t USD. Khi cng ty kh khn, h thuyt phc nhn cng nhn lng v thng bng c phiu. Lm cch , gi tr ca Enron b gim st nghim trng. Khi y ban Chng khon M iu tra, Gim c ti chnh Fastow phi ra i, c phiu ca Enron tt gi thm hi, lng tin ca khch hng mt khin h khng u t na v cng ty khnh kit. Theo cc chuyn gia kinh t, mt cng ty hot ng lnh mnh phi cng khai ti chnh vi cc i tc v ngc li. Th nhng, nhiu i tc ca Enron khng tun theo cc nguyn tc k ton khin h bt lc trong vic kim sot tnh hnh ti chnh. S n 1,2 t USD b giu nhm i gy hong lon trn th trng chng khon khi n b tit l. Mi ngi u b la Ngoi nhng li t nh bng v kh nng qun l, Enron c qung co rt hiu qu qua cng ty kim ton Arthur Andersen v cc nh phn tch ph Wall, nh vy s ngi mua c phiu ca cng ty cao k lc. Chi nhnh Houston ca Arthur Andersen nhn 1 triu USD/tun cn tham gia c vic tm kim i tc cho Enron. S tin kch x trn lm m mt cc nhn vin kim ton v h d dng b qua nguyn tc. iu trn trc Quc hi M trong thng trc, Tng gim c iu hnh Arthur Andersen, ng Joe Berardino tha nhn h phm sai lm nghim trng. Tuy khng nh rng Arthur Andersen lm tt c hn ch thp nht kh nng v ca Enron, nhng h li hy hu ht ti liu c lin quan n v vic, ngay c khi y ban Chng khon m cuc iu tra. Nhiu nh phn tch chng khon hi thng 11/2001 cn t vn cho khch hng mua c phiu Enron. Nhiu ngi tha nhn khng hiu su v cng vic lm n ca Enron nhng tin rng y l cng ty c trin vng bi c phiu ca h lin tc tng gi trong thi gian di. Trong khi cc chuyn gia phn tch phi nh gi tnh hnh ti chnh ca Enron mt cch c lp th h li ph thuc ch yu vo bo co ti chnh do Arthur Andersen cung cp. n khi cng ty tuyn b ph sn vi s n 31,2 t USD, khng t ngi mi ku tri. Liu c gii php no cu vn Enron? Rt kh khn. Nu Enron l mt cng ty lu i vi rt nhiu nh my th h c th bn bt ti sn. Tuy nhin, iu ny l v vng. Thc t c ng Bill Clinton, Tng thng Bush v ni cc u c mi quan h cht ch vi gii chp bu ca tp on Enron, nhng tt c u ph nhn c lin quan n s sp ny. Sau v vic, cc quan chc Chnh ph M c th s ngh ci tin iu lut lin quan n vic h tr ti chnh cho cc ng trong thi gian tranh c. Tng t, vic sa i lut php cng c tin hnh nhm m bo quyn li cho ngi lao ng trong trng hp cc tp on ph sn.

Hai nm trc, Ch tch y ban Chng khon M Arthur Levitt yu cu cc cng ty khng nhn ph kim ton do lo ngi tiu cc d ny sinh, nhng ng vp phi s phn i quyt lit. S c ang xy n vi Andersen c kh nng bin xut ca Levitt thnh s tht.