The Enron Conglomerate The Fourth Greatest Income...

The Enron Conglomerate was established in 1985 from its command center located in Houston, Texas which is the seventh greatest income earning corporation in the U.S. The first scandal that Enron suffered from was from a merge they made with Valhalla which is a small oil trading corporation centered in New York. A group of traders maxed out its trading limits costing Enron millions of dollars. Kenneth Lay was the CEO of Enron but partnered with Louis Borget. He began manipulating the accounting books which made it seem as if the company was generating profits. However, Borget as well as Mastroeni were the only one who knew what the real figures were. Unbelievably in 1987, Enron’s internal accountant: David Woytek received a phone call from a bank in New York regarding several deposits being made to Mastroeni’s personal account. â€Å"When Mastroeni and Borget were being harassed to confess, they seemed to deny it and claimed they were only attempting to shift the profit s rather than rob† (Barboza, David 2002). Either way this type of conspiratorial is illegal. Sadly research did not discover the truth to its entirety because auditors were fooled. Rather than Kenneth Lay firing Borget and Mastroeni because of malpractice he felt for other employees standpoint of them having the capability of doing deals unambiguously for the purpose of shifting company funds and conceding corporate revenues. Apparently, all Kenneth did was incorporate new controls on them and all remained theShow MoreRelatedMerger and Acquisition: Current Issues115629 Words   |  463 PagesBritish Library. 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