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| The
Rise and Fall of Enron |
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In December
2001, Enron filed the biggest bankruptcy protection
case in US history. Ten congressional committees and
federal agencies have announced investigations into
suspected illegal activities at the once high-flying
firm. Enron's swift rise in 10 years was powered by
the deregulation of energy markets in the 1990s. Good
political connections and publicity ensured a favourable
legislative climate.
Enron's methods accumulated fantastic wealth in the
hands of top executives who sold their stock before
the company went bust. Thousands of other employees,
trapped in a lock-stock arrangement, lost their savings
and pensions. In a hearing before the Senate Commerce,
Science, and Transportation Committee on April 11, Californian
authorities have charged that Enron Corporation's manipulation
of the energy market was at the root of the state's
energy crisis last year
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