Saturday, October 18, 2014

Similarities between Enron in its dying days and the America of today

Ever wondered if America will go the way of Enron? Remember how the "too big to fail"  Enron went bankrupt in the shortest possible time?  When Enron fell, thousands of Enron employees had no clue that they were working for a company which was just a house of cards. Most Americans are also clueless to the fact that their country has been hollowed out with the never-ending wars and that the top 1% (as usual) will be the only survivors and the rest will be left out in the cold not knowing what happened.   
There are so many similarities between Enron and what's happening in today's America.  Watch the documentary and see for yourselves.

BTW, please watch any long vids in my blog by clicking on the title at the top within the vid which will take you to YouTube so the YouTube poster can get the view count.

Below is a listing of top 10 energy companies that went bankrupt.
Andrew Topf writing at OilPrice:
 Running a multi-billion dollar energy company isn’t easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance. A few, like ATP, blamed damaging government policies, while others went off the rails due to market forces that left the company and its shareholders flat-footed, deep in debt, and eventually broke. Here are the bankruptcies that will be etched into the tombstones of failed energy fortunes for time immemorial.

1.    Enron. Bankrupt December 2, 2001. Assets $65.5 billion
Enron grew from a simple pipeline company into the world’s largest energy trader by using the Internet to buy and sell natural gas and electric power to help utilities and industrial power users hedge against price fluctuations. By 2000, Enron was worth an astonishing $68 billion, but when the U.S. Securities and Exchange Commission started investigating, it was revealed that much of the money was based on shady accounting practices and un-recorded losses. In one year, Enron’s stock price plummeted from more than $90 to less than $1, resulting in $11 billion in shareholder losses. The subsequent bankruptcy remains the largest in U.S. history. CEO Kenneth Lay and fellow Enron executive Jeffrey Skilling were convicted in 2006 of fraud and conspiracy. Lay died from a heart attack while awaiting sentencing. Skilling is still in prison........

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