Brian Bishop Enron Project (Sherron Watkins) — Transcript

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1. 0:00welcome to my short documentary on the
2. 0:01Enron Scandal Enron Corporation was an
3. 0:03American Energy Commodities and Service
4. 0:05Company we were based in Houston Texas
5. 0:07and we employed approximately 20,000
6. 0:09staff and was one of the world's major
7. 0:10electricity natural gas Communications
8. 0:12and Pulp and Paper
9. 0:14companies the real collapse began when
10. 0:16on October 16th Enron announced a loss
11. 0:18of $638 million partly due to the
12. 0:21failure of its internet
13. 0:23Investments the collapse began on
14. 0:24October 22nd when the SEC announced that
15. 0:27Enron would be under investigation on
16. 0:29November 88th Enron said that it was
17. 0:30overstated earnings for the past four
18. 0:32years by $586 million and that it owed
19. 0:34over $6 billion in debt by next
20. 0:37year with this news Enron stock price
21. 0:39took a dive this drop triggered certain
22. 0:41agreements with investors that made it
23. 0:42necessary for Enron to repay their money
24. 0:44immediately when Enron could not come up
25. 0:46with the cash to repay its creditors it
26. 0:48declared bankruptcy ending its
27. 0:50downfall in the wake of enron's collapse
28. 0:52the general public demanded that
29. 0:53politici step up create and enforce
30. 0:55corporate law this allowed for the
31. 0:57creation of the sban Oxi Act of 2002
32. 1:00which is still in effect
33. 1:02today many involved with the Scandal
34. 1:04went to jail like the CEO Kenneth lay
35. 1:06who was sentenced 20 to 30 years but he
36. 1:08never served a sentence due to his
37. 1:09abrupt death months before you might be
38. 1:11wondering who I am and why I know so
39. 1:13much while I'm Sharon Watkins the former
40. 1:15vice president of Enon I was considered
41. 1:16the Whistleblower who helped to uncover
42. 1:18the Enron Scandal I alerted the Enron
43. 1:21CEO Kenneth lay of the accounting
44. 1:22irregularities and finance reports which
45. 1:24eventually caused the downfall of Enron
46. 1:27since then I have been giving speeches
47. 1:28at colleges and management Congress
48. 1:30I have also co-written a book about my
49. 1:32experiences at Enron and the problems of
50. 1:33the Us corporate culture thanks for
51. 1:34watching and hopefully you now know a
52. 1:36little more about the Enron and its
53. 1:46downflow