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Introduction
In December of 2001, Enron Corporation filed for bankruptcy protection (Sloan, 2006).
Earlier that same year, Enron was touted as one of Fortune 500 Magazines top companies,
landing at number seven on the list in relationship to their 100-plus billion dollars in
revenues (Fortune, 2001). The events that took place at Enron unfolded throughout the
early 21st century. The media zoned in on the senior leadership at Enron, who were
charged with various counts of fraud and misconduct, essentially leading to the downfall
of the large company. Worldcom was also another company that was caught up in
accounting fraud in the realm of $11 billion (Jeter, 2006). Both of these incidents have set
the stage for the current focus on corporate governance and accountability in the 21st
century.
Describe the Situation
