3 entries
The foundational financial innovation developed by Jeff Skilling in 1989 that transformed Enron from a natural gas pipeline company into an energy trading powerhouse by acting as an intermediary between producers and consumers in the newly deregulated market.
The accounting method that allowed Enron to book projected future profits immediately, championed by Jeff Skilling and approved by the SEC in 1992, which became a vehicle for manufacturing over $100 million in fraudulent earnings.
Enron's stock price fell from its all-time high of $90.75 in August 2000 to $0.26 by November 30, 2001 -- a 99.7% decline over 16 months that destroyed $70 billion in market capitalization, wiped out $2.1 billion in employee pension plans, and eliminated 5,600 jobs.