24 Days DAYS Sudden Collapse Truth: The Wall Street Journal Fully Reveals

Author: Rebecca Smith et al. (USA)
Publisher:
Publish Date: 2004-08-01
Features: Enron, once ranked seventh in the Fortune Global 500, suddenly announced a third-quarter loss of $638 million on October 16, 2001. Two Wall Street Journal reporters suspected that the company's leadership might have obtained huge wealth by hiding debts and fabricating financial statements. Driven by their commitment to uncovering the truth, they launched a series of investigations, engaging in a battle of information with Enron's leadership, ultimately revealing the hidden reality behind the company's superficial glamour. Within 24 days, Enron's stock price plummeted to a quarter of its original value, with nearly $19 billion in asset losses, and the once mighty Enron empire collapsed. The significant loopholes in the corporate regulatory system under the U.S. free-market economy exposed the false bubble within the seemingly prosperous corporate system. The opaque corporate operations and falsified financial statements provided fertile ground for leadership to engage in illegal gains. Learning from the past is essential for the future. Chinese corporate managers can take this as a lesson. Supervision is endless, and there is always more to uncover. Financial systems and regulatory capabilities must keep pace with the times to create lasting corporate prosperity. This book tells a gripping story of an investigative process filled with unknown truths, using interconnected and suspenseful reasoning and investigations to break through Enron's walls, fully depicting the gradual collapse of a world-class energy company.