Synopsis
In its 2000 annual report Enron prided itself on having “metamorphosed from an asset-based pipeline and power generating company to a marketing and logistics company whose biggest assets are its well-established business approach and its innovative people.” Enron’s strategy seemed to pay off, in 2000 it was the seventh largest company on the Fortune 500, with assets of $65 billion and sales revenues of $100 billion. From 1996 to 2000 Enron’s revenues had increased by more than 750 percent, which was unprecedented in any industry. Yet just a year later, in December 2001, Enron filed for bankruptcy, and billions of shareholder and retirement savings dollars were lost.