A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 2 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part III - Chapter 18 : CEOs  > The Enron Story  :  « Previous  1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12   Next »

     Enron : Climax of executive greed and deception 

Page entitled : The Gas Bank, Enron Finance Corp. and mark-to-market accounting

Content of this page is about :
How Jeff Skilling joined Enron, created the gas bank, Enron Finance Corp. and introduced mark-to-market accounting, while traders and dealmakers became the new stars.


Extract :
... using mark-to-market accounting, Skilling’s division [Enron Gas Services – the result of merging Enron Finance with Enron Gas Marketing] could book immediate multi-million profits on contracts for which cash would flow only in the future, based on subjective assumptions. If market conditions changed affecting the said contracts, favorable deviations would lead to additional millions of book profits, whereas unfavorable deviations could be overlooked, with the idea of future ...

 

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