On December 2, 2001 Enron Corporation filed for chapter 11 bankruptcy, which was the largest bankruptcy petition in U.S. history. It had cleared out shareholder investments that had once been valued at more than $60 billion. Many of Enron's employees had large amounts of Enron stock in the company's retirement savings plans. As a result, they saw the value of their retirement savings first expand dramatically and then fall even faster after the Enron scam started. The names …
showed first 75 words of 440 total

showed last 75 words of 440 total
…and evidence they have left behind of false filing. It seemed that executives at Arthur Anderson and Enron did not originally set out to have a positive impact on the accounting industry or any industry. They set out to make as much money for themselves as possible. These selfish acts led both companies into an eventual downfall in bankruptcy. The accounting industry reacted to this and introduced changes that would improve itself and the economy.