washingtonpost.com  > Business
Page 5 of 5  < Back  

Timeline of Enron's Collapse

Nov. 9: The company discloses that it overstated its earnings by $567 million since 1997. Two company officials are fired.

Nov. 8: Enron begins talks to sell itself to rival Dynegy for about $8 billion in stock and cash.

_____The Fall of Enron_____
Understanding Enron Report: News and Research
Primer: Understanding Enron
Enron Photo Gallery

Nov. 8: Enron files documents with the SEC revising its financial statements for the past five years to account for $586 million in losses. Lay speaks with O'Neill again about Enron's plight.

Nov. 8: Andersen receives a federal subpoena for documents related to Enron.

Oct. 31: Enron announces that the SEC inquiry has been upgraded to a formal investigation.

Oct. 24: Enron ousts CFO Andrew Fastow.

Oct. 22: Enron acknowledges a Securities and Exchange Commission inquiry into a possible conflict of interest related to the company's dealings with the partnerships. Shares of Enron sank more than 20 percent on the news.

Oct. 20: A report filed with the Internal Revenue Service reveals that a political group allied with House Majority Whip Tom DeLay (R-Tex.) raised nearly $500,000. The Republican Majority Issues Committee (RMIC) was required to show, for the first time, how it raises and spends its money. One of the committee's largest donations included Enron's $50,000.

Oct. 17: SEC sends a letter to Enron asking for information after the company reported hundreds of millions of dollars in third-quarter losses.

Oct. 16: Enron reports a $618 million third-quarter loss and discloses a $1.2 billion reduction in shareholder equity, partly related to partnerships run by Chief Financial Officer Andrew Fastow.

Oct. 15:Lay talks to Commerce Secretary Donald L. Evans. Commerce officials say the call did not cover Enron's financial troubles.

Oct. 12: An in-house lawyer at Arthur Andersen e-mails the lead partner in the firm's Houston office to remind him of the firm's document-destruction policy.

Aug. 14: Kenneth Lay takes over as CEO after Jeffrey Skilling resigns for personal reasons. Jeffrey Skilling had helped transform the company from a natural gas pipeline company to a global marketer and trader of energy.

June 30: The White House acknowledges Karl Rove was involved in shaping the administration's energy policy at a time when he owned equities in energy companies.

June 5: Rove divested his stocks in energy, defense and pharmaceutical companies. Rove owned holdings worth more than $100,000 in each Enron, Boeing, General Electric and Pfizer.

May 19: Congress begin implementing President Bush's energy plan into legislation.

March 2001: Karl Rove, President Bush's senior adviser, met privately with Intel officials, of which company he owned over $100,000 worth of shares. At the time, Intel was concerned with government approval of a merger between a Dutch company and an Intel supplier. The merger was later approved.

Feb. 2001: Jeffrey Skilling takes over as chief executive. Kenneth Lay remains chairman.

Jan. 3: Lay is one of the 474 people Bush names to advise his presidential transition team.

2000 and earlier

Oct. 10, 2000: Enron hires Linda Robertson, from the Clinton administration, as vice president for federal government affairs to head its Washington office, infuriating Republican leaders who oppose business groups hiring Democratic lobbyists.

Sept. 10, 2000: Enron Chairman Kenneth Lay contributes more than $290,000 to George W. Bush's election campaign.

November 1999: EnronOnline is launched, the first global commodity trading web site.

June 1994: Enron trades its first unit of electricity.

< Back  1 2 3 4 5

© 2004 Washingtonpost.Newsweek Interactive