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Enron Declares Bankruptcy


In the largest such case in US history the Enron Corporation declared bankruptcy on December 2. 2002. Enron had been the seventh largest corporation in the US. It had expanded rapidly from a pipeline company through a series of acquisitions. It financed its growth with off the books structured financing. By the time the company declared bankruptcy much of its actions seemed no different then an updated ponzi scheme. Its chief financial officer, his wife, other employees and the chairman of the board Ken Lay were all charged with crimes for their actions that they took at Enron.