So what happened at Enron?

[R_P_A_S]

I rencently started following news more and i know these are OLD news but I over heard someone say that their unethical practices contribured to a budge crisis in california? whats going on here?

where can i read this and how did it effect california and consumers?

[RevolutionaryMarxist]

Well from my personal hearings:

They lied about their actual company profits, increasing them so that their stock prices would go up while infact their true value would go down.

Eventually (i think) it leaked out or became so evident that their company suddenly plummeted from a huge surplus into bankruptcy - all the workers lost their money in the company, (0$ returns) while the Executives actually made off with a profit from having sold those stocks.

The ruling class then decided this was too big of a case to allow without punishment (Plus they were prob pretty pissed as well) so they had them prosecuted.

One of them died recently I believe

[Delta]

There's something about it here (http://www.users.cloud9.net/~bradmcc/EnronCalifCrisis.html) and here (http://www.wsws.org/articles/2002/may2002/enro-m10.shtml).

[Janus]

where can i read this and how did it effect california and consumers?
It didn't really effect California all that much since Enron was an international energy trading business based in Houston I believe.

Anyways, it had an extremely detrimental effect on employees and shareholders (particularly the minor ones who were led along the whole time).