A ( ) Ken Lay, boss of Houston Natural Gas, was immediately appointed CEO of the newly-formed company.
B ( ) When it didn't receive answers, the regulator launched a formal investigation into Enron's investments. As a result, Enron's Chief Financial Officer resigned.
C ( ) During the 1990s, Enron continued to expand and diversify at an incredible rate. It invested $2 billion in a power plant in India, bought a water company in the UK and acquired an electricity company in Portland, Oregon.
D ( 1 ) Enron was founded in 1985 when two gas companies, Houston Natural Gas and InterNorth, merged to create the first national natural gas pipe network.
E ( ) Finally, the company was declared bankrupt, but the directors had already sold their shares and walked away with the profits.
F ( ) Three years after its creation, Enron opened its first offices abroad as part of a strategy to take advantage of newly-privatised markets.
G ( ) By the end of 2000, annual revenues had reached $100 billion, making Enron the sixth-largest energy company in the world. Most of this was from trading activities.
H ( ) However, Enron was not satisfied with revenue just from gas trading, so it also moved into electricity trading, establishing a trading centre in London. This became the company's most profitable activity.
I ( ) The first evidence of false accounting came in the first few months of 2001 when Enron admitted it had lost $570 million. Its share price fell, causing a cash and credit crists.
J ( ) In July, the regulator started asking Enron to give more details about its financial performance.
K ( ) At the same time as opening offices overseas, Enron began trading natural gas in North America.
L ( ) By the turn of the century, a highly competitive work culture had developed. Each year 15% of Enron's employees were sacked and replaced with younger, ambitious graduates.
M ( ) The investigation found that the company and its accountants had lied to its shareholders and employees about $2 billion of debt.