Two decades before the sudden and dramatic collapse of cryptocurrency exchange FTX in November 2022, Enron was a Houston-based energy company that imploded as a result of various fraudulent accounting practices. The fraud came to light in October 2001, following a whistleblower letter from then-Enron Vice President Sherron Watkins to Chairman Ken Lay in August 2001. For years, Enron had used complicated off-balance sheet entities and special purpose vehicles to hide billions of dollars in losses from failed deals and projects. As news of the fraud leaked out, Enron's stock price fell to less than $1 at the time of its bankruptcy filing in December 2001 (see image below) from a onetime high of more than $90.1
The bankruptcy threw thousands of Enron out of work, and, worse yet, emptied the company's pension fund, costing more than 20,000 employees their life savings. At the time, Enron's $63.4 billion in assets was the largest bankruptcy U.S. case in history (it was later superseded by the 2002 bankruptcy filing by WorldCom).2
Pakistan on April 22, Thursday urged the United Nations to call upon India to restore full implementation of the Indus Waters Treaty (IWT), warning that New Delhi’s “illegal” decision to hold the ...