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Sample Essay – Enron case and SPE

This was supplemented by the clause that does not require the sponsor to consolidate the assets and liabilities of the SPE as long as a third and independent party held three percent of the share of the SPE.

This led to the financial statements of Enron not giving a completely accurate picture of the relationship between the company and its special purpose entities where Enron was siphoning off huge quantities of its debt (Lorinc 2002). When finally things started surfacing, it emerged that Enron was massively in debt and hence its stock started dropping amidst the news of misreporting. The auditors of the company, Arthur Anderson, were deemed complicit in this fraud perpetrated by the company, including obstruction of justice by shredding its documents relating to the audit of Enron.

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