|Front Page | In-depth | Business | The Enron affair|
| October 2001: Enron crashes|
Stock market panic as a giant falls
16 - 17 October:
As stock slid to $33 a share, nearly two-thirds lower than a year earlier, executives bit the bullet and owned up to their mistakes.
They consolidated the complicated outside partnerships within the company's main accounts, dramatically altering the strength of the company.
On Tuesday 16 October, Enron announced its first quarter loss in nearly four years: a massive $618m.
A day later, Enron said that it would slash its quoted assets by $1.01bn because of "errors" in the way that it had accounted for the Raptor special partnership. The value of shares fell by $1.2bn as the company repurchased stock already issued in the complicated schemes.
Staff were panicking - and with good reason. Enron's final decision was to block employees from selling stock in their pension schemes.
Click on the red dots on the graph for more detail.
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