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 November 2001: The final days
 Enron struggles to stay afloat and scrambles for a merger

1 - 9 November:
Despite the air of impending doom, Kenneth Lay found two banks willing to extend credit. But the worst of revelations was to come.

On 8 November, the company took the highly unusual move of restating its profits for the past four years. It effectively admitted that it had inflated its profits by concealing debts in the complicated partnership arrangements.

The following day, the humiliation of Enron appeared complete as it entered negotiations to be taken over by its much smaller rival, Dynegy.

Click on the red dots on the graph for more detail.



 ENRON'S ACCOUNTS: THE TRUE PICTURE

Reported income

Revised income

True debt

True equity
1997 $105m $77m Up $771m down $258m
1998 $733m $600m Up $561m down $391m
1999 $893m $645m Up $685m down $710m
2000 $979m $880m Up $628m down $754m

Reported and revised income, debt and shareholder equity 1997 - 2000 following special partnership revelations;
Source: Enron/Powers Special Report
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